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Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and TransUnion, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others.
There's ample data to suggest that the modernizing unsecured loan market is growing. In a November 2017 consumer credit report, TransUnion estimated that credit card balances in the United States had risen 7 in the third quarter of 2017 to 731 billion while personal loan balances reached an all-time of 112 billion. The past decade has seen the rise of peer-to-peer lending via online and mobile lenders coinciding with a sharp increase in unsecured loans.
In another report, TransUnion found that "fintechs," or financial technology firms, accounted for 32 of personal loan balances through the first half of 2017, up from just 4 in 2012.
Alternative Personal bank loans comparison and Unsecured Loans. Alternative lenders, such as payday lenders or companies who offer merchant cash advances, do not offer secured loans personal bank loans comparison the traditional sense of the phrase. Their loans are not secured by tangible collateral as mortgages and car loans usa cash express loans. However, these lenders take other measures to secure repayment.
In particular, payday lenders have borrowers give them a postdated check or agree to an automatic withdrawal from their checking accounts to repay the loan. Many online merchant cash advance lenders require the borrower to pay a certain percentage of online sales through a payment processing service such as PayPal.