Borrowers drown in debt, loan apps battle defaults
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Digital lending platforms and microfinance bank operators are facing a rise in loan defaults. These lenders are calling for stricter screening processes for people applying for loans. They also want a better system for sharing borrower records between different lending institutions to reduce financial losses.
Operators of microfinance banks and digital lending platforms have called for stricter screening of loan applicants and improved sharing of borrowers’ records among lenders to curb rising loan defaults. Read More: https://punchng.com/borrowers-drown-in-debt-loan-apps-battle-defaults/