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| September 24, 2018

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Storefront lender accused of pushing customers into taking out big loans without interest rate caps

September 18, 2018 |

California regulators want to seize Cash America Advance’s license, alleging the storefront lender duped customers into taking out installment loans with triple-digit interest rates.

The California Department of Business Oversight, in a legal accusation filed late last month, said Cash America…


L.A. Times – Business

A major bank is offering payday-style loans. Will others follow suit?

September 12, 2018 |

U.S. Bank says it will offer nearly instant small loans to its customers, becoming the first bank to provide such a product since federal regulators cleared the way earlier this year amid continuing concerns over the costs of payday loans.

The Minneapolis institution, the nation’s fifth-largest…


L.A. Times – Business

PR: Killing Banks – A Financial Crypto Startup MoneyToken Announced 0% Loans and Token Burn This Wednesday

September 11, 2018 |

Killing Banks - A Financial Crypto Startup MoneyToken Announced 0% Loans and Token Burn This Wednesday

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.

MoneyToken crypto-backed loans platform has announced making zero-interest loans available for everyone.

From 12th September onward, anyone will be able to join the MoneyToken platform and get a loan under a 0% interest rate.

To get a zero interest rate crypto-backed loan on the MoneyToken platform, users are required to purchase a special membership that allows for zero-interest conditions. It can be purchased with IMT tokens, which users can easily find on various partner platforms like CoinSuper, BitForex, IDEX, etc.

All IMT tokens spent on the purchase of memberships will be burned.

MoneyToken.Com is a new kind of lending platforms which allows users to borrow liquid funds instantly, based on the current value of the cryptocurrency asset holdings. Users can take out a loan, collateralized with more volatile assets like Bitcoin or Ethereum; in return, they receive the agreed loan amount in stable currency.

“Since your ownership of the blockchain-based asset is verifiable, and the value is transparent to the market, you don’t need to undergo invasive and unnecessary credit checks — there is nothing added to your credit history or any public credit file. Equally the loan decision can be made almost instantaneously — there is no need for MoneyToken to make extensive evaluations of the market value of your assets (unlike, for example, as happens if you remortgage a property).”
Alex Rass, co-founder MoneyToken

When the time is up for the loan, and after you repay it fully, you get the whole sum back, even if the BTC has increased value-wise a lot during this time. Consequently, for people holding their crypto waiting for a better price to sell at, or never intending to sell at all, this kind of system is a life-saver.

The platform is gaining popularity among crypto traders, miners, token sale projects that raised in ETH and don’t want to spend their crypto, being waiting for better price.

‘Our priority at the moment is to shed some light on how the platform actually operates for the members of our community, offer hands-on experience so to speak, so that everyone would gain some positive impressions of crypto relations’, – says Jerome MacGillivray, co-founder of MoneyToken.

There are currently several players on the market of crypto-backed lending, but it’s pretty apparent that MoneyToken can be ranked first for now, if you keep in mind how quickly the platform jumped to the top and the amount of updates on their advances we seem to be getting.

Note: Recently the team has announced that Roger Ver, founder of Bitcoin.com, has joined their advisory board and also the issuing loans in a new USDC Stablecoin from Circle, which is backed by Goldman Sachs and BitMain.

A sneak-peek behind the scenes: recently one of the most famous youtube journalists has visited the office of MoneyToken: https://www.youtube.com/watch?time_continue=9&v=EZN_RL5B9uM

Contact Email Address
james.hendersonmt@gmail.com
Supporting Link
https://moneytoken.com/?utm_source=www.news.bitcoin.com&utm_medium=article&utm_campaign=0%25_interest_loans

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: Killing Banks – A Financial Crypto Startup MoneyToken Announced 0% Loans and Token Burn This Wednesday appeared first on Bitcoin News.

Bitcoin News

Student loans are forcing young graduates to put off settling down

August 24, 2018 |

It’s that time of year, when students prepare to head back to the classroom. For many taking the next step in higher education, the question is increasingly, “Is it worth it?” Millions of millennials have already put off settling down because of the rising costs of servicing college debts, to the…


L.A. Times – Business

Pioneering installment lender CashCall stops offering personal loans

August 15, 2018 |

CashCall Inc. appears to have shuttered its consumer-lending business, perhaps marking an end to a groundbreaking and legally fraught 15-year run of offering high-interest loans.

The Orange County company’s website, cashcall.com, no longer includes an online loan application. A customer service…


L.A. Times – Business

Can consumer loans ever be so expensive they break the law? The California Supreme Court says yes

August 13, 2018 |

California’s high court has ruled that interest rates on consumer loans can be so high that they become “unconscionable” and, therefore, illegal — a decision that could upend the state’s subprime loan market.

In a unanimous opinion released Monday morning, California Supreme Court justices said…


L.A. Times – Business

Japanese Public Company Offering Loans Secured by BTC, BCH, ETH

August 1, 2018 |

Japanese Public Company Offering Loans Secured by BTC, BCH, ETH

A Japanese company listed on the Tokyo Stock Exchange is offering loans secured by three cryptocurrencies: BTC, BCH, and ETH. Clients can borrow up to 300 million yen (~$ 2.7 million) at varying interest rates. The company has also established a subsidiary overseas for its crypto business.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Loans Secured by BTC, BCH, ETH

Japanese Public Company Offering Loans Secured by BTC, BCH, ETHA Japanese company listed on the Tokyo Stock Exchange has begun accepting applications for cryptocurrency-secured loans. Samurai & J Partners Co. Ltd. (TYO:4764) recently launched a loan program called Samurai Crypto Loan through its subsidiary, Samurai Asset Finance (Samurai).

The company explains that loans will be offered to crypto owners with BTC, BCH, or ETH as collateral. Customers will have access to funds in Japanese yen without having to liquidate their crypto positions. In Japan, liquidating cryptocurrencies could incur taxes of up to 55%, as news.Bitcoin.com previously reported.

Japanese Public Company Offering Loans Secured by BTC, BCH, ETH

Customers can borrow between 20 million yen (~US$ 179,000) and 300 million yen (~$ 2.7 million) for one year, with extensions. Interest rates for these loans range from 7.0% to 15.0%, including commissions and extension fees, Samurai details. The delinquency charge is 20% annually.

Japanese Public Company Offering Loans Secured by BTC, BCH, ETHFounded in 1996, Samurai & J Partners, formerly known as Digital Design Co. Ltd., engages in the information service business globally. Samurai Asset Finance was established last year. In addition to crypto-secured loans, the company offers loans backed by real estate, securities, deposits, credits, movable properties, foreign currencies, memberships, and precious metals.

ICO Plan and Competition

Japanese Public Company Offering Loans Secured by BTC, BCH, ETHSamurai first proposed to enter the crypto-secured lending business in May. The proposal was presented to and subsequently approved by its board of directors. The company has also established an overseas subsidiary to launch an initial coin offering (ICO). “We will conduct an ICO and expand our business scope,” Samurai announced at the time.

Recently another Japanese company, Abic Corporation, announced a loan program secured by BTC. Abic’s loan terms range from 2 million yen (~US$ 18,260) to 1 billion yen (~$ 9.13 million) with annual interest rates ranging from 2.98% to 15.0%. Customers can borrow for a period of one month to five years; the delinquency charge is 20% annually.

Last week, crypto financial services platform Libra Credit partnered with Binance Labs, the investment arm of Binance, to “lend fiat and crypto denominated assets to users who pledge BNB [binance coin] as collateral,” the firm detailed.

What do you think of Samurai offering loans secured by BTC, BCH, and ETH? Let us know in the comments section below.


Images courtesy of Shutterstock and Samurai & J Partners.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japanese Public Company Offering Loans Secured by BTC, BCH, ETH appeared first on Bitcoin News.

Bitcoin News

Wells Fargo earnings fall as bank reports a tax hit, fewer loans and deposits

July 13, 2018 |

Wells Fargo & Co. on Friday reported lower-than-expected earnings for the second quarter and said it set aside nearly half a billion dollars to pay additional state taxes in the wake of a recent U.S. Supreme Court decision.

The San Francisco financial giant reported net income of $ 5.2 billion,…


L.A. Times – Business

Latest battle over California lending market: Should grocery stores offer large loans?

July 12, 2018 |

Walk into a Northgate supermarket and, along with produce and pan dulce, you can walk out with a small loan from the store’s Prospera financial services stand.

Those loans top out at $ 2,500. Now, a bill working its way through the state Legislature could boost that maximum to $ 7,500 — enough, the…


L.A. Times – Business

Japanese Corporation Begins Offering Loans Secured by Cryptocurrency

June 3, 2018 |

Japanese Corporation Begins Offering Loans Secured by Cryptocurrency

An established Japanese corporation has begun offering loans secured by cryptocurrency. The company says this is the first service in Japan where loans in Japanese yen can be obtained with cryptocurrency as collateral.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

New Loan Program

Japanese Corporation Begins Offering Loans Secured by CryptocurrencyAbic Corporation announced Friday the launch of its bitcoin loan service. “From June 1, we offer loans with virtual currency bitcoin (BTC) as collateral,” the company’s announcement reads.

Founded in 1973 and headquartered in Tokyo, Abic Corporation offers a broad range of secured loan products including commercial and real estate loans.

“In Europe and the United States, services that provide ICOs [Initial Coin Offerings] and loans are increasing, with virtual currency as collateral such as bitcoins,” the company wrote, elaborating:

Bitcoin secured loan is a service where [customers] can receive loans using bitcoin as collateral as its name implies, but it is Japan’s first service to receive [crypto-secured] loans in Japanese yen.

Japanese Corporation Begins Offering Loans Secured by CryptocurrencyOne major benefit of obtaining this type of loan is that, in Japan, “In the case of individuals, if you sell your own virtual currency, the [capital] gains on that sale will be miscellaneous income and will be subject to progressive taxation,” the company explained. This tax can be as high as 55%.

Emphasizing that its crypto secured loans give customers access to funds without having to sell their crypto, the company urges customers to use its crypto secured loans “for a wide range of purposes such as new virtual currency purchases, [and] tax payments.”

Recently, news.Bitcoin.com reported on Japan’s National Tax Agency revealing that 331 taxpayers with 100 million yen (~US$ 914,000) or more in miscellaneous income, excluding pension income, declared cryptocurrencies in the year 2017.

Loan Terms

Japanese Corporation Begins Offering Loans Secured by CryptocurrencyThe crypto secured loans by Abic Corporation are available for both businesses and individuals. The loan amounts are between 2 million (~US$ 18,260) and 1 billion yen (~$ 9.13 million) with annual interest rates ranging from 2.98% to 15.0%.

Customers can borrow for a period of between one month and five years. Loans can be repaid in up to 60 installments with no prepayment fee. The delinquency charge is 20% annually.

The company detailed:

We will keep your [cryptocurrency] deposit and set the pledge…As a general rule, pledges are set in the virtual currency of the collateral, but it is possible to sell as soon as the market price rises.

Furthermore, the company assured that while holding bitcoins as collateral, customers will still receive any forked coins that may split off during that time. “Even if you receive loans with bitcoins as collateral, there is no worry that the right in division will be lost,” Abic reiterated. This week, news.Bitcoin.com reported on a group of lawyers preparing a class action lawsuit against crypto exchanges in Japan that do not grant their customers their forked coins.

What do you think of crypto-secured loans? Let us know in the comments section below.


Images courtesy of Shutterstock and Abic Corporation.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japanese Corporation Begins Offering Loans Secured by Cryptocurrency appeared first on Bitcoin News.

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