lenders

Some 23 financial institutions, including the South American country's top banks, will be investigated over payroll loan withdrawals that were allegedly charged through unsolicited credit cards. Nubank denies offering such a product, adding it is not cleared to do so.…

A sign hangs from a branch of Banco Santander in London, U.K., on Wednesday, Feb. 3, 2010.Simon Dawson | Bloomberg via Getty ImagesBanks and other mortgage providers have been battered by plunging demand for loans this year, a consequence of the Federal Reserve's interest rate hikes.Some firms will be forced to exit the industry entirely as refinance activity dries up, according to Tim Wennes, CEO of the U.S. division of Santander. He would know: Santander — a relatively small player in the mortgage market — announced its…

Equifax Inc. EFX -1.21% provided inaccurate credit scores on millions of U.S. consumers seeking loans during a three-week period earlier this year, according to bank executives and others familiar with the errors.Equifax sent the erroneous scores on people applying for auto loans, mortgages and credit cards to banks and nonbank lenders big and small—including JPMorgan Chase & Co., Wells Fargo & Co. and…

Fintech start-up Carmachain, which launched two years ago as an online marketplace feeding digital lenders with the individual customer information they need to bridge the data gap among the underserved, has touched 80 million in consumer profiles, the company said. Having debuted in Lagos in 2020, Carmachain now has engagement with more than a score of organisations on its partnership list including digital banks, utility providers, cooperative/microfinance platforms, telecom operators, payment processors among…

Image: SIVStockStudio (Shutterstock)The number of crypto lending platforms that actually let users take their crypto home with them is getting progressively smaller. One company even reported its users were draining their accounts of close to $198 million in total over the past three weeks.CoinLoan announced Monday it was putting a big hold on users’ abilities to withdraw most of their crypto assets. That same day, Vauld essentially gave its customers a paternal pat on the head, telling them “it’s for your own good,”…

With no central bank willing to come to the rescue, beleaguered crypto companies are turning to their peers for help.Billionaire crypto boss Sam Bankman-Fried's companies has signed deals to bail out two firms in as many weeks: BlockFi, a quasi-bank, and Voyager Digital, a digital asset brokerage.FTX, Bankman-Fried's crypto exchange, agreed Tuesday to provide BlockFi with a $250 million revolving credit facility. Bankman-Fried said the financing would help BlockFi "navigate the market from a position of strength."Sam…

Crypto lending may not be down and out, but it's certainly on the ropes. Crypto lenders have boomed over the past two years, attracting tens of billions of dollars in bitcoin, ether and other coins which they in turn lent out or invested, often in decentralized finance (DeFi) projects with sky-high returns. But as crypto markets tumble, DeFi activity is being hit particularly hard, robbing lenders of their most lucrative returns and threatening to squeeze the whole sector - reaching far beyond Celsius Network, which…

Reduced consumer spending, rising interest rates and trickier credit conditions spell trouble for Buy Now Pay Later lenders, raising the prospect of consolidation in the sector.Buy Now Pay Later (BNPL) firms have created one of the fastest-growing segments in consumer finance, with transaction volumes hitting $120 billion in 2021 up from just $33 billion in 2019, according to GlobalData.The BNPL business model emerged out of a very low interest rate environment which enabled BNPL firms to raise funds at relatively low…

Elon Musk told banks that agreed to help fund his $44 billion acquisition of Twitter Inc that he could crack down on executive and board pay at the social media company in a push to slash costs, and would develop new ways to monetise tweets, three people familiar with the matter said.Musk made the pitch to the lenders as he tried to secure debt for the buyout days after submitting his offer to Twitter on April 14, the sources said. His submission of bank commitments on April 21 were key to Twitter's board accepting his…

Credit: CC0 Public Domain Lending activity has bounced back to pre-pandemic levels, according to findings from the latest UK Commercial Real Estate Lending report, authored by Dr. Nicole Lux, Senior Research Fellow at Bayes Business School (formerly Cass). …