13 fintech lending companies upending the credit card, mortgage and loan industries

By Sam Daley  |  November 20, 2018

fintech applications lending cover photo

The fintech ecosystem is loaded with disruptive companies, though perhaps none more so than those in the lending sector. Employing artificial intelligence, big data and even blockchain, they're helping solve a variety of today's lending issues.

Haunted by the mistakes of their predecessors during the 2008 financial crisis, this new breed of fintech and mortgage companies employs a slew of advanced technologies to execute responsible and transparent loan agreements — in effect, personalized loans that are vastly different than the one-size-fits-all breed than proved so problematic a decade ago.  According to financial commentator Chris Skinner, "by partnering with fintech startups, banks will give their account holders the right measure of security and speed. Account holders know that their money is safe, and they can enjoy the latest financial technology." 

We’ve rounded up 13 fintech companies that are at the forefront of intelligent lending.

 

fintech applications lending avant
Avant

Avant

Location: Chicago

How it’s using fintech in lending: Avant uses fintech to simplify the loan application process. By providing some background information, selecting a loan option (debt consolidation, home improvement, emergencies, etc.) and signing a digital contract, loan-seekers can expect to see their $2,000 to $35,000 deposited into their bank account in as little as one day.

Industry impact: Avant’s newest fintech tool is the Avantcard. The credit card helps users access lines of credit for smaller purchases like shopping or vacations or larger payments for a new car or home repair.

 

fintech applications lending opploans
Opploans

Opploans

Location: Chicago

How it’s using fintech in lending: Opploans gives its personal loan advocates the fintech tools they need to help personalize loans. Whether it’s a loan for car repairs, rent or medical bills, Opploan’s agents can use the technology to recommend the optimal loan for almost every situation. An applicant can get approved in as little as a few minutes and has the option to pay in installments.

Industry impact: In order to increase financial literacy, Opploans created a series of free interactive courses that teach users about different fintech tools and options to help them  take control of their financial situations.

 

fintech applications lending salt lending
SALT Lending

SALT Lending

Location: Denver

How it’s using fintech in lending: SALT lets borrowers leverage their cryptocurrency for loans. Borrowers can agree to terms ranging from one to 36 months on loans available for Bitcoin, Ether, Litecoin and Dogecoin. SALT uses blockchain evidence-based, chain-of-custody smart contracts to ensure the crypto is safely transferred. A borrower will then receive their money.  

Industry impact: Available in most U.S. states for business and personal loans, SALT has expanded internationally to countries like New Zealand, Brazil, Switzerland and the U.K.

 

fintech applications lending tala
Tala

Tala

Location: Santa Monica, Calif.

How it’s using fintech in lending: Tala is using big data in its fintech to financially serve traditionally under-banked areas of the world. The company’s consumer lending app underwrites loans using cell phone data- like social connections, texts, calls and bill payments to determine creditworthiness. By finding personalized loans using alternative methods, Tala assists three billion new consumers in building credit.

Industry impact: Tala has teams in Kenya, the Philippines, Tanzania, Mexico and India that are working to secure loans for individuals and small business owners through alternative credit checks. To date, the company has secured more than $500 million in loans for its borrowers.

 

fintech applications lending ondeck
OnDeck

OnDeck

Location: New York

How it’s using fintech in lending: OnDeck is a financial platform that offers personalized loans and lines of credit to small and midsize businesses. Businesses looking for a loan identify what type of business they operate (restaurant, retail, tech company, etc.) and even define the purpose of the loan (expanding business, hiring employees, etc.). OnDeck’s technology then creates personalized payment structures that best fit each situation.   

Industry impact: OnDeck has loaned more than $10 billion to small business owners. According to a company study performed, OnDeck’s first $3 billion loaned created an $11 billion impact on the economy and added more than 74,000 jobs across the US.

 

fintech applications lending bond street
Bond Street

Bond Street

Location: New York

How it’s using fintech in lending: Bond Street uses data-driven algorithms to help small businesses secure loans. The company specializes in personalized loans for small businesses looking to open a new location, add inventory, boost their operations, refinance debt or expand their team. Profitability and a few other factors are taken into account before Bond Street is able to provide a personalized loan.

Industry impact: Bond Street has helped businesses — from mattress company Tuft & Needle to taco joint Tacombi — secure loans that helped to grow their operations.

 

fintech applications lending braviant holdings
Braviant Holdings

Braviant Holdings

Location: Chicago

How it’s using fintech in lending: Braviant Holdings combines analytics with big data to create more lending opportunities for people who are traditionally under-banked. The company’s platform uses automated verification processes and real-time underwriting to help make quick and personalized lending decisions.

Industry impact: Braviant also includes brands like Chorus and Balance Credit, which help borrowers get cash loans quickly.

 

fintech applications lending credifi
CrediFi

CrediFi

Location: New York

How it’s using fintech in lending: CrediFi provides data and analytics to commercial real estate (CRE) lenders. The company’s big data platform tracks more than 10,000 U.S.-based lenders and the $13 trillion they’ve originated to map real estate lending industry trends. Additionally, CrediFi tracks the loans of more than six million property owners to ensure that lenders are making responsible, market-determined decisions.

Industry impact: In addition to information on lending, CrediFi’s platform also has access to balance sheets, securitized loans and contact information of property owners for investors looking to make smart property investments.

 

fintech applications lending peeriq
PeerIQ

PeerIQ

Location: New York

How it’s using fintech in lending: PeerIQ is a data and analytics firm using big data to analyze and manage risk in the peer-to-peer lending sector. The company’s SaaS platform sifts through the sea of data to bring transparency and responsible decision-making tools to loan originators, asset managers and underwriters.

Industry impact: A litany of former Wall Street executives are lining up to work with PeerIQ. The company counts the former chairman of the SEC and former CEOs of Morgan Stanley, Citigroup and Santander as just a few of its big-name wall street investors.

 

fintech applications lending prosper
Prosper

Prosper

Location: San Francisco

How it’s using fintech in lending: Prosper connects people looking to borrow money with individuals and institutions looking to invest in consumer credit. Borrowers fill out a short survey — including preferred loan amount and how it will be used. The Prosper platform will then recommend loans that best fit the prospective borrower's needs.

Industry impact: Prosper processed more than $13 billion in borrowed money from more than one million loans to 850,000 people.

 

fintech applications lending fundbox
Fundbox

Fundbox

Location: San Francisco

How it’s using fintech in lending: Fundbox uses big data analytics to help businesses quickly access loans and lines of credit. The company can make a credit decision in less than three minutes based on the information provided through a businesses’ accounting software or bank account.  

Industry Impact: In an attempt to grant financial access to more entrepreneurs, Fundbox also offers special small business loans to women and minorities.

 

fintech applications lending earnest
Earnest

Earnest

Location: San Francisco

How it’s using fintech in lending: Earnest uses its Precision Pricing tool to determine individualized student and personal loans. The company’s proprietary technology asks the borrower how much they can afford to pay each month, and matches the user with a rate and term that works for them. Instead of standard rates and terms, Earnest uses personal data to formulate student, home, car, and medical loans that are based on an individual’s unique situation.

Industry impact: Earnest maintains about $500 million in its loan portfolio and in 2017 distributed nearly $2 billion in student loans

 

fintech applications lending affirm
Affirm

Affirm

Location: San Francisco

How it’s using fintech in lending: Affirm offers installment loans to consumers at the point of sale. Sometimes you really want something but don’t have the cash to pay upfront. Affirm has partnered with hundreds of retailers to offer three-, six- and 12-month payment options that help customers plan out their payments over time.

Industry impact: The Affirm installment loan platform is used by global companies like Expedia, Wayfair and Peloton to give customers more financial flexibility.

 

Images via Shutterstock, social media and screenshots of company websites.

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