Marketplace lending

The Pittsburgh bank is using software initially developed by a fellow mutual to help build out its platform.

The online lender is counting on other arrangements with banks — and perhaps even a bank charter of its own — to help recover from the loss of a key partnership.

The decision is a blow to OnDeck, which said Monday that it intends to pursue a bank charter, either by applying for one or by buying a bank.

A study by FinRegLab of six nonbank lenders' use of cash-flow data in underwriting decisions finds this type of "alternative data" helps predict loan performance.

The company revealed its pretax losses for its forays into consumer and other digital banking services, which began in 2016 with the launch of a consumer deposit franchise and an installment loan product.

Shares in the U.K.-based small-business lender fell 29% Tuesday after it sought to recalibrate expectations about its growth trajectory. So far, the company has pulled back lending more in the U.S. than in its other markets.

Facebook’s plan to launch a cryptocurrency has raised concerns that state banking regulators may not be equipped to oversee large, international companies.

In a downturn, some fintechs, such as independent lenders, will be more vulnerable to economic forces than those working to service banks' regulatory needs.

Credit unions can prepare for the next recession by understanding past cycles, utilizing modern technology and training staff.

Former Barclays CEO John Varley was accused of trying to obtain funds to avoid a government bailout; borrowing to pay for weddings surged last year.

Customers of Marcus, the consumer lending arm that launched in 2016, defy easy categorization, according to an executive at the Wall Street bank.

Rather than receiving a lump-sum payment from the online lender, borrowers can now choose to have the proceeds of a debt consolidation loan sent to the companies they owe.

The executives were hired for their focus on loan origination, portfolio management and securitization.

The Los Angeles company has established a network that is designed to help verify the identities of consumer and small-business borrowers. It says 20 lenders are participating and that it is trying to recruit more.

It’s the one consumer loan category where balances continue to fall, and disruption from nimbler fintechs is a big reason why. To win back market share, banks will need to beat the upstarts at their own game.

The online lending marketplace will use the equity financing from WestBridge Capital to diversify the digital products its offers banks trying to compete for small-business borrowers, its CEO says.

Online lenders now have close to 40% of the unsecured personal loan market, much of which is refinanced credit card debt. Some financial institutions' card portfolios are taking a hit.

Online lenders now have close to 40% of the unsecured personal loan market, much of which is refinanced credit card debt. Banks' card portfolios are taking a hit.

The San Francisco-based online lender, which has recorded nearly $450 million in losses since 2016, is taking aggressive steps to achieve adjusted profitability later this year.

The online small-business lender said it tightened its underwriting standards during the first quarter as credit quality worsened.