After recording a $35.9 million quarterly loss, the online small-business lender said that it plans to reduce its annual expenses by $20 million, cut 11% of its staff and more than double its loan-loss provision from a year earlier.
The New York State Department of Financial Services is hoping to expand its authority to marketplace lenders, brokers, merchant cash advance companies and others that previously could operate in the state without a license.
Zeus Mortgage in Houston is positioning its new online crowdfunding platform as an alternative to traditional mortgages for property buyers and others having trouble borrowing to remodel homes or fund construction projects.
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