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Banks and Marketplace Lenders: An Unlikely Match

May. 14 2016

With the growing popularity of marketplace lenders, traditional banks are taking notice of the emerging competition. Meanwhile, marketplace lenders are looking to grow their currently niche client base. Instead of stoking a rivalry, however, some financial institutions from both groups have decided to team up. Such partnerships promise the convenience of marketplace lending with the familiarity and performance of a brick-and-mortar bank.

Why Both Installment And Payday Loans Are Under Regulatory Scrutiny

Mar. 27 2016

Both payday loans and installment loans are often described as “small dollar, high-cost loans,” because they are usually for relatively small amounts of money at high rates of interest.

There are many options, but a payday loan will typically be for an amount between $100 and $1,500 dollars for a period of no more than 30 days. As the term “payday” suggests, the idea is that the loan should be repaid when the borrower receives their next paycheck – typically within two to four weeks. The payday loan industry is currently estimated to be worth approximately $38 billion.