On The Web

nbsp;

Providers

Quicken Loans, the Largest U.S. Mortgage Lender, Is Planning an IPO, Sources Say

June 12 2020

• in
• Lenders

“Quicken Loans, the largest mortgage lender in America, is planning an initial public offering, according to people familiar with the matter.  The company, founded and owned by Detroit-billionaire Dan Gilbert, has filed its IPO prospectus confidentially, the people said, and may flip it to be public as soon as next month.”

nbsp;

Companies

Amazon Unveils Small Business Credit Line With Goldman in Latest Tie-up Between Tech and Wall Street

June 10 2020

• in
• Amazon
• Lenders

“Amazon is introducing a new digital credit line for U.S.-based merchants with partner bank Goldman Sachs , CNBC has learned exclusively. Small business owners who sell items on the e-commerce giant’s platform will soon be receiving targeted invitations from Goldman’s Marcus brand for credit lines of up to $1 million, according to people with knowledge […]

nbsp;

Providers

US lenders see hopeful signs in loan repayments

June 8 2020

• in
• Lenders

“US banks expect a significant number of borrowers to recommit to normal payment schedules once their forbearance deals expire later this month, senior executives said, adding that many clients had not been as hard hit by the pandemic as they feared. Between 4 per cent and 22 per cent of borrowers across various types of […]

nbsp;

Providers

How Payday Lenders Target Consumers Hurt by Coronavirus

June 3 2020

• in
• Lenders

“Lenders that target struggling borrowers for loans with triple-digit interest rates have overcome yearslong efforts to restrict their lending and are pitching their products to consumers in need of cash during the coronavirus pandemic. They sidestepped state crackdowns by joining with out-of-state banks to offer loans and now are bypassing ad bans put in place […]

nbsp;

Providers

Americans Skip Millions of Loan Payments As Coronavirus Takes Economic Toll

June 18 2020

• in
• Lenders

“Americans have skipped payments on more than 100 million student loans, auto loans and other forms of debt since the coronavirus hit the U.S., the latest sign of the toll the pandemic is taking on people’s finances. The number of accounts that enrolled in deferment, forbearance or some other type of relief since March 1 […]

nbsp;

Companies

Google to offer loans to merchants in India

June 25 2020

• in
• Google
• India
• Lenders

“Google said on Thursday it plans to offer credit to millions of merchants in India through its Google Pay app starting later this year as the American technology group looks to help small businesses in the country steer through the pandemic and also find a business model for its mobile payments service. The company said […]

nbsp;

Companies

Apple launches Path to Apple Card, a 4-month credit worthiness improvement program

June 30 2020

• in
• Apple
• Lenders

“Apple is launching an interesting new Apple Card program for people who have their application declined. Declined Apple Card applicants may begin seeing notifications on their device later today that offer them the Path to Apple Card program. It’s an opt-in program that can run for up to 4 months. It leverages the information that Goldman Sachs […]

nbsp;

Providers

Credit Card Industry Reins in Balance-transfer Offers As Banks From JPMorgan to Amex Fear Defaults

June 29 2020

• in
• Cards
• Lenders

“Banks have pulled back from a popular credit card promotion on concerns that borrowers struggling during the coronavirus crisis may leave them with defaulting loans. Balance transfer offers, which typically entice borrowers to move their debt to a new lender in exchange for a temporary 0% interest rate, have been sharply reduced at banks including […]

nbsp;

Providers

Consumer Bureau Scraps Restrictions on Payday Loans

July 8 2020

• in
• CFPB
• Lenders

“The Consumer Financial Protection Bureau on Tuesday formally rescinded a plan to impose new limits on payday lending, handing the industry a major victory by killing off tighter rules that it spent years lobbying to overturn. The proposed rules would have been the first significant federal regulations on an industry that makes $30 billion a […]

On The Wires

nbsp;

Providers

CarePayment Integrates New Digital Capabilities

July 6 2020

• in
• Lenders

“CarePayment, an industry leader that partners with providers to improve their financial health by offering 0.00% APR financing to patients, today announced the launch of its Advanced Patient Engagement Platform. The new technology and digital engagement capabilities increase provider cash flow and help patients get the care they need without delay due to medical costs.”