Payday loans and installment loans have a lot in common. Both tend to be pitched at borrowers with FICO scores that lock them out of more traditional means of credit acquisition like cards or personal bank loans, both tend to come with big interest payments and...
When taken on a global scale, the access to mainstream (bank-backed) financial services and products in the United States is impressive. Worldwide, 38 percent of the population is considered unbanked; that’s about 2 billion people. In the U.S. on the other hand – based on...
Online lending was all the rage even a few months ago, but funding going toward online lending platforms is on the decline. According to a new report from PitchBook Data, Inc., equity investments going toward online lending companies fell 44 percent in the first half...
As various commentators across the segment pointed out last week, Goldman Sachs‘ latest earnings report was nothing to write home about. The venerable institution did manage to beat The Street, but as Bloomberg pointed out, it’s easy to beat expectations when no one is expecting...
BlueVine, the online provider of financing for small businesses, announced on Tuesday (July 19) that it has appointed Eric Sager, former head of sales at Square, as its chief revenue officer. Under the role, Sager will be responsible for driving revenue growth that is sustainable and...
Lending Club, which has been struggling to recover from loan errors and the departure of its Chief Executive (among other issues), has named Patrick Dunne, a veteran of BlackRock, as its new chief capital officer. Under this role, Dunne will be responsible for dealing with individual investors,...
While the vast and various online lenders all offer unique variations on value propositions – if one were to try to unite them all under a single heading – “Not Banks” might be a good place to start. Or at least might have been a...
It’s as quiet as a hot summer night, as the prepaid industry awaits the final ruling from the CFPB. Rules that were promised last year, then March of this year and then, mid-summer – well, it’s mid-summer and it’s crickets. Brad Fauss, CEO of the...
Will Social Finance shed its upstart ways and become more like a bank? The Wall Street Journal reported on Tuesday (July 12) that the online lender, commonly known as SoFi, with $10 billion in student loans and mortgages across its books, may be forced to...
