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Marqeta Survey: New ways to assess loans

Tuesday 5 April 2022 10:25 CET | News

US-based card issuing and payment solutions Marqeta has conducted a new survey highlighting the spending habits of Europeans and the challenges customers face when securing a loan.

According to the survey, around 78% of the respondents consider there should be alternative ways to assess loans than popular credit scores, while 72% of them consider that credit assessments don’t reflect a client’s ability to pay a loan. 

With living costs constantly rising, more Europeans are facing financial struggles and are looking for alternative ways to access finance, including loans. However, according to the research, the majority of people (67%) would need a more engaging and less transactional relationship with their lender. Most of them may even agree to pre-defined spending controls if this would land them competitive rates.

The findings of the survey conducted by Marqeta highlight the desire of European consumers for alternative credit lines and a more humane interaction with loaners. Moreover, they are open to developing trends like emerging technologies (including AI) to help them navigate loans. Non-traditional and flexibility in terms of credit, digital, and Open Banking solutions are also on the rise amongst Europeans, with BNPL platforms gaining more popularity.   

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Keywords: survey, report, BNPL, credit scoring, payment processor, financial inclusion, financial services, credit card, online payments, Open Banking
Categories: Payments & Commerce
Companies: Marqeta
Countries: Europe
This article is part of category

Payments & Commerce

Marqeta

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