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<ul><li><keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> has reviewed hundreds of <keyword id="6095737" type="UNKNOWN" weightage="20" keywordseo="loan-apps">loan apps</keyword> in India and has also removed many of them, which have violated user safety guidelines. </li><li>Google’s crackdown on lending apps in India comes after the Reserve Bank of India announced that it was forming a working group to regulate <keyword id="59794" type="PERSON" weightage="20" keywordseo="Digital-lending">digital lending</keyword>. </li><li>Among many other regulatory steps, the group will also set up a Fair Practices Code and “recommend measures for robust data governance, data privacy and data security standards” in the digital lending sector.</li></ul>Tech giant Google today said that it has reviewed hundreds of loan apps in India and has also removed many of them, which have violated user safety guidelines. <br /><br />“We have asked the developers of the remaining identified apps to demonstrate that they comply with applicable local laws and regulations. Apps that fail to do so will be removed without further notice. In addition, we will continue to assist the law enforcement agencies in their investigation of this issue,” said Google <a href="https://india.googleblog.com/2021/01/protecting-against-harmful-financial.html">in its blog</a>.<br /><br />Here’s the information that financial apps have to share with Google<br /><br /><ul><li>minimum and maximum periods of repayment</li><li>the maximum Annual Percentage Rate, </li><li>and a representative example of the total loan cost. <br /></li></ul>The tech company also said that it only allows “personal loan apps with full repayment required in greater than or equal to 60 days from the date the loan is issued.”<br /><br />Google’s crackdown on lending apps in India comes after the Reserve Bank of India announced that it was forming <a href="https://www.businessinsider.in/finance/news/rbi-sets-up-a-working-group-for-digital-lending-says-recent-spurt-of-lending-apps-has-raised-serious-concerns/articleshow/80250943.cms">a working group to regulate digital lending. </a><br /><br />The group will study the scope of digital lending in India, identify risks in the sector “posed by unregulated digital lending” and also suggest regulatory measures if needed. Additionally, the group will also set up a Fair Practices Code and “recommend measures for robust data governance, data privacy and data security standards for deployment of digital lending services.”<br /><br />Google, in its statement, also said that it was placing focus on user’s privacy. “Developers must also only use data for purposes that the user has consented to, and if they later want to use the data for other purposes, they must obtain user permission for the additional uses,” said the tech giant.<br /><br />The group consisting of four top members of the Reserve Bank of India and two external members from a fintech firm and a cybersecurity firm will submit their observations of the digital lending sector within three months. <br /><br />The RBI said that the recent spurt in online lending apps pose serious concerns.<br /><br />With the coronavirus pandemic, people have been turning more and more to digital apps which offer hassle-free instant loans. However, reports have surfaced about fraudulent cases emerging from such online practices. <br /><br />In <a href="https://www.indiatoday.in/india-today-insight/story/how-instant-loan-apps-are-extorting-borrowers-in-telangana-1752148-2020-12-22">Telangana</a>, 11 people have been arrested so far in connection to such dubious loan companies. The <a href="https://www.newindianexpress.com/cities/hyderabad/2020/dec/22/fraud-alert-cyberabad-police-writes-to-googleplay-store-over-259-micro-loan-apps-2239361.html">Cyberabad police</a> has also reportedly written to <keyword id="6369511" type="UNKNOWN" weightage="20" keywordseo="google-play-store">Google Play Store</keyword> regarding 259 such micro loan apps. <br /><br /><br /><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/finance/news/rbi-sets-up-a-working-group-for-digital-lending-says-recent-spurt-of-lending-apps-has-raised-serious-concerns/articleshow/80250943.cms">India’s central bank to monitor digital lending, says recent spurt of lending apps has raised serious concerns</a><br /></strong><br /><br />

Google says it has removed several loan apps in India after RBI takes steps to curb fraud in digital lending

Nearly nine in 10 customers in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> use fintech lending apps to take <keyword id="6362287" type="General" weightage="20" keywordseo="loans" source="Orion">loans</keyword> for emergencies, <keyword id="42518" type="General" weightage="20" keywordseo="medical" source="Orion">medical</keyword> and upskilling needs, a new report said on Thursday.<br /><br />More than two-thirds feel positive after taking a loan via digital means and 89 per cent reported positively toward digital lending apps, according to the report by the <keyword id="10648101" type="General" weightage="80" keywordseo="fintech-association" source="Orion">Fintech Association</keyword> for Consumer Empowerment (FACE), an association of digital and fintech lending companies.<br /><br />"Customer voices are very reassuring to know that digital credit is meeting customer's critical needs making them resilient to deal with day-to-day exigencies (medical/emergencies/cashflows) and also invest in their future and aspirations," said <keyword id="14579949" type="General" weightage="80" keywordseo="sugandh-saxena" source="Orion">Sugandh Saxena</keyword>, CEO at FACE.<br /><br />A Reserve Bank of India Working Group (WG) report has recommended steps for customers' access to genuine and safe regulated lending apps.<br /><br />"Equally important is customers' understanding of loan conditions including the pricing to take a loan they can afford and the ability to connect with lenders for queries/grievances," Saxena added.<br /><br />To date, 45 per cent have used one app to borrow digitally, while 55 per cent have used two or more apps to fulfill their credit needs.<br /><br />In the absence of a digital lending app, 43 per cent would borrow from their friends and family, but a significant 29 per cent would delay or forgo the need.<br /><br />Top three parameters customers consider when choosing a digital lending app are loan amount, customer reviews/ratings of the app and ease of use.<br /><br />"Top problems customers face when engaging with a digital lending app are identifying the right app, customer service, understanding terms and conditions," the report mentioned.<br /><br />For the large majority, the need for a loan is urgent and real, and they have had to compulsorily fund it, it added.<br /><br /><strong>SEE ALSO :<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/41-income-taxpayers-yet-to-file-it-return-10-facing-tech-glitches/articleshow/93187624.cms">41% income taxpayers yet to file IT return, 10% facing tech glitches</a><br /><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-pay-dos-and-donts-to-keep-fraudsters-away-in-2022/articleshow/93187599.cms"><strong>Google Pay Dos and Don’ts to keep fraudsters away in 2022</strong></a><br />

Indians resort to loans from lending apps for emergencies and medical expenses

The Reserve Bank on Thursday proposed to create a <keyword id="22711172" type="General" weightage="20" keywordseo="public-repository" source="keywords">public repository</keyword> of <keyword id="21305551" type="General" weightage="100" keywordseo="digital-lending-apps" source="keywords">digital lending apps</keyword> in a bid to address the problems arising from mushrooming <keyword id="22711171" type="General" weightage="20" keywordseo="unauthorised-players" source="keywords">unauthorised players</keyword> in the segment. In another significant move, the central bank proposed to introduce a facility of "<keyword id="22710839" type="General" weightage="20" keywordseo="Delegated-Payments" source="keywords">Delegated Payments</keyword>" in UPI to enable an individual to allow another individual to make <keyword id="19957378" type="General" weightage="20" keywordseo="UPI-transactions" source="keywords">UPI transactions</keyword>. <br /><br /> In a <keyword id="13144094" type="General" weightage="20" keywordseo="post-monetary-policy-review" source="Orion">post-monetary policy review</keyword> address, <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> <keyword id="20595794" type="General" weightage="20" keywordseo="Governor-Shaktikanta-Das" source="keywords">Governor Shaktikanta Das</keyword> said the central bank has taken several measures for the orderly development of the <keyword id="12577431" type="General" weightage="20" keywordseo="digital-lending-ecosystem" source="Orion">digital lending ecosystem</keyword> in India. <br /><br /> In a bid to address the problems arising from unauthorised digital lending apps (DLAs), he said the RBI proposes to create a public repository of DLAs deployed by its regulated entities. <br /><br /> "The regulated entities (REs) will report and update information about their DLAs in this repository. This measure will help the consumers to identify the unauthorised lending apps," Das said. <br /><br /> On introduction of 'Delegated Payments' through UPI, the Governor said the facility would enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a limit from the primary user's bank account without the need for the secondary user to have a separate bank account linked to UPI. <br /><br /> This, he added, will further deepen the reach and usage of digital payments. <br /><br /> The central bank also announced an increase in the transaction limit for tax payments through UPI to Rs 5 lakh. Currently, the transaction limit for UPI is Rs 1 lakh, except for certain categories of payments which have higher transaction limits. <br /><br /> "It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will further ease tax payments by consumers through UPI," Das said. <br /><br /> The Governor also announced measures to speed up cheque payment which will benefit both the payer and the payee. <br /><br /> At present, cheque clearing through Cheque Truncation System (CTS), operates in a batch-processing mode and has a clearing cycle of up to two working days. <br /><br /> "It is proposed to reduce the clearing cycle by introducing continuous clearing with 'on-realisation-settlement' in CTS," Das said. <br /><br /> This means that cheques will be cleared within a few hours on the day of presentation.

RBI to set up public repository of digital lending apps to check unauthorised players

New Delhi, The government on Monday informed Parliament that <keyword id="6355629" type="General" weightage="20" keywordseo="Google" source="Orion">Google</keyword> has suspended or removed over 2,500 fraudulent <keyword id="6095737" type="General" weightage="20" keywordseo="loan-apps" source="Orion">loan apps</keyword> from its Play Store between April 2021 and July 2022. The government is constantly engaged with the Reserve Bank of India (RBI) and other regulators and stakeholders concerned to control fraudulent loan apps, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. <br /><br /> The matter is also regularly discussed and monitored in the meetings of the Financial Stability and Development Council (FSDC), an inter-regulatory forum under the chairpersonship of the Finance Minister. <br /><br /> The objective is to remain proactive, maintain cyber security preparedness with constant vigilance, and take appropriate and timely action to mitigate any such vulnerabilities in the Indian financial system, she said. <br /><br /> As part of steps taken to control fraudulent loan apps, she said, the RBI has shared a 'whitelist' of legal apps with the government of India, and this list was shared by the Ministry of Electronics and Information Technology (Meity) with Google, whose app store is the primary source of distribution of digital lending apps. <br /><br /> Google has updated its policy regarding enforcement of loan lending apps on the Play Store and has also deployed additional policy requirements with strict enforcement actions for lending apps in India, she added. <br /><br /> As per their revised policy, only those apps are allowed on the Play Store which are published by Regulated Entities (REs) or those working in partnership with REs. <br /><br /> "Between April 2021 and July 2022, Google also reviewed approximately 3,500 to 4,000 loan lending apps and suspended or removed over 2,500 fraudulent loan apps from its Play Store," she said. <br /><br /> The Indian Cyber Crime Coordination Centre (I4C), Ministry of Home Affairs (MHA), has been regularly analysing the digital lending apps proactively. <br /><br /> Based on its analysis and complaints reported on the National Cyber Crime Reporting Portal, the I4C team analyses apps on various parameters and reports to Meity apps found suspicious for blocking, she said. <br /><br /> To spread awareness against cybercrimes and to safeguard interests of citizens, several steps have been taken by the government, the RBI, and banks, she said. <br /><br /> The RBI has formulated conducting of electronic-Banking Awareness And Training (e-BAAT) which has largely focussed on awareness about fraud and risk mitigation, while a Nation-wide Intensive Awareness Programme (NIAP) was carried out in collaboration with the REs.  <br /><br /> In a separate response, Sitharaman said more than 44.46 crore loans amounting to Rs 26.12 lakh crore (as of November 24, 2023) have been sanctioned to the borrowers under the Pradhan Mantri Mudra Yojana (PMMY) since its inception. <br /><br /> Under PMMY, collateral-free institutional credit up to Rs 10 lakh is provided by Member Lending Institutions (MLIs), i.e., Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs), and Micro Finance Institutions (MFIs). <br /><br /> Any individual who is otherwise eligible to take a loan and has a business plan for a small business enterprise can avail of a loan under the scheme. <br /><br /> Loans can be availed for income-generating activities in the manufacturing, trading, and services sectors, and also for activities allied to agriculture, under three categories, -- Shishu (loans up to Rs 50,000), Kishor (loans above Rs 50,000 and up to Rs 5 lakh) and Tarun (loans above Rs 5 lakh and up to Rs 10 lakh).

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM

New Delhi, The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official.  In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. <br /><br /> The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. <br /><br /> The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the <keyword id="20001098" type="General" weightage="20" keywordseo="serious-fraud-investigation-office" source="keywords">Serious Fraud Investigation Office</keyword> (SFIO), the official said. <br /><br /> Further, the official said that the ministry receives complaints from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) and the Ministry of Electronics and Information Technology (MeitY), among other entities, following which enquiries are initiated against the companies concerned. <br /><br /> While it is difficult sometimes to track the funding sources for some companies, the official said efforts are made to ascertain the beneficial ownership. <br /><br /> In January, the Registrar of Companies (RoC), <keyword id="20064135" type="General" weightage="20" keywordseo="nct" source="keywords">NCT</keyword> (National Capital Territory) of Delhi, and Haryana slapped penalties totalling more than Rs 21 lakh on an Indian company and its related individuals as well as entities. <br /><br /> The move was part of cracking the whip for hiding the beneficial ownership links to a Chinese group. <br /><br /> On February 6, the finance ministry informed <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. <br /><br /> The government is constantly engaged with the RBI and other regulators and stakeholders concerned to control fraudulent loan apps. <br /><br /> RBI has issued regulatory guidelines on digital lending, which aim at firming up the regulatory framework for digital lending while enhancing customer protection and making the digital lending ecosystem safe and sound.

Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

<p class="source"><span>Chip Somodevilla/Getty Images</span></p><p class="caption">Coming soon to the Apple App Store: Goldman Sachs digital banking. Pictured: Lloyd Blankfein.</p>You'll be able to access and manage your Goldman Sachs accounts through an app on your smartphone in the near future.<p>Goldman Sachs, which has been expanding its offerings to retail consumers in recent years, is building an iOS app for its growing crop of digital retail banking services, according to a job listing on <a href="http://www.goldmansachs.com/a/data/jobs/49502.html">the company website</a>. </p><p>The bank is recruiting mobile developers to work in its Consumer Finance Technology division and build a "<span>best of breed platform that is both elegant and powerful" for its "all digital retail bank," which would likely include services like its new personal loan platform Marcus, high-yield savings accounts, and a forthcoming robo-advisor platform.</span></p><p>Here's the job posting (emphasis added):</p><p style="padding-left: 30px;">"<strong>We are looking for an expert iOS developer</strong> to work on a greenfield enterprise-grade project delivered on iOS platforms.  <strong>Our goal in engineering is to facilitate the creative, iterative, and data driven creation of our all digital retail bank</strong>. As a Mobile Developer you will be working closely with our marketing team and UX designers to build mobile user experiences which will be A/B tested for effectiveness and impact to our clients. The code you write will reach millions and help redefine the firm."</p><p>The company has existing mobile apps for its high-net worth wealth management customers, as well as for employee recruitment and monitoring markets, but it hasn't previously released an app for retail banking consumers. </p><p>When reached for comment, a company spokesman wouldn't say whether a new consumer app was was under construction.</p><p><span>"We're always interested in finding great tech talent, but we don't have anything to announce," said Andrew Williams, vice president for corporate communications at Goldman Sachs.</span></p><p>Goldman Sachs - which is best known for <span>wealth management, trading, and investment banking -</span> has been rapidly expanding its retail footprint, notably with the October launch of Marcus, <a href="https://www.marcus.com/">which offers</a> unsecured personal loans from $3,500 to $30,000 to prime borrowers.</p><p>Goldman Sachs CEO Lloyd Blankfein <a href="http://www.businessinsider.com/goldman-sachs-new-online-lending-business-has-already-hit-a-1-billion-milestone-2017-6">told CNBC in June</a> that the online lending platform had already issued more than $1 billion in loans, eclipsing that mark quicker than other online personal lending competitors like Prosper or Lending Club. Marcus is on track to extend $2 billion in loans by the end of the year. </p><p class="tagline">Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a></p>            <h3>NOW WATCH: <a href="http://www.businessinsider.com/bizarre-flintstones-house-sold-28-million-bay-area-california-2017-6">The bizarre and controversial 'Flintstones House' reportedly sold for $2.8 million</a></h3>                                    Please enable Javascript to watch this video

Goldman Sachs is working on an iPhone app for the masses

<ul class="summary-list"><li>Business Insider Intelligence is launching its brand new Banking coverage in early September.</li><li>To obtain a free preview of our Banking Briefing, please <a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-nonbank-alternative-lending-companies">click here</a>.</li></ul><p>Nonbanks and alternative lenders have garnered attention in the banking industry due to their ability to partner with legacy banks and utilize technology to make financial transactions more efficient and convenient for users.<div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Consumers are attracted to the idea of completing loan applications and payments digitally, with no initial fees, and at low interest rates. Alternative lending companies and nonbank financial institutions have been able to cater to these demands by adapting to the digital age and remaining open to company growth. </p><p>Here is a list of some of the top alternative lending competitors. </p><h2>1. Quicken Loans</h2><p>In 2015 Quicken Loans transformed the mortgage industry with the introduction of Rocket Mortgage <span>- </span>its online mortgage application that reportedly takes less than 10 minutes to complete. With no other viable challengers to the status quo in sight, this online application was immediately appealing to tech-savvy applicants. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Rocket Mortgage propelled Quicken Loans into the digital mortgage sector <span>- </span>altering the traditional home loan application process and opening the door to smaller online lenders. According to Business Insider Intelligence's <a href="https://www.businessinsider.com/the-online-mortgage-lending-report-2019-7">Online Mortgage Lending Report</a>, by Q4 2017, Quicken Loans had become the largest US residential mortgage originator by volume. </p><p>Learn more about <a href="https://www.quickenloans.com">Quicken Loans</a>.</p><h2>2. LoanDepot</h2><p>LoanDepot became popular in the mortgage loan market in 2017 when it introduced a suite of tools  for consumers to fill out mortgage loan applications conveniently from their smartphones. </p><p>This alt lender has funded over $165 billion since it launched in 2010, and is the nation's fifth largest retail mortgage originator <span>- </span>taking second place for largest nonbank consumer lender. </p><p>Learn more about <a href="https://www.loandepot.com/about">LoanDepot</a>. </p><h2>3. PennyMac</h2><p>PennyMac has stayed ahead of its alternative lending competitors by continuously adapting to consumers' digital preferences. Catering to the online user, PennyMac provides digital loan support and allows consumers to submit documents electronically. </p><p>With no minimum income required, PennyMac offers a wide variety of loan options ranging from conventional and jumbo loans to U.S. Department of Veterans Affairs and Federal Housing Administration loan and mortgage programs. </p><p>Learn more about <a href="https://www.pennymacusa.com/compare-home-loan-options">PennyMac</a>.</p><h2>4. OnDeck</h2><p>OnDeck's digital technology services and partnerships with incumbent financial services providers have secured it as a top alternative lending option for small- and medium-sized businesses (SMBs). <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>In 2018 OnDeck launched ODX to help banks build their own digital small-business lending products. The firm also partnered with JPMorgan in 2014 <span>- </span>and extended the partnership in 2017 <span>- </span>to create a platform allowing SMBs to access up to $200,000 in loans online.</p><p>Learn more about <a href="https://www.ondeck.com/why-ondeck">OnDeck</a>.</p><h2>5. Social Finance (SoFi)</h2><p>Originally focused on student loan refinancing, SoFi now includes mortgage loan refinancing, mortgages, and personal loans. In 2019 SoFi expanded its offerings with the launch of <a href="https://www.sofi.com/invest/">SoFi Invest</a>, which offers customers both active and automated investing options with no fees. </p><p>SoFi's success as an alternative lending platform is largely due to its continuous committment to <a href="https://www.businessinsider.com/sofi-closes-500-million-funding-round-2019-5">expanding its suite of financial services.</a> In addition to the launch of SoFi Invest, the company also partnered with insurtechs Lemonade and Root in 2019 to add three more types of insurance to its product suite. </p><p>Learn more about <a href="https://www.sofi.com/">SoFi</a>. </p><h2>6. Reali Loans </h2><p><div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Reali Loans is an online alternative lending platform that has no origination fee or upfront charge, and accommodates tech-savvy customers looking for a convenient way to seek loans.</p><p>Reali's platform allows users to complete a loan application completely online; customers can upload and sign documents electronically and track the progress of their loan, including payments, through the user dashboard.</p><p>Learn more about <a href="https://www.reali.com/">Reali Loans</a>.</p><h2>7. Kabbage </h2><p>Kabbage is another online lending platform that has earned a spot on the list of top nonbank financial institutions. The startup offers business-to-business (B2B) operations, and in July 2019 it secured a $200-million revolving credit facility. </p><p>Particularly popular in <a href="https://www.businessinsider.com/smb-lending-report">SMB lending</a>, Kabbage provides a suite of digital services where customers can link business information online to get an automatic financial review. Kabbage also allows users to withdraw from their line through three distinct methods: logging into a computer, using a <a href="https://www.businessinsider.com/mobile-banking-market-trends">mobile banking app</a>, or swiping a Kabbage Card. </p><p>Learn more about <a href="https://www.kabbage.com/">Kabbage</a>.</p><h2>8. PayPal</h2><p>PayPal is a popular peer-to-peer (P2P) lending service that Business Insider Intelligence projects to grow at a 42.7% five-year compound annual growth rate to hit $574 billion by 2023. PayPal also owns Venmo, a P2P lending app that's popular with millennials and on pace to drive $100 billion in volume in 2019. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>PayPal offers various security services, including alerts of suspicious activity, in addition to easy check-out options where users can make financial transactions online. By adapting to consumers' preferred digital channels and offering both personal and business lending options, PayPal has become popular amongst a variety of users.</p><p>Learn more about <a href="https://www.paypal.com/us/home">PayPal</a>.</p><h1>Banking Industry Analysis</h1><p>The <a href="https://www.businessinsider.com/banking-industry-trends">banking industry</a> is undergoing rapid disruption as consumers show an increasing appetite for digital channels and nontraditional financing. With the integration of new technologies in financial services well underway, it's important for the industry's principal decision-makers to stay informed on the success of alternative lending and nonbank financial institutions. </p><p>That's why Business Insider Intelligence is launching Banking, our newest research coverage area that will keep you up to date on how nonbanks and alternative lending services are making their way to the forefront of the banking industry. </p><h3><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-nonbank-alternative-lending-companies">Click here to obtain an exclusive FREE preview of Banking!</a></h3><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019"></a></p>

Here is a list of the top nonbank and alternative lenders in 2019

<ul class="summary-list"><li><span style="font-weight: 400;">This is a preview of the </span><strong><em><em>SMB Lending Report</em></em></strong><span style="font-weight: 400;"> from Business Insider Intelligence.</span></li><li><a href="https://store.businessinsider.com/products/smb-lending-report?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-nonbank-alternative-lending-companies&amp;vertical=banking#!/">Purchase this report.</a></li><li><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-nonbank-alternative-lending-companies">Business Insider Intelligence offers even more insights like this with our brand new Banking coverage. Subscribe today to receive industry-changing banking news and analysis to your inbox.</a></li></ul><p>Nonbanks and alternative lenders have garnered attention in the banking industry due to their ability to partner with legacy banks and utilize technology to make financial transactions more efficient and convenient for users.<div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Consumers are attracted to the idea of completing loan applications and payments digitally, with no initial fees, and at low interest rates. Alternative lending companies and nonbank financial institutions have been able to cater to these demands by adapting to the digital age and remaining open to company growth. </p><p>Here is a list of some of the top alternative lending competitors. </p><h2>1. Quicken Loans</h2><p>In 2015 Quicken Loans transformed the mortgage industry with the introduction of Rocket Mortgage <span>- </span>its online mortgage application that reportedly takes less than 10 minutes to complete. With no other viable challengers to the status quo in sight, this online application was immediately appealing to tech-savvy applicants. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p><a href="https://www.rocketmortgage.com/">Rocket Mortgage</a> propelled Quicken Loans into the digital mortgage sector <span>- </span>altering the traditional home loan application process and opening the door to smaller online lenders. According to Business Insider Intelligence's <a href="https://www.businessinsider.com/the-online-mortgage-lending-report-2019-7">Online Mortgage Lending Report</a>, by Q4 2017, Quicken Loans had become the largest US residential mortgage originator by volume. </p><p>Learn more about <a href="https://www.quickenloans.com">Quicken Loans</a>.</p><h2>2. LoanDepot</h2><p>LoanDepot became popular in the mortgage loan market in 2017 when it introduced a suite of tools  for consumers to fill out mortgage loan applications conveniently from their smartphones. </p><p>This alt lender has funded over $165 billion since it launched in 2010, and is the nation's fifth largest retail mortgage originator <span>- </span>taking second place for largest nonbank consumer lender. </p><p>Learn more about <a href="https://www.loandepot.com/about">LoanDepot</a>. </p><h2>3. PennyMac</h2><p>PennyMac has stayed ahead of its alternative lending competitors by continuously adapting to consumers' digital preferences. Catering to the online user, PennyMac provides digital loan support and allows consumers to submit documents electronically. </p><p>With no minimum income required, PennyMac offers a wide variety of loan options ranging from conventional and jumbo loans to U.S. Department of Veterans Affairs and Federal Housing Administration loan and mortgage programs. </p><p>Learn more about <a href="https://www.pennymacusa.com/compare-home-loan-options">PennyMac</a>.</p><h2>4. OnDeck</h2><p>OnDeck's digital technology services and partnerships with incumbent financial services providers have secured it as a top alternative lending option for small- and medium-sized businesses (SMBs). <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>In 2018 OnDeck launched ODX to help banks build their own digital small-business lending products. The firm also partnered with JPMorgan in 2014 <span>- </span>and extended the partnership in 2017 <span>- </span>to create a platform allowing SMBs to access up to $200,000 in loans online.</p><p>Learn more about <a href="https://www.ondeck.com/why-ondeck">OnDeck</a>.</p><h2>5. Social Finance (SoFi)</h2><p>Originally focused on student loan refinancing, SoFi now includes mortgage loan refinancing, mortgages, and personal loans. In 2019 SoFi expanded its offerings with the launch of <a href="https://www.sofi.com/invest/">SoFi Invest</a>, which offers customers both active and automated investing options with no fees. </p><p>SoFi's success as an alternative lending platform is largely due to its continuous committment to <a href="https://www.businessinsider.com/sofi-closes-500-million-funding-round-2019-5">expanding its suite of financial services.</a> In addition to the launch of SoFi Invest, the company also partnered with insurtechs Lemonade and Root in 2019 to add three more types of insurance to its product suite. </p><p>Learn more about <a href="https://www.sofi.com/">SoFi</a>. </p><h2>6. Reali Loans </h2><p><div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Reali Loans is an online alternative lending platform that has no origination fee or upfront charge, and accommodates tech-savvy customers looking for a convenient way to seek loans.</p><p>Reali's platform allows users to complete a loan application completely online; customers can upload and sign documents electronically and track the progress of their loan, including payments, through the user dashboard.</p><p>Learn more about <a href="https://www.reali.com/">Reali Loans</a>.</p><h2>7. Kabbage </h2><p>Kabbage is another online lending platform that has earned a spot on the list of top nonbank financial institutions. The startup offers business-to-business (B2B) operations, and in July 2019 it secured a $200-million revolving credit facility. </p><p>Particularly popular in <a href="https://www.businessinsider.com/smb-lending-report">SMB lending</a>, Kabbage provides a suite of digital services where customers can link business information online to get an automatic financial review. Kabbage also allows users to withdraw from their line through three distinct methods: logging into a computer, using a <a href="https://www.businessinsider.com/mobile-banking-market-trends">mobile banking app</a>, or swiping a Kabbage Card. </p><p>Learn more about <a href="https://www.kabbage.com/">Kabbage</a>.</p><h2>8. PayPal</h2><p>PayPal is a popular peer-to-peer (P2P) lending service that Business Insider Intelligence projects to grow at a 42.7% five-year compound annual growth rate to hit $574 billion by 2023. PayPal also owns Venmo, a P2P lending app that's popular with millennials and on pace to drive $100 billion in volume in 2019. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>PayPal offers various security services, including alerts of suspicious activity, in addition to easy check-out options where users can make financial transactions online. By adapting to consumers' preferred digital channels and offering both personal and business lending options, PayPal has become popular amongst a variety of users.</p><p>Learn more about <a href="https://www.paypal.com/us/home">PayPal</a>.</p><h1>Banking Industry Analysis</h1><p>The <a href="https://www.businessinsider.com/banking-industry-trends">banking industry</a> is undergoing rapid disruption as consumers show an increasing appetite for digital channels and nontraditional financing. With the integration of new technologies in financial services well underway, it's important for the industry's principal decision-makers to stay informed on the success of alternative lending and nonbank financial institutions. </p><p>That's why Business Insider Intelligence is launching Banking, our newest research coverage area that will keep you up to date on how nonbanks and alternative lending services are making their way to the forefront of the banking industry. </p><p><strong><em>Interested in getting the full report? Here's how to get access:</em></strong></p><ol><li>Purchase &amp; download the full report from our research store. &gt;&gt; <strong> <a href="https://store.businessinsider.com/products/smb-lending-report?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-nonbank-alternative-lending-companies&amp;vertical=banking#!/">Purchase &amp; Download Now</a></strong></li><li>Subscribe to a<span> </span><strong><em>Premium</em></strong><span> </span>pass to Business Insider Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. &gt;&gt;<strong><span> <a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-nonbank-alternative-lending-companies">Learn More Now</a></span></strong></li><li>Current subscribers can read the report <strong><a href="https://intelligence.businessinsider.com/post/smb-lending-report-how-alt-lenders-provide-smbs-with-new-options-to-access-credit-2019-2">here</a></strong>.</li></ol><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019"></a></p>

You Searched For "digital lending apps" and got 10 results

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Here is a list of the top nonbank and alternative lenders in 2019

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Here is a list of the top nonbank and alternative lenders in 2019

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Here is a list of the top nonbank and alternative lenders in 2019

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Here is a list of the top nonbank and alternative lenders in 2019

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