Installment loans in retail are not new – they’ve been around in some form for the last three or four decades. But as Divido co-founder Christer Holloman told PYMNTS’ Karen Webster in the “In Their Own Words” podcast, innovation in the area had been almost completely stalled when it entered the segment three years ago.
Consumers could gain access to payments over time at the point of sale, he told Webster, but it was a very paper-intensive process that involved a lot of redundant paper forms and a need to be present in a physical location with all that paper to apply.