Installment loan lenders are frequently compared to loan sharks. Critics claim that such lenders prey on those who are so desperate for cash that they unintentionally sign up for loans with exorbitant interest rates. According to Pew Charitable Trusts data from 2012, the average Installment loan borrower takes out eight short-term loans every year, each […]
Tag: long term
OPPFI INC. MANAGEMENT REPORT OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-K)
PREVIEW We are a leading mission-driven financial technology platform that powers banks to offer accessible financial products to everyday consumers through our proprietary technology and artificial intelligence (“AI”) and a top-rated customer experience. Our primary mission is to facilitate financial inclusion and credit access to the 150 million everyday consumers who lack access to mainstream […]
TransUnion follows Equifax decision to include Buy Now, Pay Later data in credit reports
JransUnion, one of the three major consumer credit bureaus in the United States, began including data from Buy Now, Pay Later (BNPL) companies in consumer credit reports in February 2022. The news came shortly after Equifax, a competing credit bureau, announced a similar move. The inclusion of BNPL data is important because it has the […]
The interest on my tax debt is accumulating. Should I pay it back with a loan?
Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. The Credible Money Coach offers insight to […]
What is a no credit check loan?
No credit check loans are loans where the lender does not check the borrower’s credit before approving and lending loans. These types of loans can be tempting if your credit is poor and you don’t qualify for other products. However, no credit check loans can be risky and are generally not well regarded as they […]
TransUnion to Maximize Financial Inclusion Opportunities for Nearly 100 Million Consumers Using BNPL Loans
Pavlo Gonchar / SOPA Images Up to 100 million American adults have used buy now pay later (BNPL) loans at least once in the past 12 months, but financial institutions currently do not have access to the information generated when consumers open and redeem these new debt securities, according to a new report. Now, TransUnion […]
America’s largest banks are making major changes to overdrafts that will help consumers
January 2022 has turned into a breakthrough month to strengthen consumer protections in the nation’s banking sector and ensure that more Americans can have access to safe and affordable credit. In just nine days, five of the country’s largest banks…Bank of America, Wells Fargo, American bank, Truistand Bank of Regions– announced that they are eliminating […]
Prevent payday lenders from using trusted banks for predatory lending
Three major banks — Wells Fargo, Truist and Bank of Regions – announced in January its intention to launch low-value loan offers to its customers with checking accounts. If their loans give customers time to repay in affordable installments at fair prices, like the existing small loans from US Bank, Bank of America and Huntington […]