Big banks are looking to expand into the growing area as regulations that limited deferred payments lending, and the fees that providers can charge, are being rolled back. This comes at a time when the retail banking business of the large banks is under pressure from continued high interest rates and growing competition from fintech companies.
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Big banks play catch-up with fintech startups in deferred payments
“Part of the appeal of deferred payments lenders is that they don’t necessarily check your credit,” said Aaron McPherson, founder of AFM Consulting.
