A trio of banks have become increasingly reliant on the digital lending industry as a revenue driver, an unpredictable bet as even the largest platforms scramble to shore up funding.
Digital lenders partner with banks so they can offer loans in all 50 states without a consumer lending license, and the loans do not need to abide usury limits imposed by state law. Several banks have a small number of these agreements, but three banks have become particularly dependent on digital lenders as an income driver.
