Personal finance company Credit Karma is focusing on helping consumers understand financial resources available to them amid the COVID-19 crisis, CEO Kenneth Lin told Cheddar Thursday. 

Lin said the company is tracking both government and private aid to help keep its customers informed. 

"When there are forgiveness programs, we want to make sure consumers are out in front of them and know that they're available to help them," he said. "One of the things we're trying to understand, and assessing, is can we track all of the programs that are available." 

Lin said he expects dozens, if not hundreds, of programs "for the average consumer" and said it will be "a big challenge" weeding through them in order to find the ones its customers will qualify for.

Credit Karma, founded in 2007 and "born in the last recession," according to Lin, is seeing more usage and engagement, even as the economy falters and unemployment claims continue to rise. 

"What we are seeing across the industry is more consumers are looking for personal loans… more and more people are looking for mortgages," he said, though Lin said there aren't enough people in call centers or appraisers to get users through the processes. 

"So, while rates are low, the system is somewhat frozen," he said. 

Share:
More In Business
Layoffs are piling up, raising worker anxiety
It's a tough time for the job market. Amid wider economic uncertainty, some analysts have said that businesses are at a “no-hire, no fire” standstill. At the same time, some sizeable layoffs have continued to pile up — raising worker anxieties across sectors. Some companies have pointed to rising operational costs due to U.S.'s new tariffs, while others have redirected money to artificial intelligence investments. Workers in the public sector have also been hit hard. Federal jobs were cut by the thousands earlier this year. And many workers are now going without pay as the U.S. government shutdown has now dragged on for more than a month.
Load More