Last week brought a confluence of economic headlines that are slated to hit the consumer right where it hurts: the wallet – and perhaps the sentiment/propensity to open those wallets. No doubt you know by now that the Federal Reserve voted to boost the federal...
Stripe, the digital payments startup, is reportedly testing a new cash advance service for its business customers. According to reports, the new service would provide business owners with access to funds one to two days after applying for the money. Stripe has started to alert...
To help manage their student loan debts, 28,000 borrowers have sent in 33,300 applications for the Public Service Loan Forgiveness (PSLF) program. However, approximately 99 percent of 29,000 applications that have been processed were denied, and only around $5.52 million of debt has been discharged...
Peer-to-peer (P2P) lending in China is not for the faint of heart — and that’s putting it lightly. Banks offer credit limits to borrowers that would seem punitively low in much of the Western world, so there is a pent-up demand for online alternatives. However,...
Turkey’s central bank announced effective in October it is raising the maximum interest rate credit card lenders can charge. According to a report in Reuters citing Turkey’s central bank, the rate is going to 2.5 percent for Turkish lira and 1.80 percent for foreign exchange transactions....
New data shows that community banks lending to small businesses has increased in recent years. The U.S. Government Accountability Office (GAO) analyzed community bank lending and financial data from 2001 through 2017, as well as surveyed a sample of over 450 community banks from around the country....
Wonga, the U.K.-based payday lender, has halted accepting new loan applications. The Guardian, citing the company, reported that a statement on Wonga’s Website said: “While it continues to assess its options, Wonga has decided to stop taking loan applications. If you are an existing customer...
When Renaud Laplanche launched hist latest lending start up, Upgrade, the venture was both quite similar to and yet quite different from his previous endeavor, LendingClub, the platform that made “marketplace lending” a household phrase in the U.S. While pleased with everything Lending Club was...
When Renaud Laplanche founded LendingClub 12 years ago in 2006, the lending landscape was a very different place. Most consumer and business lending was done through traditional banks, and to say that peer-to-peer (P2P) or marketplace lending was nascent would be overly generous. LendingClub was one...
