New York City-based FinTech startup Clair has raised $4.5 million in seed funding to disrupt payday lending schemes and help gig workers and freelancers get paid instantly. The funding was led by Upfront Ventures. Additional investors included Founder Collective, Walkabout Ventures, former Venmo COO Michael...
The United States added 4.8 million jobs in June, but economic concerns surrounding the impact of the COVID-19 pandemic are still surfacing. Many workers hired in June were also hired part-time or freelance, indicating a widespread shift away from traditional employment and how U.S. employees...
The federal Consumer Financial Protection Bureau (CFPB) has eliminated a rule that placed limits on payday lenders, handing a victory to the sector. In a two-sentence ruling Tuesday (July 7), CFPB Director Kathleen Kraninger rescinded the ability-to-repay underwriting requirements that had been imposed by a 2017 regulation...
Keeping track of the legal status of short-term lending in the U.S. – which encompasses financial products such as payday loans, pawn loans and title loans – has become something of a game of “follow the bouncing ball” over the last few years. At the state...
July 30, 2020
The United States added 4.8 million jobs in June, but economic concerns surrounding the impact of the COVID-19 pandemic are still surfacing. Many workers hired in June were also hired part-time or freelance, indicating a widespread shift away from traditional employment and how U.S. employees want to receive their wages. Companies and workers alike are […]
September 04, 2019
Short-term lending has something of a bad rap in the United States — consumer advocacy groups have long accused them of being predatory debt traps, and both state and federal regulators have spent the last...
February 13, 2019
“What’s in a name? That which we call a rose by any other name would smell as sweet.” -William Shakespeare, Romeo & Juliet A quick glance at the most famous lines...
September 04, 2018
U.K. payday lending startup Wonga has come to the end of the road, having filed for administration (similar in concept to bankruptcy in the U.S.) in the closing days of...
September 27, 2021
The Securities and Exchange Commission (SEC) has accused a Miami-based payday loan company and its CEO of defrauding its investors. The SEC announced the charges on Monday (Sept. 27) against Sky Group USA LLC and Efrain Betancourt, Jr., its chief executive officer, of fraudulently raising at least $66 million by selling promissory notes to more […]
October 09, 2020
New York City-based FinTech startup Clair has raised $4.5 million in seed funding to disrupt payday lending schemes and help gig workers and freelancers get paid instantly. The funding was...
July 07, 2020
The federal Consumer Financial Protection Bureau (CFPB) has eliminated a rule that placed limits on payday lenders, handing a victory to the sector. In a two-sentence ruling Tuesday (July 7),...
October 13, 2019
High-interest consumer loans — often known as payday advances — are now banned from having apps on the Google Play store, The Wall Street Journal (WSJ) reported on Sunday (Oct....
