Remember the “fintech revolution” that was going to reshape the banking industry? Well, don’t go hoisting any new flags over the castle just yet.
Prosper is cutting staff and shuffling execs as it tries to adapt to a market harder for online lenders.
OnDeck shares fell sharply after the company had difficulty selling loans to investors in the first quarter.
This article contains insights on the exploitative nature of payday lending industry and negative outcomes for the customers.
Across the U.S., payday lenders charge unwitting customers three-digit interest rates — or higher — and bury them in debt.
As bank settlements go, last week’s $2.5m payout from online lender SoFi is pretty small.
Consider this headline from the New York Times last year: Goldman Sachs Plans to Offer Consumer Loans Online, Adopting Start-Ups Tactics. Alongside this one from the Wall Street Journal last week: Prosper Talks With Goldman, Others to Replace Citigroup on Loan Arrangement.
Lending, one of the biggest industries, is currently undergoing a transformation. As it was with the automobile industry transformation …