Browsing to Borrow: “Mom & Pop” Small Business Perspectives on Online Lenders

The Federal Reserve Board and the Federal Reserve Bank of Cleveland partnered on a study of small business owners’ perceptions of online lending and their understanding and interpretation of the information that online lenders use to describe their credit products. The study found that while perceptions of online lenders were mixed, participating small businesses agreed that there is a need for clear disclosure of online lenders’ product costs and terms.