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Online Lending for Students Is on the Rise

Online Lending for Students Is on the RiseOnline lending service for students SoFi (Social Finance Inc.) is close to raising about $500 million in a funding round expected to be led by private equity firm SilverLake Partners to bolster the expansion of its online lending businesses and personal financial services. The investment round should include several Asian investors like Japan’s SoftBank and others. The new international group will purchase SoFi’s loans as well as take an equity stake. The fundraising round values SoFi at $4.3 billion, higher than its previous valuation of $3.2 billion. Closely held SoFi started out in 2011 by refinancing student loans. In 2015, San Francisco-based SoFi issued $5 billion in loans. That had grown to more than $15.5 billion by early this year. It’s since chased a much wider vision, expanding into personal loans, mortgages, wealth management and life insurance. Earlier this month, SoFi acquired mobile banking startup Zenbanx for about $100 million…

14 Ways Proposed Legislation Could Improve Your Credit

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14 Ways Proposed Legislation Could Improve Your Credit
Credit scoresform the backbone of the consumer finance industry, but representative Maxine Waters of California has a bone to pick with the credit bureaus. According to her, incorrect information pollutes 40 million credit files in the U.S., causing consumers to "jump through hoops" to set things right. Ms. Waters has therefore introduced the Comprehensive Consumer Credit Reporting Reform Act of 2016, which, if passed, would hand new regulatory authority to the Consumer Financial Protection Bureau. Squarely in Ms. Waters sights sit Equifax, Experian and TransUnion, the "Big 3" credit reporting agencies. They handle the vast bulk of the credit files covering 200 million adults. Ms. Waters aims to revamp the U.S. credit reporting industry to make it more accurate, less confusing and fairer for consumers. The latest legislation is a follow-on to proposals Ms. Waters first made in 2014. The credit bureaus are the keep…

Payday Advance Apps Offer Low Cost Alternative To Payday Lending

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Payday Advance Apps Offer Low Cost Alternative To Payday Lending

Blogger: https://www.mobileloan.org/ Payday loans have, so far, provided an expensive solution to cash flow. If you're one of the 90 million Americans living paycheck to paycheck, whether it's a monthly or bimonthly paycheck, an unexpected expense can murder your budget. You could take out a risky and shady payday loan and end up stuck shelling out big bucks to cover outrageous interest rates and hidden fees. Or, you could dip into your savings. Or, you could put that unexpected expense on a credit card and pay it off over the next month or the next several months. That's where a new generation of payday advance apps enters the picture. Instead of taking out a payday loan, dipping into your savings, or putting it on a card, you can use an app to withdraw a short-term "loan" against your next paycheck. Of course, your employer must first sign up for one of the half-dozen payday advance services on the…