Understanding & Lending to the Non-Prime Borrower

Panelists include: Ken Rees, Elevate; Krishna Gopinathan, Applied Data Finance; Moderator: Upacala Mapatuna, Victory Park Capital.

This panel explores non-prime borrowers; the non-prime space is commonly defined as consumers with FICO scores less than 700 which is approximately 170 million people in the US and UK; there are common misconceptions about this demographic; usually these consumers have had a bad circumstance but really represent middle America and have traditional jobs; Elevate has created a research group called the Center for the Middle Class to better understand their customers and their needs; they found that typically the need for funds is urgent so providing a fast and seamless decisioning process without many hoops to jump through is important; these customers are also aware of their damaged credit and are looking for ways they can improve it; panelists discuss other aspects of lending to non-prime consumers including the underestimated underbanked, best practices and more.