Online car retailer Carvana is tightening its lending standards in response to higher delinquency rates. The company is requiring higher down payments from customers and placing limits on maximum payments, Chief Financial Officer Mark Jenkins told Bloomberg News in a report posted Friday (March 1)....
InDrive, a global mobility and urban services platform, introduced a new financial services product called inDrive Money. The offering provides cash loans to drivers operating on its platform in Mexico, aiming to address the financial needs of gig workers who are often excluded by traditional...
A Bank of England official is calling for more research into non-bank lenders. This effort would help prevent a “credit crunch” that could result from a pull-back by hedge funds, pension funds, asset managers and insurers, Bank of England (BoE) deputy governor Sarah Breeden said Monday (Feb. 26). “A shift in...
The adoption of external working capital solutions has surged among growth corporates — commonly referred to as middle-market firms — in North America. This trend is driven by these solutions’ ability to address a wide range of needs, making them essential for companies seeking broad...
BAFS (Business Alliance Financial Services) has debuted a platform to connect commercial lenders with borrowers. The Louisiana company’s Borrower Portal, announced Tuesday (Feb. 6), lets borrowers input loan request information, upload documents, and submit loan applications, and comes as the lending environment grows increasingly tight. “Borrowers are...
The banks continue to tighten, the traditional channels are tougher to navigate in the commercial lending space. And against a backdrop where smaller firms are still seeking credit as we enter the second month of the year, that gives renewed opportunity for alternative providers and...
Forvis has unveiled a platform designed to assist lenders with pricing commercial loans. The new LoanPricingPRO platform uses real-time metrics to help financial institutions manage and grow their loan portfolios and optimize their profitability goals, the public accounting and consulting firm said in a Monday (Feb. 5) press...
More and more companies are reportedly taking advantage of a growing leveraged loan market. As Bloomberg News reported Thursday (Feb. 1), these businesses are using new first-lien debt to help to save on paying down expensive loans that will be due in the coming years. “It’s a...
Upstart plans to expand its auto retail financing capability to another 13 states during the first quarter. The lending marketplace aims to reach 90% of U.S. consumers by the end of the quarter, up from the 70% coverage achieved in the third quarter of 2023,...
