Investigation Shows Minorities are More Likely to Use Fintech Lenders

Initial results from a congressional investigation shows that minority business owners are more likely to seek a loan from a fintech firm and potentially pay a higher fee; Rep. Emanuel Cleaver (D-Mo.) wants to further explore whether or not these lenders are aggressively targeting these borrowers and offering higher rates; the investigation has focused on online lenders and their underwriting practices for emerging minority owned businesses. Source.