Jeff Zhou is offering an answer, in the form of Fig Loans. “We want to offer socially responsible financial products for people who are under banked,” he said. But Mr. Zhou, who grew up in Buffalo, didn’t know anyone who had borrowed a payday loan. So in 2014, he and Mr. Li cold-called dozens of nonprofits seeking a partner that would help educate them. Customers can apply online for a loan from Fig, which makes lending decisions based on bank statements, taking into account expenses like rent, utilities and spending, Mr. Zhou said.

Source: New York Times May 24, 2018 15:22 UTC