Online Lending

Views from the Small Business Finance Industry, March 27

March 27, 2020
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As the coronavirus pandemic continues to disrupt the economy and affect small businesses as well as funders, deBanked will keep up with how various figures from the alternative finance sector are managing under the stresses of covid-19. Ranging from funders, to brokers, to those figures on the periphery of the industry, this series aims to […]

Can The SBA Handle The Stimulus On Their Own?

March 27, 2020
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As the market cheers the upcoming passage of a $2 Trillion stimulus bill that is intended to provide much needed support to small businesses, industry insiders are beginning to raise concerns about the SBA’s infrastructural ability to process applications in a timely manner. In a webinar hosted by LendIt Fintech yesterday, Opportunity Fund CEO Luz […]

Online Lenders Ask Congress For Capital For Help and To Help

March 20, 2020
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Members of Financial Innovation Now (FIN) have called on senior members of Congress to play a role in supporting small businesses with capital support and by loan distribution. Among their suggestions are: To direct Treasury to provide conditional capital to alternative lenders Permit these non-bank lenders to disburse loans, including via partnership with financial institutions […]

Canadian Lenders Association Announces Creation of Covid-19 Working Group

March 20, 2020
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The Canadian Lenders Association has announced its establishment of a covid-19 working group to support its members’ response against the coronavirus. The group will act as an advisory committee and resource for CLA members, while also serving as a lobbyist group to various government entities. “We presently are in an unprecedented period in Canadian business,” […]

Marketplace Lending Association Members Take Steps To Help Borrowers During The Coronavirus Crisis

March 17, 2020
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Marketplace Lending Association

Members of the Marketplace Lending Association are taking steps to alleviate financial pressure facing borrowers during the recent crisis. “This includes providing impacted borrowers with forbearance, loan extensions, and other repayment flexibility that is typically provided to borrowers impacted by natural disasters. During the time of payment forbearance, marketplace lenders are also electing not to […]

How Kabbage Insights Seeks to Level Playing Field for Small Businesses

March 5, 2020
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kabbage app

This week, Kabbage released its latest product, Kabbage Insights, to the public. Having been available privately since February 10th, the service is now free to all Kabbage customers. Released a month after Kabbage Payments, Insights adds to Kabbage’s ecosystem of products by helping small business owners identify and prepare for cash flow deficits. Acting almost […]

Lendio Plans Development and Growth With $55 Million Series E

February 27, 2020
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Brock Blake Lendio

Today Lendio announced that it raised $55 million as part of its series E funding round. This included $31 million in equity led by Mercato Partners Traverse Fund and a $24 million debt facility from Signature Bank. “We think that we’re just getting started, that there’s a really large opportunity in front of us and […]

Luxury Asset Capital Acquires and Relaunches Borro

February 26, 2020
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borro

Luxury Asset Capital, the Denver-based lender that secures financing against goods such as Ferraris and Rolexes, has announced this month that it has acquired Borro and will be relaunching borro.com. LAC did not disclose the purchase price. The news comes after LAC had been in talks to acquire Borro for years, LAC CEO Dewey Burke […]

LendingClub Becomes First Fintech Lender to Buy a Bank

February 19, 2020
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Scott Sanborn, Lending Club CEO

Today LendingClub announced that it has agreed to acquire Boston-based Radius Bank for a purchase price of $185 million, made up by cash and stock. Holding more than $1.4 billion in assets, the merger will enable LendingClub to offer checking accounts and save millions in bank fees and funding costs each year. Coming one month […]

The Fintech Legal Outlook for 2020: Top 3 Insights from Todd Hamblet

February 18, 2020
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Todd Hamblet - Fundbox

We recently sat down with ​Todd Hamblet, Fundbox’s new Chief Legal Officer​, and asked his thoughts about what legislative or legal issues would be shaping the fintech industry this year. Between presidents and precedents, decisions are coming down within the next 12 months that will have a significant effect on the way Fundbox and other […]

Loan Brokers Attack Online Direct Lending in Super Bowl Commercial Duel

February 2, 2020
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The battle is on between lenders and brokers in the mortgage space as middlemen try to out-compete push-button loan technology. Quicken Loans ran a Super Bowl Commercial that featured Game of Thrones Actor Jason Momoa aka Khal Drogo and its Rocket Mortgage product. The theme, that of being super comfortable in your home, is a […]

Report Finds Canadian Alternative Lending Market Making Gains

January 8, 2020
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Canada State

A study released by Smarter Loans this week indicates that the Canadian alternative finance industry has grown since last year’s iteration of the report. Titled ‘The State of Alternative Lending in Canada 2019,’ the report highlights how the market has developed in regard to the age and gender of its customers, the level of trust […]

Canadian Lenders Summit Recap

November 23, 2019
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Top Canadian Companies of the year

The Canadian Lenders Association’s largest annual event brought together hundreds of executives from the fintech and lending industries. It was hosted at MaRS, a dedicated launchpad for startups in Downtown Toronto that occupies more than 1.5 million square feet and is home to more than 120 tenants, many of which are global tech companies. After […]

Lending Club Originated $3.3B in Loans in Q3

November 5, 2019
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Scott Sanborn, Lending Club CEO

Lending Club originated $3.3B in loans in q3 and reported a minor net loss of $400,000. That loss was a $22.4M improvement over the same period last year, mainly due to an increase in “net revenue” and a decrease in class action and regulatory litigation expense. One of those class action lawsuits against them was […]

Canadian Lenders Summit To Take Place on Nov 20, 2019 in Toronto

November 2, 2019
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Canadian Lenders Summit

The annual Canadian Lenders Summit produced by the Canadian Lenders Association will take place on November 20th in Toronto. Registrants can use promo code: debanked40 for 40% off the ticket price. Register here

Direct Lending Investments’ Ability to Collect From Largest Debtor Looks Uncertain

October 30, 2019
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satellite dish

When Direct Lending Investments (DLI), one of the largest online lending hedge funds, went bust, many were surprised to learn that the fund had discreetly gambled heavily in the international telecom market. At present, a company called VOIP Guardian Partners I owes DLI $203 million. There’s a problem with recovery in that VOIP declared Chapter […]

Google Bans Loan Apps From App Store If Personal Loan Offers Exceed 36% APR

October 12, 2019
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Google Dark

Google is implementing new rules for consumer lenders who have apps in the Google Play app store. And they’re pretty strict. If a lender offers loans that exceed 36% APR, their app will be banned. If the repayment period of the loan is 60-days or less, the app will be banned. It doesn’t matter what […]

What Happened to Borro?

October 6, 2019
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ferrari parked in los angeles

In 2013, Borro, an innovative online lending company that was poised to disrupt pawn shop lending forever, invited me to their stylish offices at 767 Third Avenue in Manhattan. It wasn’t for a story per se, but rather to learn more about each other’s place in the world of online lending. deBanked was still called […]

No Fees, Ever – Is Goldman Sachs Winning Or Losing The Online Lending Battle?

September 30, 2019
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Goldman Sachs

Peer-to-Peer lending in the United States died the day Goldman Sachs launched a rival online lending company in 2016. Armed with a low cost of capital and the trust of a household name, Marcus, as Goldman Sachs referred to themselves, sought to further disrupt consumer lending by eliminating every type of fee including late fees. […]

Earnin, Say What’s Your Price? Nas-backed Earnin Comes Under Investigation

September 17, 2019
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Question Marks

Earnin, the self-proclaimed alternative to payday loans, is part of a new online lending category that is under investigation in eleven states and Puerto Rico for its similarities to payday loans. With such loans being banned in sixteen states, the app-based personal loans company has drawn the attention of various regulators after it was suggested […]