Loans jumped 17% to $138 billion, with fintech lending accounting for 38% of the total share. In 2013, fintech-backed financial loans accounted for only 5% of the market share. The average American household must grapple with $133,568 in debt, according to the article.
Read the full article from Fortune.
Fintech Driving Personal Loan Market to New Highs
As financial technology makes it easier for individuals to take out personal loans, the market has hit a record high. So reports Fortune.