Fintech companies are coming to the aid of the historically underserved Hispanic community in the US. Many are rising to the challenge of addressing the imbalance between loan deals and mortgages for Hispanic customers in the US and those for white Americans.
According to the Pew Research Center, US Hispanic citizens find it harder to win approval for conventional mortgages than their white and Asian counterparts; and when approved they tend to pay noticeably higher interest rates. Figures from the Federal Deposit Insurance Corporation reveal that more than 12% of Hispanic citizens in the US do not hold a bank account, compared with 2.5% of white Americans.
