As millennials continue to experience challenges in obtaining credit, Experian’s latest research finds that this population is very receptive to nonbank lenders for the ease, speed and accessibility they provide. Among the findings:
- 13% of millennials have taken out a loan from an alternate or nonbank lender
- 47% are likely to use an alternate or nonbank lender in the near future
In order to successfully capture this population and open the gateway of credit, lenders should innovate continually and utilize advanced risk models to accurately score consumers considered unscoreable by conventional risk models.
