Keeping track of the legal status of short-term lending in the U.S. – which encompasses financial products such as payday loans, pawn loans and title loans – has become something of a game of “follow the bouncing ball” over the last few years. At the state...
Recent short-term, or repo, lending issues have Sen. Elizabeth Warren worried that banks could potentially use the problems to justify easing regulations on the banking industry as a whole. CNBC is reporting that Warren wrote a letter to Treasury Secretary Steven Mnuchin about the mid-September...
Short-term lending has something of a bad rap in the United States — consumer advocacy groups have long accused them of being predatory debt traps, and both state and federal regulators have spent the last decade writing and rewriting regulations aimed at curtailing what they characterize as the short-term lending industry’s...
The Consumer Financial Protection Bureau (CFPB) said earlier in the month that it will look to overhaul a number of payday loan regulations that were put in place in 2017 and were slated to go into effect in August of this year. Among the regulations...
October 18, 2023
From buy now, pay later (BNPL) to credit card installments, there are diverse credit and lending products available to consumers today. However, for two-thirds of the world’s population, particularly in emerging markets, access to formal credit can be extremely challenging, if not impossible, says Kunal Kaul, chief risk and strategy officer at Tala. The main issue, […]
September 04, 2019
Short-term lending has something of a bad rap in the United States — consumer advocacy groups have long accused them of being predatory debt traps, and both state and federal regulators have spent the last...
September 04, 2018
U.K. payday lending startup Wonga has come to the end of the road, having filed for administration (similar in concept to bankruptcy in the U.S.) in the closing days of...
April 25, 2017
A lot has been said and written about payday loans. In fact, there’s been a literal deluge of data on the subject: stacks of studies, reams of regulations, a plethora...
October 22, 2019
Recent short-term, or repo, lending issues have Sen. Elizabeth Warren worried that banks could potentially use the problems to justify easing regulations on the banking industry as a whole. CNBC is reporting that Warren wrote a letter to Treasury Secretary Steven Mnuchin about the mid-September issues, including a deluge of corporate tax payments and settlements […]
January 21, 2019
The partial government shutdown, which is now in its fourth week with no sign of ending, is helping out at least two industries: pawn shops and payday lenders. The Financial Times reported...
September 24, 2018
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...
August 31, 2018
The U.K.’s largest payday lender is shutting down after a surge in complaints from former customers. According to Financial Times, Wonga confirmed on Thursday (Aug. 30) that its board had...
