Digital marketplace bank LendingClub now offers automobile refinance loans in 40 states, reaching 94% of the population nationwide and saving the average borrower about $4,000 over the course of the debt, the company announced on Tuesday (Nov. 30). First introduced in California in 2016, LendingClub’s...
In lending, many basic protections that apply to consumers, such as disclosure of the annual percentage rate, aren’t required when lending to small businesses. And given that they’re in an underserved credit market, many end up paying much higher rates, often unwittingly. During the pandemic,...
Maybe you’d like to consolidate some debt. That roof isn’t going to earn its own money and fix itself — and come to think of it, neither is your car. For these and other reasons too numerous to mention, yet utterly familiar to us all,...
RecargaPay, a mobile payments and wallet for Brazil, has received authorization from the central bank to provide loans, according to a Wednesday (Nov. 17) report from The Paypers. In a move to bolster its loan operation, the Brazilian-based company launched in the debt market in...
The Consumer Financial Protection Bureau (CFPB) is looking for input on implementing the Home Mortgage Disclosure Act (HMDA), which requires lenders to report information about home loans they receive applications for, originate or buy, according to a press release. The CFPB wants comments from the...
Thanksgiving is in front of us, though we all know the unofficial kickoff to the holiday spending season really happens before Black Friday. For many individuals and families – newly vaccinated, traveling and wearied by the pandemic – the wallets may open wider than before....
The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against pawn lenders FirstCash, Inc. and Cash America West, Inc. on Friday (Nov. 12) in a Texas federal district court, charging the companies with violating the Military Lending Act (MLA) by charging active-duty service members too...
As growth stocks continue their heady (but never completely steady) climb on Wall Street, the question remains: When are triple-digit gains not enough? Upstart Holdings, an online lending platform underpinned by artificial intelligence (AI), reported results on Wednesday (Nov. 10) after the market closed that...
The payments company Alliance Data Systems has formed a partnership with the buy now, pay later (BNPL) platform Sezzle, with Alliance offering its installment loan business Bread through Sezzle’s merchant network. “Through the integrated partnership, Sezzle will leverage Bread’s deep underwriting and installment loan product...
