Banks are seeing a slide in demand for loans — at the same time that they’re tightening lending standards. And the pressures, as noted in the most recent Federal Reserve survey of loan officers through the “Senior Loan Officer Opinion Survey on Bank Lending Practices,”...
Embedded lending tools enable potential borrowers to apply for credit directly from the merchant or provider’s platform — often while paying for a product or a service. For instance, while finalizing a purchase, a shopper can be prompted to apply for a new credit card...
Private equity companies are reportedly stepping up efforts to compete with banks on low-interest loans. For example, the Financial Times (FT) reported last week, Apollo Global has increased its long-term forecasts for its lending business, telling investors it expected to be able to originate more than $200 billion a...
For Block and for PayPal, the headlines gleaned from earnings may be about bitcoin, about gross payment volumes and the continued shift to digital transactions. And, indeed, as spotlighted here in our own earnings coverage this past week, PayPal noted growth in transactions per account,...
The Small Business Administration (SBA) loaned out $390 billion to keep companies afloat during COVID. Now, many of those small businesses say they are struggling to pay back fees after defaulting on those loans, The Wall Street Journal (WSJ) reported Thursday (May 2). According to that report, the SBA...
The White House has forgiven $6.1 billion in loans for Art Institutes graduates. That’s because, the Department of Education said in a news release Wednesday (May 1), those graduates were lied to by the now defunct chain of for-profit arts schools, the subject of years of investigation and litigation...
United Kingdom payments FinTech SumUp is reportedly looking to expand following a $1.6 billion loan. The private credit package will allow SumUp “to refinance existing debt, as well as have firepower to take advantage of any opportunities that arise over the next six months,” SumUp Chief Financial Officer Hermione Tomic...
Lending marketplace Upstart has debuted a tool to help lenders offer customized loan offers. That tool, dubbed Recognized Customer Personalization (RCP), lets banks and credit unions (CUs) identify when a customer is actively seeking a loan and make them an offer of credit, Upstart said in a Thursday (April...
Equipment finance company Odessa has entered the auto industry. The company has launched an originations platform called Odessa Auto and plans to grow it into a full-service end-to-end auto finance suite, Odessa said in a Wednesday (April 24) press release. “Odessa’s deep asset finance experience enables the company to offer...