Rising delinquencies among subprime and near-prime borrowers reveal the strain of living paycheck to paycheck. In a spate of earnings reports these past few weeks, various lenders — banks and digital platforms among them — have spotlighted the fact that delinquencies and charge-offs are ramping...
Earnings season and PYMNTS’ own data signals the difficulty of keeping wheels on the road — literally. As economies reopen, many firms are returning to a hybrid model. Travel is returning to (and surpassing) pre-pandemic level. And as we make more trips to the store...
Capital One has launched a digital tool that helps dealers better understand consumers’ financial preferences upfront, creating a more transparent car buying experience. With the Navigator Platform, consumers can find a payment that works for them by specifying a down payment, trade-in and term length,...
Versatile Credit and American First Finance are now helping merchants reduce the risk of unnecessary credit checks. Their new deployment brings together Versatile Credit’s credit aggregation and customer acquisition tool and American First Finance’s technology that facilitates alternative financing and lease-to-own solutions, the companies said...
FinTech startup Foro has debuted a commercial lending platform designed to match lenders and businesses. “For most small to midsize businesses, finding any commercial lending partner — much less one that’s a good fit for their capital needs — is time-consuming and complicated, driven by an...
The Biden Administration has proposed an income-driven repayment plan designed to ease student loan debt. The proposed regulations, announced Tuesday (Jan. 10) would amend the terms of the Revised Pay As You Earn (REPAYE) plan to offer $0 monthly payments for borrowers who make less...
Wall Street and banks are reportedly growing concerned about car buyers’ debt load. Bloomberg reported Friday (Jan. 6) that the size of outstanding auto loans — which rose from $1.44 trillion in the third quarter of 2021 to $1.52 trillion in the same quarter in...
Personal loan app Pigeon wants to remove the awkwardness of lending money to loved ones. “There is often guilt, shame, and fear associated with helping friends and loved ones with money, and that shouldn’t be the case,” founder Brian Bristol said in a news release...
Subprime auto lender Credit Acceptance Corp. is being accused of “setting borrowers up to fail.” The Consumer Financial Protection Bureau (CFPB) and the New York State Office of the Attorney General said in a Wednesday (Jan. 4) press release that they are suing the firm...