FinTechs Clear Credit Path for 57% of Subprime Millennials

FinTechs' Role in Improving Access to Lending Services

Nearly sixty percent of millennials report subprime credit scores, making it harder for them to get credit from traditional sources and build a credit profile. A new PYMNTS report, the “FinTech Tracker®,” a collaboration with Sezzle, highlights the role of FinTechs in creating new products that balance credit risk with credit-building outcomes.

inside the May Tracker
  • As poor or nonexistent credit profiles keep millions of Americans from accessing traditional lending options, an insider explains how secured credit cards can help.
  • Consumers seeking credit are gravitating toward BNPL programs and other alternative credit services as banks tighten access to consumer lending.
  • With an estimated 307 million smartphone users in America, FinTechs can leverage mobile technology to improve credit access among the financially underserved.

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