Category: Debt

Consumer Loan Provider LendUp Has Given Out More Than $2 Billion In Loans

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 […]

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 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 […]

More Britons Fall Prey To Debt Troubles After Subscribing To ‘Buy Now, Pay Later’ Services

The popularity of ‘buy now, pay later’ services has caused an increase in the number of people subscribing to this debt option. Experts believe the underregulated industry is not doing enough to protect people from taking on more debt than they can afford. The number of firms operating in the UK offering ‘buy now, pay […]

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 […]

Millennials Have Much Smaller Share In US Housing Market Compared To Older Generations

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California To Possibly Get Its Own Consumer Financial Protection Bureau, According to Reports

The budget presented by Governor Gavin Newsom highlights additional funding for the revamp of the Department of Business Oversight. The DBO may be renamed as the Department of Financial Protection and Innovation (DFPI). Under the renewed department, financial service providers might face additional regulations and regulatory fees, however, many may benefit from an improved regulatory […]

FICO Scores At All-Time High In The US, But Borrowers Are Not Necessarily Any Richer

FICO scores in the US stood at an average of 703 in 2019, the highest point in history, according to data released by Experian. The data also offered comparative figures from prior years, with FICO scores standing at 701 in 2018, and 689 in 2010. Experts believe this increase could have come from new debt […]