Loans

Affirm Partners with Walmart for Payments

February 28, 2019
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Walmart customers can now pay for items using credit from Affirm, the online consumer lender announced yesterday. Walmart customers can find out how much they qualify for online and then make online or in-store purchases with in three, six or twelve monthly installments. A credit decision is made in real time and does not affect […]

Elevate Reflects on Success of Fintech in Personal Loans

February 21, 2019
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The unsecured personal loan market hit an all-time high in 2018, jumping 17 percent year-over-year to $138 billion, according to data from TransUnion released today and featured in a CNBC story. “The rapid growth in consumer loans sits squarely on the shoulders of fintechs,” said Jason Laky, senior vice president and leader of TransUnion’s consumer […]

New York Legislators Introduce Small Business Usury Bill

February 20, 2019
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Two members of the New York State legislature have introduced a bill to apply consumer usury protections to small businesses. Bill A03638, introduced by New York Assemblymembers Yuh-Line Niou and Crystal Peoples-Stokes define a small business as “one which is resident in this state, independently owned and operated, not dominant in its field and employs […]

Commonbond Receives Financing From Major Banks

February 14, 2019
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Commonbond announced today that it has signed $750 million in lending capacity from Goldman Sachs, Citibank, Barclays, BMO, and ING. “From the start, we have set out to build the highest levels of trust with our customers and our capital partners,” said CommonBond CEO and co-founder David Klein. “Access to this level of capital, and […]

How Much Elevate Spends to Acquire Customers

February 11, 2019
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Elevate Cost of Acquisition

How much does a non-prime consumer lender spend to acquire a borrower? According to Elevate’s Q4 earnings report, the company spent less than $150 per borrower to originate $31 million in loans towards their partnership with FinWise Bank. Overall, however, their cost of acquisition has hovered below $245. From Elevate’s Q4 Earnings Slides Elevate’s direct […]

Home Improvement Loans on the Rise

February 6, 2019
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home improvement

A story this week in American Banker suggested that popular home improvement TV shows like HGTV’s “Fixer Upper,” “Love It or List It” and “Property Brothers” are creating a growing demand for home renovation, and hence, home renovation loans.     Nielsen rating data shows that the combined viewership of the three aforementioned shows on the […]

PayPal Credit Commits $25 Million to Help Unpaid Government Workers

January 21, 2019
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paypal

PayPal announced Friday that it was devoting $25 million to a program that offers interest-free cash advances of up to $500 to federal workers who have been impacted by the record long partial government shutdown. “No matter where you stand on the issues, the fact is that 800,000 of our fellow Americans suddenly find themselves […]

LendUp Gets a Shake-up

January 11, 2019
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Anu Shultes

Anu Shultes, LendUp’s new CEO Among other company news, LendUp announced yesterday that it has formed a separate company called Mission Lane that will be devoted to scaling its credit card business. LendUp will continue to operate under its name and will focus on personal loans, education and savings opportunities, according to the announcement. Along […]

Selling a Home, Selling Commercial Financing – What’s the Difference?

November 16, 2018
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Realtor Showing New House To Loving Couple

Alternative funding brokers come from all different backgrounds, but for many them, being a broker is not their first job in sales. Some sold equipment, some sold cars and others sold homes. They were realtors. deBanked found two alternative funding brokers with a background in residential real estate and we asked them to compare the […]

SoFi Has Another Loss in Q3

November 12, 2018
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SoFi sign

According to the WSJ, SoFi experienced a $12 million EBITDA loss in the 3rd quarter. That follows a $150 million loss in Q2. “We optimized for investing over profitability this quarter, and expect this to continue given the opportunity in front of us,” SoFi CEO Anthony Noto wrote in a letter to shareholders obtained by […]

LendingClub Hits Another Record for Originations

November 7, 2018
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Lending Club CEO Scott Sanborn Presents at Money2020

LendingClub’s Q3 earnings report yesterday revealed a record high in loan originations of $2.9 billion, up 18% compared to originations of $2.4 billion last year at the same time. Consequently, revenues increased, also to a record high of $184.6 million, up 20% year over year. “The strength of our marketplace is enabling us to responsibly grow […]

SoFi CEO Ponders Opening Physical Locations

November 5, 2018
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loanstorefront

At Money 20/20 a few weeks ago, SoFi CEO Anthony Noto said that eventually the online lender will need to open some physical locations, not unlike ATM machines, for people who get paid in cash. The notion of an online lender opening up physical locations sounds ironic. But it would not be the first time […]

Elevate Tests ‘Geofencing’ to Lure Customers Away from Competition

November 1, 2018
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geofencing

During a session at Money 20/20 last week, Elevate CEO Ken Rees mentioned a fairly new marketing technique they have been testing called geofencing. According to a story in CIO, a trade publication for Chief Information / Chief Technology Officers, geofencing is “a service [using GPS technology] that triggers an action when a device enters a […]

Prime and Non-prime Lenders Exchange Notes

October 25, 2018
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KenRees Kimball

Ken Rees, CEO, Elevate At Money 20/20 Ken Rees, CEO of Elevate, a non-prime consumer lender, sat down with David Kimball, CEO of Prosper, a prime consumer lender. As they discussed a number of topics, listeners got insight into how these lenders think, and how they think differently based on the customers they serve. On […]

Square Expands into Consumer Lending, Keeps Banking Hopes Alive

October 16, 2018
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Outside the Square Headquarters in San Francisco

Square is no stranger to payments and is looking more and more like a bank every day. Square Capital already facilitates loans to small businesses, and now they’re expanding into consumer loans. Meanwhile, it’s been several months since Jack Dorsey’s fintech startup withdrew its application to become an Industrial Loan Company (ILC), but Square’s banking […]

Digital Mortgage Lender “Better” Goes Where No Fintechs Have Gone

October 8, 2018
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Eric Wilson

Eric Wilson, co-founder, Better Mortgage One product noticeably absent from fintechs expanding into lending or banking is mortgage loans, but now a fintech startup is looking to disrupt the $13 trillion mortgage industry. Eric Wilson is co-founder and head of operations at Better Mortgage, a New York-based digital mortgage lender. Wilson explained to deBanked: “Our […]

PeerIQ Report Shows Mixed Signs for Non-Bank Lending

June 7, 2018
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PeerIQ Lendit

PeerIQ released its 2Q2018 Lending Earnings Insight Report today, presenting forward-looking insights into the FinTech & non-bank space.    The report said that CEOs and CFOs see tax reform as increasing consumers’ disposable income. However, “an increasing supply for credit and demand for credit, as well as re-normalization trends and increased competition are leading to […]

Lending Disruptor, Rocket Mortgage, Announces First eSports Sponsorship

January 22, 2018
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rocket mortgage and 100 thieves

Rocket Mortgage has thrown its hat into the burgeoning eSports ring, Quicken Loans, its parent company, announced on Friday. The brand has entered into a sponsorship agreement with the 100 Thieves’ League of Legends division. Citing a synergy between the end-to-end online and on-demand mortgage product and the “disruptive” world of eSports gaming, Quicken Loans […]

Was This Bitcoin Lender Paying Returns Too Good to Be True?

January 17, 2018
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shell game

As the rivers flowed red with the blood of crashing cryptocurrencies Tuesday, one company did not survive. BitConnect, a company infamous in the crypto community for paying out obscenely high returns for lending your bitcoins, may have been too good to be true. BitConnect offered investors the opportunity to make loans on their platform and […]

New Mexico Bill Would Allow State Employees to Repay Loans Via Paychecks

January 15, 2018
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shiprock at sunrise, new mexico

Proposed legislation would enable New Mexico to offer small loans to state employees that are paid back via deductions from their paychecks. Put forth by Democratic state Senator Bill Tallman, the bill would put a 30 percent ceiling on interest rates for loans obtained via the program and limit repayment to 12 percent of gross […]