Block said Tuesday (May 20) that since the launch of its credit products, it has extended over $100 billion in credit while keeping its loss rates “low.” The company uses a combination of near real-time data, technology and customer-first design, rather than traditional credit scores,...
The Trump administration plans to put millions of defaulted federal student loan borrowers into collections starting Monday (May 5). This action threatens the confiscation of tax refunds, federal benefits and wages from affected individuals. The move marks a significant policy shift, reversing a program taken...
SoFi has secured agreements that amount to a $3.2 billion expansion to its Loan Platform Business, which refers prequalified borrowers to loan origination partners and originates loans on behalf of third parties. One agreement includes a $2 billion extension of an earlier agreement for personal...
Banks have reportedly more than doubled their lending to nonbank financial institutions (NBFIs) over the past five years and are now lending those companies $1 trillion a year. This lending enables banks to profit from the growing share of lending that is being done by...
PayPal said Wednesday (March 26) that it has passed $30 billion in global loan originations for small businesses since launching its first merchant lending solution in 2013. Over that time, the company has extended more than 1.4 million loans to more than 420,000 business accounts...
Experian has launched a tool designed to increase financial access for people with limited credit history. Cashflow Score, unveiled Tuesday (March 25), is designed to give lenders a clearer view of applicants’ financial behavior, aimed at helping people with little to no credit history improve financial access using...
Chime has launched a product called Instant Loans that enables preapproved Chime members who receive direct deposits to their Chime Checking Account to access three-month installment loans of up to $500. These members are preapproved for a loan, notified of their eligibility within Chime’s banking app...
Ant International’s artificial intelligence (AI)-driven lending business, Bettr, has officially launched in Brazil and will work with local partners to expand lending to small and medium-sized businesses (SMBs). The company’s first partnership in Brazil is with eCommerce marketplace AliExpress, the companies said in a Monday...
American consumers are missing monthly car payments at the highest rate since 1994. The share of subprime auto borrowers who were at least 60 days delinquent on their payments climbed to 6.56% in January, Bloomberg News reported Thursday (March 6), citing data from Fitch Ratings. That figure is...
