Personal loans are one of the most flexible forms of financing and can be used for anything from consolidating debt or a significant expense like a car repair or medical bill. This type of loan already has pretty attractive interest rates — but the offerings are just getting better. Annual percentage rates on personal loans are even lower now, thanks to the Federal Reserve’s rate cuts.
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Six banks commit to launching checking accounts through Google Pay in 2021
We’re learning more details about the bid to expand Google Pay’s offerings beyond digital peer-to-peer transactions. Six banks have announced partnerships with Google that will allow new customers to launch accounts at their institutions through Google Pay.
TCPA’s 2015 Government-Debt Collection Exception Struck Down- Now What?
The Supreme Court’s recent decision in Barr v. American Association of Political Consultants held the government-debt exception of the TCPA unconstitutional under the First Amendment’s Free Speech Clause. This means that going forward, companies that make “debt-collection” calls on behalf of the federal government can only do so with the prior express written consent of the called individuals.
U.S. banks tightened lending standards, loan demand dropped in Q2, Fed says
Aug 3 (Reuters) – Loan officers at U.S. banks reported tightening standards and terms on all types of business, real estate and consumer loans in the second quarter as widespread coronavirus-related shutdowns plunged the economy into recession and tens of millions of workers lost their jobs.
As coronavirus accommodations end, government urges banks to help borrowers
The government is urging financial institutions to work with businesses and consumers who have been adversely affected by the coronavirus pandemic as some borrower accommodations expire. Some borrowers may still find themselves under financial stress, the Federal Reserve, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation said in a statement on Monday.
Bank visibility is key in determining branch closings
As the aftereffects of the pandemic across the country come to light, bank customers may find branches that were temporarily closed may not reopen depending on the branch’s visibility, marketability and customer convenience, according to a Globest.com report.
FTC Alleges Merchant Cash Advance Provider Overcharged Small Businesses Millions
A leading provider of merchant cash advances used deception to lure small business customers, then regularly withdrew money from their accounts without consent even after the customers had repaid the money they owed, according to a Federal Trade Commission lawsuit.
Banking Industry Has Critical Role In Saving Small Businesses
Retail banks and credit unions are confronting an enormous task as a result of the COVID-19 crisis. Not only must organizations manage their own earnings and financial challenges, but they must also respond to the financial and non-financial needs of consumers and small businesses. This requires re-imagining the way products and services are delivered and also the types of solutions offered. There is no playbook for the times we are experiencing.
Demand for Online, Small-Dollar Loans Fell as Consumers Got Pandemic Relief, New Data Shows
As the coronavirus pandemic brought the economy to a standstill, regulators and economists thought that newly out-of-work consumers might need to resort to applying online for short-term, small loans, which are often costly. So far, at least, that hasn’t happened.At the height of business shutdowns and in the first wave of rising unemployment, demand for online small-dollar loans dropped, according to data provided exclusively to Morning Consult by the Online Lenders Alliance.
Global Peer-to-peer Lending Industry
Amid the COVID-19 crisis, the global market for Peer-to-peer Lending estimated at US$120 Billion in the year 2020, is projected to reach a revised size of US$1.4 Trillion by 2027, growing at a CAGR of 42.7% over the analysis period 2020-2027. Consumer Credit, one of the segments analyzed in the report, is projected to record a 42.2% CAGR and reach US$218 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Small Business segment is readjusted to a revised 44% CAGR for the next 7-year period.
