Times are changing faster than ever, but interestingly, traditional financial institutions are not changing as quickly as consumers’ financial needs. Nearly all traditional financial institutions use a borrower’s credit score to determine if they are eligible to receive a loan or credit. Unfortunately, around 21% of all Americans have a credit score deemed “Deep Subprime,” making them ineligible for many standard lending products.
Being locked out of the traditional lending markets by their poor credit scores, this group of “Deep Subprime” borrowers feel like their only option is to turn to predatory loans, many of which are online, contain high-interest rates, unmanageable fees, and produce inevitable results.
That’s where Uprova comes in!