Student loan refinancing company Social Finance (SoFi) is looking for a loan of its own: The company is in talks with banks to secure a revolving credit line of as much as $1 billion after posting a second-quarter loss. Get the Full Story Complete the...
American’s increased the amount of money they borrowed in the second quarter, with consumer borrowing reaching $13.29 trillion during the quarter ending in June. Reuters, citing a report from the New York Federal Reserve Tuesday (Aug. 14), said that consumer debt during the second quarter was...
Wells Fargo might give its shrinking student lending business a boost by focusing on borrowers with U.S. government loans. The lender would offer loans to allow customers to retire their government-backed student debt, said Well Fargo’s Head of Personal Lending John Rasmussen, according to Bloomberg....
Private equity firms, driven in part by an influx of cash from investors looking for more yield on their investments, have been acting as lenders, financing deals that banks are shying away from. Get the Full Story Complete the form to unlock this article and...
The U.S. Department of Justice (DOJ) announced that Wells Fargo will pay $2.09 billion in penalties to settle claims related to mortgage loans that the lender processed before the last recession. Get the Full Story Complete the form to unlock this article and enjoy unlimited free...
Investors have been withdrawing funds from peer-to-peer lending platforms amid a wave of defaults across the industry in China. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yesSubscribe...
Senate Republicans expressed frustration because store owners still aren’t satisfied with the new payday lending bill, which is friendlier to lenders. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins...
In a sign of strength for the economy in the U.S. and welcome news for banks, business loans saw an uptick in the second quarter. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content...
As a consumer lending category with the fastest growth, outstanding balances for personal loans jumped by about 18 percent to $120 billion in the first quarter. And the percentage of loans originated by FinTech firms is growing astronomically: While they originated less than 1 percent...
