Fintechs Action Towards Payday Alternatives Where Banking Institutions Fear to Tread

Fintechs Action Towards Payday Alternatives Where Banking Institutions Fear to Tread

A small but growing group of non-bank lenders is working with U.S. employers to offer small-dollar financing tied to wages with banks slow to offer consumers alternatives to payday loans despite encouragement from regulators.

United Method started offering the working platform of Salary Finance, operating in the U.K. since 2015, to its workers in October and it is connecting it with a few for the Fortune 500 organizations the charity has partnered with for many years. Walmart Inc. lovers with PayActiv, a San Jose, Calif.-based fintech, to provide spend advances to its 1.4 million workers. Continue reading “Fintechs Action Towards Payday Alternatives Where Banking Institutions Fear to Tread”