Financing provided to California consumers and small business by 13 major online lenders increased by 936 percent between 2010 and 2014, according data amassed in a state Department of Business Oversight survey.
DBO said the data indicated that California is a leading driver of a nationwide online lending surge dating back to the turn of the millennium.
DBO distributed its survey in December as part of an inquiry into the online, or alternative, lending sector.
The firms’ total dollar amount of transactions in the state from 2010-14 increased at a 936 percent clip, from $222.19 million to $2.3 billion.
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