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The High-Tech, Low-Effort Loans Winning Over Online Shoppers

By basing credit decisions on artificial intelligence, Klarna made financing big-ticket purchases a cinch for shoppers. Now that the firm has received a banking license from Swedish regulators, it's time to seriously consider the broader industry implications of this kind of lending.

Klarna and companies like Affirm, Bread and Acima give online shoppers an instant loan to pay for a big-ticket item like a television or mattress.

The customer types in very little information — in some cases, nothing more than a name and email address. No effort is required.

Read more at American Banker.

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