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| September 24, 2018

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Lenders Archives -

New York sues U.S., saying it’s ‘reckless folly’ to let online lenders have national bank charters

September 17, 2018 |

New York has sued the United States over a decision to allow financial technology companies to apply for special national banking charters, saying the move is “lawless” and “ill-conceived” and will destabilize financial markets that are more effectively regulated by the state.

Maria Vullo, superintendent…


L.A. Times – Business

PR: Coinloan Opens Platform to Bridge Gap Between Lenders and Borrower

July 28, 2018 |

Coinloan Opens Platform to Bridge Gap Between Lenders and Borrower

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

CoinLoan, an Estonia-based startup, has launched a crypto-to-fiat lending platform where cryptocurrency is used as collateral. From now on, crypto-backed loans are available for users all over the world. On CoinLoan, everyone can become a lender or a borrower, on his or her own terms. The platform’s primary objective is to link counteroffers and ensure the safety of the deal.

“A user-centric approach has always been a priority for us. It makes us unique in comparison with other fintech startups popping up these days. At the moment, CoinLoan offers the most flexible conditions in the lending market. The main advantage of the project is that it is based on the P2P economy. It means anyone can lend or borrow controlling the terms individually.” said Alex Faliushin, Founder & CEO at CoinLoan.

“For instance, we asked our audience about their demands and saw a request in micro, medium and large loans as well. That’s why on CoinLoan every user can create a loan application according to his/her current needs, whether for a €500 short-term loan or a big deal”, he added.

CoinLoan creates a win-win situation for both parties. Crypto collateral protects lender’s fiat funds from the risks of non-repayment. Borrowers get a loan regardless of their credit history and don’t need to choose between holding their crypto and getting access to money. Every user has an opportunity to customize an amount and term of a loan, fiat currency to lend or crypto asset for a collateral, interest rate and loan-to-value ratio.

The very first loan agreements have been successfully concluded, as claimed by the company. Licenses, credit history checks or solvency proofs are not required for borrowing or providing a loan. It is enough to register and verify an account for creating a lending or borrowing application. If there is a suitable counteroffer, the applications will be matched and the user will receive fiat money almost instantly.

Learn more about CoinLoan:

• Follow the link to start lending and borrowing on CoinLoan – https://app.coinloan.io
• Join CoinLoan’s Telegram group for updates & discussions – https://t.me/coinloan
• Contact us with your questions or feedback via support@coinloan.io

Supporting Link
https://coinloan.io/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Coinloan Opens Platform to Bridge Gap Between Lenders and Borrower appeared first on Bitcoin News.

Bitcoin News

State fines lenders for pushing borrowers into high-cost loans

March 13, 2018 |

High-cost lender Advance America will pay refunds to hundreds of California customers after a state regulator accused the firm of charging illegally high interest rates topping 100%.

The action, announced Monday, comes a few months after the Department of Business Oversight took actions against…


L.A. Times – Business

Under Trump, payday lenders and consumer protection agency exhibit cozier relationship

March 6, 2018 |

The former chief executive of a payday lending company that had been under investigation by the Consumer Financial Protection Bureau has asked to be considered for the top job at the watchdog agency.

Such a request would have been extraordinary in the years when the agency was run by an Obama appointee…


L.A. Times – Business

In bizarre reversal under Trump, consumer agency reveals moves to protect payday lenders

January 19, 2018 |

In what would be a laughable move if it wasn’t so incredibly tragic, the Trump administration’s newly emasculated Consumer Financial Protection Bureau this week sided with payday lenders over consumers.

You heard right. The CFPB, now led by an appointee of a businessman-politician whose companies…


L.A. Times – Business

Some UK Mortgage Lenders Refuse to Serve Bitcoin Investors

January 16, 2018 |

Some UK Mortgage Lenders Refuse to Serve Bitcoin Investors

British bitcoin investors trying to use their earnings to buy real estate are facing difficulties in securing loans from mortgage lenders. Several building societies refuse to work with them even after they converted the cryptocurrency to fiat and provided a paper trail for its origins.

Also Read: Pineapple Will Match up to $ 4M in Bitcoin to Test Curing PTSD With Psychedelic Drug

Squeamish Mortgage Lenders

Some UK Mortgage Lenders Refuse to Serve Bitcoin InvestorsA number of UK building societies (financial institutions owned by their members like credit unions in the US) have said that they would not accept any money obtained from cryptocurrency-related transactions. This is despite the fact that there is no law or regulation in the UK which can legally prevent people from paying for a mortgage with fiat whose origin is bitcoin trading.

One broker described to the Financial Times how he was unable to secure a loan for a client because: “The first mortgage lender I rang asked me what a cryptocurrency was. I rang two other lenders and they said they would not touch it. When I mentioned where the money had come from there was massive reluctance to help or understand the problem. I do not believe the mortgage providers in general are ready for this issue and research tells me that a lot more people will be knocking on our doors with funds made or raised in this fashion.”

The Building Societies Association commented: “There is currently no regulation of these electronic currencies, which puts them into the highest risk category in relation to money laundering. In addition, it is well known that such currencies are popular with criminals, who use them to launder the proceeds of crime.”

FCA to Blame?

Some UK Mortgage Lenders Refuse to Serve Bitcoin InvestorsOther UK mortgage providers and banks are willing to serve bitcoin investors, providing they can prove the exact origin of the money with relevant documents, including Coventry Building Society, Skipton and the Yorkshire Building Society. Lenders said that a lack of clear guidance by the regulator is to blame for the fear of engaging with bitcoin investors.

A mortgage broker explained: “Lenders are so frightened about being hauled over the coals by the Financial Conduct Authority for not complying with anti-money laundering rules that they go beyond what in many cases you and I might consider to be reasonable.” The head of the Association of Mortgage Intermediaries, added that: “The rules are made by governments and lenders and regulators and the first real guidance we’ve had was the speech from (the FCA Chief Executive) Andrew Bailey saying that he didn’t see how cryptocurrency was a real currency.”

The FCA commented: “Our existing rules and guidance related to customer due diligence checks under the money laundering regulations require financial firms to take an approach tailored to the risks they face. We do not currently plan to issue guidance to mortgage brokers and lenders about the specific risks arising from sources of funds being used in housing transactions.”

How should British bitcoin investors handle difficulties in securing a mortgage? Share your thoughts in the comments section below!


Images courtesy of Shutterstock.


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The post Some UK Mortgage Lenders Refuse to Serve Bitcoin Investors appeared first on Bitcoin News.

Bitcoin News

China Wields Bigger Stick on Booming Little Lenders

November 24, 2017 |

In its latest attempt to restrain the fast-evolving fintech sector, Beijing directed local governments to stop licensing providers of online microloans and to prohibit their operating outside the province where they are registered.
WSJ.com: What’s News Asia

Consumer protection bureau cracks down on payday lenders with tough nationwide regulations

October 5, 2017 |

The nation’s top consumer financial watchdog on Thursday issued tough nationwide regulations on payday and other short-term loans, aiming to prevent lenders from taking advantage of cash-strapped Americans.

The long-awaited rules from the Consumer Financial Protection Bureau — the first broad federal…


L.A. Times – Business

Trump Owes at Least $315M to Lenders

June 17, 2017 |

President Trump owes at least $ 315.6 million to various lenders—including at least $ 130 million to a division of Germany’s Deutsche Bank and at least $ 110 million to a commercial real estate lender—according to a federal financial disclosure form released Friday by the US Office of Government Ethics….
Newser

Pricey ‘fintech’ lenders put the squeeze on cash-strapped small businesses

June 16, 2017 |

Mark Newman needed some fast cash last October to keep his small Studio City wine-importing business afloat. He went to his main bank but was rejected for a loan because of his relatively low sales.

So Newman, 61, turned instead to an online lending company called OnDeck. After submitting a handful…


L.A. Times – Business