WCTRS advocates fair and just practices in support of the loan trading market. Our committee members strive to preserve a healthy and profitable global market for borrowers and investors.
The recent financial crisis forced traditional banks to be more cautious when lending to small businesses and private individuals. However, American's need for credit remained. The financial world listened and alternative financing was born. These non-bank lenders aren't controlled by regulated banks or capital markets. Alternative financial lenders are open to set their own interest rates, loan terms, and credit qualifications. In 2014, the online financial market grew by over 175%.
Typically, a borrower can be approved for a loan with lower interest rates and more affordable monthly payments compared to a what a bank is allowed to offer. Not to mention, alternative financing's biggest benefit is it's online services. Thanks to the internet, potential borrowers can check their rates and terms, complete a loan application, and get approval instantly from any computer or phone.