The Small Business Administration (SBA) loaned out $390 billion to keep companies afloat during COVID. Now, many of those small businesses say they are struggling to pay back fees after defaulting on those loans, The Wall Street Journal (WSJ) reported Thursday (May 2). According to that report, the SBA...
The White House has forgiven $6.1 billion in loans for Art Institutes graduates. That’s because, the Department of Education said in a news release Wednesday (May 1), those graduates were lied to by the now defunct chain of for-profit arts schools, the subject of years of investigation and litigation...
British payments FinTech SumUp is reportedly looking to expand following a $1.6 billion loan. The private credit package will allow SumUp “to refinance existing debt, as well as have firepower to take advantage of any opportunities that arise over the next six months,” SumUp Chief Financial Officer Hermione Tomic told Bloomberg News...
Lending marketplace Upstart has debuted a tool to help lenders offer customized loan offers. That tool, dubbed Recognized Customer Personalization (RCP), lets banks and credit unions (CUs) identify when a customer is actively seeking a loan and make them an offer of credit, Upstart said in a Thursday (April...
Equipment finance company Odessa has entered the auto industry. The company has launched an originations platform called Odessa Auto and plans to grow it into a full-service end-to-end auto finance suite, Odessa said in a Wednesday (April 24) press release. “Odessa’s deep asset finance experience enables the company to offer...
Main Street businesses represent the backbone of both the American economy and their local communities. And with the news on Tuesday (April 16) that Rapid Finance has teamed up with Galileo Financial Technologies on a small business financing solution, small business lending is top of mind for financial...
Wall Street banks are reporting gaining back some of the share of financing deals they had lost to alternative-asset fund managers, insurers and other private credit. The broadly syndicated loan market dominated by banks refinanced almost $12 billion of debt previously from direct lenders in the first...
The White House has unveiled its latest effort to offer relief to student loan borrowers. The plan, President Joe Biden announced Monday (April 8), targets borrowers who owe more now than when they started repayments due to interest, those who entered repayment 20 or more years ago,...
The Consumer Financial Protection Bureau detailed in its 2023 Consumer Response Annual Report that consumers have been the targets of fraudulent account openings, and installment loans were the most cited type of personal lending in complaints. The report, released Friday (March 29), noted that complaints...
