LendUp has announced it is scaling its credit card business as a stand-alone company, Mission Lane. The move was made possible through investment from LL Funds and Invus Opportunities, as well as participation by QED Investors. Vijesh Iyer, previously LendUp’s COO, has been named interim...
Largely hailed as safe alternatives to payday loan firms, credit unions in the U.K. are shuttering at the fastest tempo in years, amid fears that poorer customers might lose access to credit, according to a report by The Financial Times. Eight credit unions closed in 2018,...
Faced with a slowing economy and a trade dispute with the U.S., China’s central bank on Wednesday (Dec. 19) announced a new policy tool aimed at boosting lending to small and private companies. Reuters, citing the government of China’s website, reported that the country will...
Smaller banks around the country are feeling the pinch as rising interest rates keep earnings static on loans and customers want more interest on their deposits, according to a report from The Wall Street Journal. The Federal Reserve began raising interest rates about three years...
One of the largest banks in Spain, Banco Bilbao Vizcaya Argentaria (BBVA), has completed a $170 million (€150 million) loan with Porsche Holding using blockchain technology, according to a report. Although the bank has completed blockchain loans before, it’s never done it with a non-Spanish...
Thanks to low unemployment, growth in GDP and real disposable income, TransUnion forecasted that consumer credit originations and consumer balances will increase in 2019 for the lion’s share of credit products. At the same time, TransUnion said delinquency rates will likely decrease or remain flat,...
B2B payments startup Razorpay announced the launch of Razorpay Capital, a lending marketplace offering both short-term working capital loans and long-term business loans. Integrated with the company’s existing dashboard, Razorpay Capital also provides quick settlements and collateral-free loans to its customers. “We always thought we...
A new report has revealed that auto sub-prime loans have reached their lowest level in 11 years. According to Experian’s Q3 2018 State of the Automotive Finance Market report, sub-prime and deep sub-prime lending comprised 21.19 percent of the market, down 1.5 percent from a...
The Mortgage Bankers Association revealed that U.S. borrowers filed the most mortgage applications for both new purchases and refinancing in nearly two months. The news comes as 30-year home loan costs fell to their lowest levels since early October. The data shows that consumer requests...
