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Fintech Lending

Fintech lenders, also referred to as online lenders, use data-driven processes and technology for underwriting, pricing, servicing, and delivering funds to borrowers. Firms that apply to fintech lenders are more likely to be newer and smaller, with lower revenues and weaker credit scores.

The Small Business Credit Survey shows that online-lender applicants often apply to one because they perceive a high likelihood of approval, though online-lender approval rates are lower than approval rates at community banks following the COVID-19 pandemic. Satisfaction levels among online-lender applicants are consistently lower than satisfaction among traditional-lender applicants.