MADISON, Wis. – UW CU has introduced a payday loan product which will give members in good standing access to a short-term loan without the traditional loan application process.
The credit union’s new Paycheck Advance has a fixed interest rate of 21.75%; no application fee; no monthly service fee; no prepayment penalty; and can be used multiple time without reapplying.
The program will offer loans in amounts from $50 to $500, and require a $50 minimum payment per month.
The group behind the proposed Georgia Skyline Bank says recapitalizing a 24-year-old Virginia bank offers a faster path to success than a new charter would.
IDScan.net removed the pages naming its bank and credit union integrations after KrebsOnSecurity traced 153 million license scans to the company.
A consortium of international FIs are planning to issue a U.S. stablecoin in early 2027; London-based OpenPayd has entered the U.S. through its acquisition of MSB USA; the U.K. fined Citi £4.7 million ($6.3 million) for hundreds of transactions in breach of sanctions against Russia; and more in this week's banking news roundup.
The controlling owner of Santa Fe-based Century Financial Services Corp. wound up in bankruptcy court. Now his 71% stake is on the verge of being sold to an Oklahoma bank.
Swift's network of 11,500 banks can exchange deposit tokens in a standardized way.
The big three's trade group has said they operate legally and protect the industry with a trio of reports. FHFA also is opening up VantageScore for all lenders.
