8Dec-JAN 2021· What is POS LendingDespite the pandemic, unsecured lending volumes are at an all-time high, now even outperforming credit card originations. A good proportion of unsecured lending growth has come from the emerging sector of Point of Sale (POS) Lending.POS Lending occurs when a consumer performs a transaction and at "checkout" the merchant offers their customer an unsecured personal loan at the point of purchase, in order to assist them in buying the product or service. These types of transactions, especially for larger ticket and one-time purchases, are replacing the more traditional credit card, cash and debit card transactions. POS lending is nothing new, having been around for decades. It is the emergence of platforms and Fintechs like Affirm, Marcus and Klarna that is bringing POS past the tipping point and creating the consumer/merchant awareness and preference to replace traditional open lines of credit. A majority of consumers By John Fee, Vice President, Consumer Banking at PenFed Credit UnionOPINIONIN MY
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