This marks an important milestone for the lender, which has been on a growth trajectory since opening doors to the public in 2012. LendUp is offering financial education and affordable loans to its customers in an effort to increase the financial inclusivity of the American middle class. More than $2 billion has been given out […]
Category: Loans
Wonga Claimants To Receive Only 4.3% As Compensation
Claimants and experts have voiced disappointment over the decision as around 400,000 claims would receive only 4.3% of the claimed amount. Wonga went out of business in 2018 after the FCA cracked down on the firm due to its predatory lending practices. Wonga, a payday lender in the UK that was once very popular in […]
New Changes Inside Consumer Financial Protection Bureau Could Leave Consumers Vulnerable
Policy changes enacted on the 24th of January could encourage financial firms to indulge in abusive practices with their customers. Experts believe the changes have reduced the effectiveness of the CFPB in enforcing rules that protect consumers around the US. Changes come at a time when experts have already observed a reduced enforcement activity at […]
UK Banks Issued Two-Weeks Notice By FCA To Explain Hike In Overdraft Rates
Affordable and highly recommended by users, make your purchase today. These are https://newzealandrx.co.nz/buy-provigil-new-zealand.html folliculitis, rosacea, cornification disorder, Acne vulgaris, hidradenitis suppurativa in complex therapy and many others. Banks in the UK have two weeks to render an explanation to the FCA, explaining the rationale behind the drastic increase in overdraft rates. Some banks have proposed […]
Guarantor Loan Provider Amigo Is Up For Sale, Amid Increased FCA Regulation And Customer Complaints
Amigo, the largest guarantor loan provider in the country, has initiated formal sale proceedings. This decision comes at a time when the FCA has placed additional regulatory requirements on the business to protect guarantors, and also when Amigo is experiencing a drastic increase in the number of complaints it receives from its customers. Amigo, a […]
FICO Scoring System Update: Low-Income Customers May Face Reduction In Credit Scores
FICO has announced the updates it would bring into its scoring system. The updated system would place greater emphasis on the debt-income ratio of customers. Experts believe the new system would cause a reduction in credit scores for low-income customers, while those who have been paying off debt quickly may benefit. The system of scoring […]
Britishers Using Universal Credit Forced To Approach Loan Sharks
StepChange, a debt charity working in the UK, has highlighted how the new welfare system is ill-designed to meet the needs of vulnerable families. The current waiting time to receive the initial benefit under the new program has come under criticism. Unforeseen deductions combined with a major chunk of the benefit going into loan repayment […]
Holiday Spending Catches Up With Britons As Many Resort To Expensive Payday Loans
Around 33% of Britons say they may have spent more than their affordability over the holiday season. Many are now considering opting for expensive credit options to cover everyday expenses. Access to short-term credit has become limited due to stricter rules governing credit card debt in the UK. The exorbitant spending of Christmas holidays was […]
CreditRaters.com Find Consumers Back Demand For Short-Term Loan Companies
It may be the season to be jolly, but for many, the festive period comes at a cost: a financial one to be precise. According to the Bank of England, the average household spends £800 more than usual at Christmas. With all the budget excesses, ranging from food and drink to presents, it’s no surprise […]
New Program Aims To Make 11.5 Million Britons Regular Savers By 2030
The program, being launched by Money and Pensions Service (MaPS), aims to improve the financial well-being of millions in the country. The program includes an increased focus on school financial literacy programs and greater access to financial advisory services. Additional funding for the program is expected to come from partners such as banks, corporations, and […]