Oportun Capping Rates at 36% and Pausing Collections
Oportun is making some changes in response to the pandemic; they have decided to dismiss all pending collections cases as well as suspend filings of ...
Blend Now Processing More than $3 Billion in Mortgages and Consumer Loans Per Day
Mortgage fintech Blend is on a roll; Blend’s customer base now accounts for more than 25% of the $2.1 trillion U.S. mortgage market by origination ...
LendingClub’s Update to Borrowers and Investors Amid COVID-19 Pandemic
Given LendingClub is a platform serving borrowers and investors there is a lot of transparency on what changes they are making related to ...
LendingClub Increasing Interest Rates
LendingClub is increasing their interest rates to new borrowers ranging from 2% to 4% depending on the loan grade; LendingClub also noted that investors may ...
Fintechs Slash Rates and Lose Potential Selling Point
Fintechs have started to follow the Fed and slash rates on savings accounts by an average of 1 percent; the move could remove ...
Banks Worried Low Rates Will Cut Margins and Not Spur Borrowing
The Fed took the unprecedented step of cutting rates to near zero to help ease the blow of Coronavirus and keep banks lending; ...
Challenger Banks Could Steal 8 Percent of Retail Banking Revenues
According to a new report from Accenture high street banks face the possibility of losing up to 8 percent of their revenues in ...
Rent-a-Banks and High Cost Lending
California has capped interest rates at around 37% per year on some consumer loans; despite this companies are able to offer high interest ...
The Argument For and Against a National Interest Rate Cap
The states have taken the lead when it comes to interest rate caps with 32 states capping APR at 36%; while there are ...
Democrats are Split on Interest Rate Cap Bill
There has long be rumors that there was a split amongst democrats over whether extending the 36 percent rate cap to all consumer ...