Supply and Demand for Online Consumer Loans Plummets

Loan comparison fintech Monevo says demand for online consumer loans has dropped by almost 40 percent; this coupled with the fact that many lenders have stopped originating since they cannot accurately assess risk right now; Monevo explains, “we’re seeing two key themes play out since the outbreak of the virus; a significant reduction in the demand for personal loans combined with a contraction in the supply of credit across nearly all lenders.”; Monevo Founder and CEO says we are in a perfect storm across the world for both lenders and consumers; Australia has seen the least amount of disruption thus far with lenders only starting to tighten credit standards; as governments ramp up funding to ease the pain there has been a lot of talk about online lenders being left out of the mix and that more needs to be done to save these companies. CrowdFund Insider

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