The Consumer Financial Protection Bureau (CFPB) on Wednesday (April 6) reported that most payday loan borrowers haven’t benefitted from extended payment plans, which lenders must offer to borrowers in a majority of states where payday lending is prohibited, and are instead paying more rollover fees....
Traditional funding methods are seeing headwinds as new models like revenue-based financing (RBF) gain traction across the world. According to Ahmad Coucha, co-founder and CEO of Cairo-based firm FlapKap, leading FinTech capital providers like Canada’s Clearco and Dublin-based Wayflyer have popularized the RBF model, paving...
Digital lending platform Prosper Marketplace is launching the Prosper Card to help people get a handle on their finances no matter where they fall on the credit scale. The credit card offers affordable rates, no annual fee for the first year with autopay, no-fee ATM...
Credit Suisse says it has provided financing to two manufacturing companies using an electronic promissory note, or eNote. The Swiss financial services firm announced the completion of this pilot transaction Tuesday (Jan. 11), saying the technology — built by the Zurich-based FinTech FQX — had...
It might be difficult to imagine living on less than $6 a day, but that’s the reality of 85% of the population in Saharan Africa. In addition to the economic hardships this creates, people in this category are extremely underserved by financial services, as their...
Buy now, pay later (BNPL) platform Sezzle announced Thursday (Oct. 14) it’s broadening its partnership with credit bureau TransUnion to let users establish and build credit based on their Sezzle repayment history. Sezzle users who qualify for Sezzle Up will have their repayment histories submitted...
The death of U.S. payday lending has long been forecast, as opponents complain that short-term, high-interest loans offer consumers little more than an opportunity to fall into a debt trap that could take years to emerge from. Will competition from FinTechs finally spark the industry’s...
Lightspeed and Stripe have teamed up to launch Lightspeed Capital, which will, initially offer loans aimed at small and medium-size businesses (SMBs) in the U.S., Lightspeed announced. The program will provide retailers using Lightspeed Payments with “flexible financing” of up to $50,000 per retail location. “Through financing...
EBay is teaming up with LendingPoint to give the eCommerce giant’s U.S. sellers access to funding to help them build up and sustain their businesses. The companies dubbed the initiative “eBay Seller Capital powered by LendingPoint,” according to press release. The program, launched during the...
