My understanding is that Wallet Wizard customers would not be taken on by any of the banks due to those customers having poor credit histories. Therefore I don't think the banks would view Wallet Wizard lending to poor credit history customers as competition to the bank's own lending business.
One of the reasons that Wallet Wizard is reasonably successful is that it has repeat customers. So when a Wallet Wizard customer comes back to Wallet Wizard for a new loan the fact that Wallet Wizard has a lot of data on the customer already it allows WW to make a better choice as to whether it wants to loan to that customer again. This helps to keep loan defaults down.
Cheers.....D
CCP Price at posting:
$17.16 Sentiment: Buy Disclosure: Held
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