‘This is a market that is ripe for disruption,' says Alexander Karlan, chief executive officer of FairLoan Financial, a San Francisco startup. ‘I think there's now a once-in-a-lifetime opportunity to build a brand that people can trust.'

Downfall of Subprime Cards Spawns Opportunity

The void left by the demise of subprime credit cards helps explain why many nontraditional lenders are looking for new ways to cater to Americans with shaky credit histories.

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