Sentences with phrase «technology of alternative lenders»

While some banks are testing small business loan offers through partnerships that allow them to use the technology of alternative lenders, in some instances banks may refer you to an alternative lender itself.

Not exact matches

Last month alternative lender OnDeck announced a partnership in which JPMorgan Chase will use OnDeck's technology to underwrite credit to some of the giant bank's 4 million small business customers.

Alternative lenders were willing to provide capital to businesses that otherwise could not secure credit, and their use of technology enabled them to make quick decisions.

In December, JPMorgan Chase said it will use alternative lender OnDeck's credit - scoring technology, in an attempt to more quickly underwrite credit to some of the giant bank's 4 million small business customers.

As banks and institutional lenders eventually made better use of technology and provided funding at attractive rates, they have claimed market share at the expense of alternative lenders.

Partly this comes with the territory of looser eligibility standards, but mostly it's because alternative lenders focus much more on superior algorithms and technology that lets them automate more of the processes.