Tagged: online lending

Kabbage Forms Partnership With SBA Authorized Lender to Deliver Paycheck Protection Program Loans

Global financial service platform Kabbage announced on Tuesday it has partnered with a technology-enabled bank and authorized lender of the Small Business Administration (SBA) to deliver billions of dollars of Paycheck Protection Program (PPP) loans to American small businesses. Kabbage claims its program has received more… Read More

Canary in the Coal Mine? COVID-19 Said to Be Having Severe Impact on Consumer Credit Markets as Online Lending Sinks

“We’ve seen a significant contraction in the market with a reduction of 30 to 40% in the demand for personal loans. It’s our view that the fall in demand is being driven by faltering consumer confidence due to job insecurity and economic uncertainty amongst other… Read More

Biz2Credit Business Lending Index For March 2020 Reveals Small Business Loan Approval Rates Plummeted Due to COVID-19 Pandemic

Biz2Credit announced on Tuesday the release of its latest Business Lending Index revealed that small business approval rate plummeted in March 2020. According to the Index, The approval percentage for small business loan applications at big banks ($10 billion+ in assets) plummeted to just 15.4%… Read More

Fundera CEO: Payroll Protection Program is Absolute Chaos

Chatter continues to trickle in that the Payroll Protection Program is floundering a bit during the first few days of the initiative. The Payroll Protection Program (PPP) is part of the $2 trillion CARES Act – the bailout package addressing the COVID-19 onslaught. The PPP… Read More

Online Lender TWINO Applies for Investment Brokerage License

Peer to peer lending platform TWINO is the latest online lender planning to expand its portfolio of services offered to its customers. According to a release, TWINO has applied for an investment brokerage license in Latvia. It was not immediately clear which additional services the… Read More

Become CEO Eden Amirav Comments on SME Lending in a COVID-19 Reality: a Scary 99% Shutdown

The economic impact of the COVID-19 pandemic is not yet fully understood. We all know it is going to be bad – the question is how bad and how long. In the US, the current administration has rushed to escort a huge stimulus bill through… Read More

Digital Banking: Online Lender Mintos Pursues European Investment and e-Money Licenses

Mintos, a global loan marketplace claiming over a quarter of a million investors, is pursuing both a investment firm license and an e-money institution license, according to a release from the company. Mintos has applied to the Financial and Capital Market Commission (FCMC) in Latvia… Read More

Lendio CEO Calls CARES Act Process to Provide Support for SMEs a “Mess”

Last week in advance of the opening up of federal subsidized programs to backstop small businesses in the US crushed by the COVID-19 pandemic, Lendio CEO Brock Blake took to Twitter to criticize the lack of coordination between the US Department of Treasury and the… Read More

Fintech Become, an Online Lending Platform for SMEs, Launches COVID-19 Business Community Center

Eden Amirav, CEO at Become (formerly Lending Express), a leading online platform that helps small and medium-sized businesses (SMBs) find and optimize funding solutions, noted on April 5, 2020, that during these uncertain times, all business owners need to be able to get the help… Read More

Lendio Announces Paycheck Protection Program Loan Application For Small Businesses During COVID-19 Pandemic

Online lending platform Lendio recently announced it has launched an application for small businesses to access the $349 billion in government funds set aside for the Paycheck Protection Program (PPP). Lendio reported that the Paycheck Protection Program is part of the $2 trillion CARES Act… Read More

Grupeer: After Halting P2P Lending Operations, Management Complains that Investors are Going Straight to Borrowers

Last week, Crowdfund Insider reported on Latvia-based peer to peer lender Grupeer’s decision to halt all lending due to the impact of the COVID-19 pandemic. CI quoted the company’s decision: “Regretfully, we are forced to inform you that in the current circumstances it is not… Read More

RateSetter Up For Sale? P2P Lender Says All Options Under Review

Last week, it was reported that RateSetter, a leading UK peer to peer lender, was considering a merger or sale of the business. A report in SkyNews said the COVID-19 pandemic had exacerbated a “funding squeeze” compelling the Fintech to approach potential acquirers. RateSetter has… Read More

Blockchain: Invoice Finance Platform Finturi Approved by Dutch Authority of Financial Markets

Finturi, a Netherlands-based startup that leverages blockchain to power invoice financing, has received regulatory approval by the Dutch Authority of Financial Markets (AFM), according to a note from the firm. Launched in September 2018, Finturi uses technologies like blockchain and artificial intelligence (AI) to make… Read More

Biz2Credit CEO Slams Accusations Made by The Daily Caller

Earlier this week, an article in The Daily Caller targeted Itria Ventures. Itria is a financial services firm in the business of providing financing to its clients by making loans and purchasing accounts receivable – typically referred to as a Merchant Cash Advance (MCA) provider…. Read More

Lendio Plans to Hire Up to 200 Full-Time Small Business Loan Agents to Meet Demands for Emergency Capital During COVID-19 Pandemic

Online lending platform Lendio announced on Tuesday it is planning to hire up to 200 full-time small business loan agents to help meet the demand for emergency capital during the COVID-19. Lendio reported that with the recent passing of the CARES Act and the inclusions… Read More

COVID-19: LendingClub Increases Interest Rates for New Borrowers as Unemployment Rate Jumps

LendingClub (NYSE:LC), the leading marketplace lender for consumers, is increasing interest rates for borrowers. The increase for new borrowers ranges from 2% to 4% depending on loan grade. The news was revealed in an 8-K filed with the Securities and Exchange Commission and posted on… Read More

Online Lender Kabbage Furloughing Employees: Report

Kabbage, an online lender focusing on SMEs, is apparently temporarily laying off employees in light of the COVID-19 pandemic. Additionally, a support center in Bangalore is said to be shuttering and executives are taking pay cuts as the Fintech struggles to adapt in a landscape… Read More

Robo.cash Tops €150 Million Loans Funded

Global peer to peer lending platform Robo.cash has announced topping €150 million in loans funded. Robo.cash is a Croatia-based P2P platform with a buyback guarantee on certain investments operating within the European Union and Switzerland. The online lender is part of the holding company Robocash… Read More

Fintech Zopa Says Customers May Access their Loan “As Usual” Despite Coronavirus Outbreak

Fintech Zopa, which recently celebrated 15 years of operation, says that its services are up and running, even during the coronavirus (COVID-19) outbreak. Zopa, which provides online lending services in a fund based fashion, notes in a blog post that customers can access their loan… Read More

FCA: Short Term Lender Uncle Buck Enters Administration

Uncle Buck, a short term or payday lender, has gone into administration due to an action taken by the Financial Conduct Authority (FCA). The FCA posted a notice today that Uncle Buck was “failing to meet the adequate resources Threshold Condition.” The severity of the… Read More

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