Personal loans were still a niche product when peer-to-peer (P2P) lending company LendingClub was founded in 2007. Today, PYMNTS’ research shows that 24% of U.S. consumers have used personal loans, with the popularity of these loans growing even more during the pandemic. As consumers faced...
Lending has become increasingly streamlined, including automated approvals and disbursements, but the pandemic demonstrated weaknesses in digital lending. Demand for both consumer and small business loans has grown over the past two years, yet the cost of servicing those loans increased 173% while average service...
In many ways, 2020 was the year of disbursements in the United States. The U.S. government disbursed stimulus payments to 138 million consumers to shore up their income as employment levels plummeted amid the pandemic, and by July had issued roughly 171 million payments. Stimulus payments...
Same-day automatic clearing house (ACH) has long been the most common way consumers receive disbursements — payments from their employers, their insurers and even from the United States government — but that is about to change. The share of consumers receiving disbursements via instant payments...
Efficiency is everything when it comes to payments, and this is true for both consumers and businesses. Microbusinesses, in particular, are eager to improve both the speed and efficiency of their payments operations, especially when quick access to funds is crucial to their business relationships and fiscal viability. Microbusinesses typically consist of just a...
Instant gig worker payouts need instant payments infrastructure. In the Disbursements Tracker, TaskRabbit’s Vice President of Product Jennifer Grasso explains the importance of instant payments to today’s freelancers and why new payments infrastructure is a key piece of the puzzle.
Getting paid fast is more than just a benefit for gig workers. It has become a necessity in today’s challenging economic climate. Some employers are ahead of the game when it comes to providing speedy disbursements for their gig workers, with ridesharing giant Lyft being...
The pandemic altered the expectations of consumers around the world, and they now want faster, more on-demand services. To keep up with their increasingly digital needs, businesses were forced to quickly adopt a variety of payment options. Nearly 90% of companies anticipate they will be...
Businesses angling for a competitive advantage are clamoring for instant payment options for everything from managing payroll to paying vendors. In the Disbursements Tracker, Fifth Third Bank’s Bridgit Chayt discusses how instant payments keep businesses on the cutting edge of innovation and allow them to...
