Lending App – Payday Advance USCA http://paydayadvanceusca.com/ Tue, 22 Nov 2022 20:49:20 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://paydayadvanceusca.com/wp-content/uploads/2021/07/icon-4.png Lending App – Payday Advance USCA http://paydayadvanceusca.com/ 32 32 How we changed our loan offering to support your customers https://paydayadvanceusca.com/how-we-changed-our-loan-offering-to-support-your-customers/ Tue, 22 Nov 2022 19:41:47 +0000 https://paydayadvanceusca.com/how-we-changed-our-loan-offering-to-support-your-customers/ We strive to make our products competitive in all economic conditions, which is why we have made so many updates to our loan offering. Here’s a summary of all the changes this year, to show how we’re always trying to support your customers with the best options possible. Flexible credit searches before offer – November […]]]>

We strive to make our products competitive in all economic conditions, which is why we have made so many updates to our loan offering. Here’s a summary of all the changes this year, to show how we’re always trying to support your customers with the best options possible.

Flexible credit searches before offer – November 2022

We can now offer your clients of LLCs and LLPs lending decisions without affecting their credit score.

We will only perform a firm credit search if your client takes out their loan, which means they can assess their decision with peace of mind and see what they can borrow without risk or obligation.

Tariff changes – September 2022

With the economic environment becoming more turbulent towards the end of this year, we have decided to make some changes to our business lending so that we can continue to lend responsibly and remain competitive in the industry.

The loan amount has been reduced to 40% of turnover and our rates have increased by 7.9% per annum, to ensure that our loans remain affordable, while taking into account any future economic changes that may have an impact on reimbursements.

New team composition – August 2022

We’ve updated how our team works to provide even more personalized service to our broker community. By assigning our brokers their own BDE as their point of contact, as well as an assigned BDM, we are able to strengthen the relationships we have with our brokers, as well as speed up our response and application times through the ‘funnel.

Follow-up and understanding of your application – July 2022

After hearing feedback from our brokers, we’ve tweaked our Communities portal to allow you to track the progress of applications in more detail and see the reason for rejection.

Short term loans – July 2022

To support even more businesses, we launched our short-term loans in July. Designed to help start-ups and those who don’t qualify for a standard Funding Circle loan, these loans help us say yes more often and give thousands more businesses access to funding.

Short term loans are now a popular part of our offering, ranging from £10,000 to £50,000 and with tenors of 1-2 years.

Best commission – June 2022

In June, we decided to offer full commission to our brokers as a thank you for referring so many small business clients to us – and we are proud to still offer this benefit today.

Loan Amount Increase – April 2022

During government loan programs, customers could only borrow a maximum of 25% of their turnover. So when the Recovery Loan Scheme came to an end, we made a strategic shift to offer loans of up to 60% of turnover, giving your clients the flexibility to take their business where they want.

A new application process – January 2022

Earlier this year, we launched a new industry-leading application process that allows us to process documents faster and provide instant decisions to most clients.

As well as making the process easier for our Introducers, this app also has a re-offer feature – so you can offer your client more options if their offer is rejected.

And more to come…

We will continue to update our offering based on customer needs and market conditions, and we already have exciting plans in the pipeline for 2023.

Soon we will be testing a client eligibility checker with our brokers, as well as an online quote tool that will help your clients see what they could borrow before they apply. We have also just launched FlexiPay, our new line of credit product, which we plan to test soon with brokers.

We will contact you about these new features, but if you have any further questions, please contact us via your dedicated BDM, or at introducer@fundingcircle.com.

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Loan sharks persist with cruel recovery practices https://paydayadvanceusca.com/loan-sharks-persist-with-cruel-recovery-practices/ Fri, 18 Nov 2022 23:38:06 +0000 https://paydayadvanceusca.com/loan-sharks-persist-with-cruel-recovery-practices/ Several customers of some online money lenders have complained about the disgraceful means lenders often employ to recover their loans. These illegal practices, according to the victims, include declaring debtors dead, designing and distributing their obituaries to family and friends or labeling them HIV-positive, among others. Some of the injured customers recounted how their contacts […]]]>

Several customers of some online money lenders have complained about the disgraceful means lenders often employ to recover their loans. These illegal practices, according to the victims, include declaring debtors dead, designing and distributing their obituaries to family and friends or labeling them HIV-positive, among others.

Some of the injured customers recounted how their contacts had received messages indicating that they were HIV-positive. A message sent to one of the contacts reads: This is to inform the general public that xxxxxx with phone number 09034056*** has tested positive for HIV/AIDS and has escaped from the healthcare facility with the intent to infect the public. Please avoid her and contact the nearest police station or health center so that she can be apprehended and brought back to the health center.

Findings from LEADERSHIP’s data mining department revealed that there are thousands of similar cases involving online money lenders and their customers forcing repayment of loans by sending warning text messages to mobile contacts of their defaulters in a way that damages the reputation of their clients by portraying them as people of questionable character.

This is happening despite crackdowns by regulators, particularly the Federal Competition and Consumer Protection Commission (FCCPC) which has led collaborative efforts to combat the abusive and torturous practices of loan sharks, another name for fake loan applications in nigeria.

How fake loan sharks carry out operations

Millions of Nigerians who do not have a bank account or collateral to borrow turn to these lenders for loans starting from 2,000 naira. They, in turn, experience defamation, cyberbullying, physical abuse, public shaming, and extortion, among others, from these loan sharks. Many have taken to social media to complain of harassment when they default and their contact details are shared with third parties without their approval. They are known for their aggressive recovery methods; lenders charge interest as high as 45% per year. Applicants download an application, complete a form and are asked to authorize the lender to access their contacts for risk management purposes. They have strict collection terms if they fail, including sending threatening, shameful and defamatory messages to the customer and their phone contact list and generally operate outside the law. Essentially, loan sharks operate illegally and hence are usually referred to as illegal lending apps and platforms.

A lending app, 9Credit, has been accused of unethical and untoward practices, including charging customers high questionable interest, granting loans for just seven days instead of a minimum of 60 days like the stipulates the law and to always defame and threaten its customers and their list of contacts.

For example, the app sent this message to people on the contact list of one of its customers. TREAT URGENTLY!!! This is to inform you that xxxxxxxxx (name) Phone: 081xxxxx is a PERSON INCONSIDERATE. THIS PERSON HAS TURNED OUT TO BE A CRUEL/HARD-HEARTED DEBTOR.

This person has CURRENTLY REFUSED to REFUND company (NC) money and refused to take our calls. Please contact us if you have any information about this person as soon as possible, otherwise the company will be FORCED to TAKE LEGAL ACTIONS to RECOVER THIS fund.

On August 18, the FCCPC said it conducted search and seizure operations against at least five lenders. One of those targeted was Lagos-based Soko Lending Limited, FCCPC chief executive Babatunde Irukera said.

Last year, Nigeria’s central IT agency, the National Information Technology Development Agency (NITDA), imposed a N10 million ($23,900) sanction on Soko Lending Company Limited (Soko -loan), a Chinese-owned shark, for invasion of privacy.

Soko was “one of the most prolific actors in violating consumer privacy, fair lending terms and ethical loan repayment/collection practices,” Irukera said. On its website, Soko says it’s a “simple, fully online lending platform” and can process loan applications in five minutes.

Investigations also showed that Sokoloan had been charged with lending scam offenses including: Granting loans for seven days compared to 91-360 days displayed in Google Play Store; not to grant loan up to N300,000 as he claimed; does not declare its actual expenses; In case of non-repayment when due, their employees will harass customers, threaten them and send messages to people on their contact list – stating not to trust customers and telling them to repay your debt .

Janet Henry, 41, a mother of six and a civil servant, urgently needed money to pay for some expenses. She applied and got a loan from Soko-loan. “I saw the Soko-loan terms on a Facebook advertisement but was unaware that the service had been blacklisted by the Federal Government. Around the last days of February (2022), I borrowed 18,000 Naira ($43) to the Soko-loan app When applying, the app showed 92 days as the minimum loan term, but after submitting my data, I saw an interest rate of (approximately) 45 % for 14 days!” she said.

In Ibadan, a Ramota Ajayi also borrowed 18,000 naira from a loan application which took minutes to process. With over 500,000 subscribers who had already installed the app on their phones through Google Play Store, she believed their services would be top notch. She had to repay the loan in eight days. This action violates Google Play Store’s updated rules for an app to be listed on its platform. According to Google Play Store rules, a finance app offering short-term loans on its platform must give borrowers at least 60 days from the date of issuance to repay any loan. Two days before the payment deadline, Ajayi received abusive calls and WhatsApp voice notes from the company’s debt manager saying she would share her information with her contacts if she failed to pay on time.

“I will send your names to all your contacts and I will destroy you if you want me to lose my job since you will not pay on time,” said the debt officer who identified herself as Florence.

Ajayi paid N22,500 including interest on the due date and wrote an email asking the company to fire the debt collector for being rude. They responded and promised to investigate but never did. But she continued to receive abusive WhatsApp voice notes from the debt collector weeks after settling her debts, and the company did nothing.

Crackdown on regulators

FCCPC Executive Vice President/Chief Executive Officer Babatunde Irukera said the commission is working closely with the Independent Corrupt Practices Commission (ICPC), the National Information Technology Development Agency (NITDA) and the Central Bank of Nigeria (CBN) to end the threat.

“We have so far frozen 50 accounts. We have removed 12 apps from the Google Play Store and are currently in discussions with over 10 companies. The rate of defamatory posts has dropped by at least 60%. I’m not saying that they have stopped, but they have dropped by at least 60%.More than half of the companies currently before us have agreed that they will have to change their behavior, including firing some employees who sent defamatory messages. We are developing a regulatory framework that will involve other regulators, and we are currently suing at least one company,” he said.

In addition, the FCCPC had ordered payment system operators, telecommunications companies and mobile network operators (MNOs) to stop providing services that enable the operations of illegal online lenders. He also said that a limited interim regulatory/registration framework and guidelines for digital lending had been developed and adopted by the Joint Interagency Regulatory and Enforcement Working Group to establish a framework. clear regulations for the sector.

Expert advice

Financial experts said that before 2016 there were loan apps, but defaults and unethical repayment practices were very rare. However, according to them, the money sharks have gradually started to exploit the difficulties faced by the masses by dangling enticing quick loan options without collateral.

According to IT expert Andrew Ojo, the government should put in place a policy for easy collection of loans from banks from the general public who do not have a salary account.

“They should regulate the creation and operation of fintech startups to ensure that the human rights and privacy of their customers are protected. The government should apprehend and prosecute any fintech company that fails to follow the rules and regulations provided by the government and/or engages in rudimentary means of recovery, thereby causing their customers physical or psychological harm,” said he declared.

Another Lagos-based IT expert, John Ugochukwu, said the ease of getting a loan without leaving your comfort zone has increased the number of people being victimized by loan sharks.

Main conclusions

Audits by the LEADERSHIP Data Mining department revealed that in 2021, there were 144 fintech startups in Nigeria. The McKinsey report puts the number of standalone fintech startups at over 200.

The battle against loan sharks is not over

The battle against loan sharks in Nigeria by the FCCPC may be far from over as loan apps continue to blackmail and invade the privacy of their customers. Furthermore, many Nigerians have also developed a habit of taking loans from these platforms with no intention of repaying and the loan sharks are aggressively pushing for recovery through all possible means including messaging all contacts of the borrowers.

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Business lending application, VeriLoan, now available on Finastra’s FusionFabric.cloud https://paydayadvanceusca.com/business-lending-application-veriloan-now-available-on-finastras-fusionfabric-cloud/ Wed, 16 Nov 2022 09:00:00 +0000 https://paydayadvanceusca.com/business-lending-application-veriloan-now-available-on-finastras-fusionfabric-cloud/ Supports digitization of front-end functions critical for banks looking to transform and establish a customer-centric approach to corporate lending LONDON, November 16, 2022 /PRNewswire/ — Finastra today announced the availability of VeriPark’s cloud-based VeriLoan solution on its FusionFabric.cloud open development platform. Pre-integration with Finastra’s Fusion Loan IQ lending software provides out-of-the-box integration between loan origination […]]]>

Supports digitization of front-end functions critical for banks looking to transform and establish a customer-centric approach to corporate lending

LONDON, November 16, 2022 /PRNewswire/ — Finastra today announced the availability of VeriPark’s cloud-based VeriLoan solution on its FusionFabric.cloud open development platform. Pre-integration with Finastra’s Fusion Loan IQ lending software provides out-of-the-box integration between loan origination and servicing functions – joining the enterprise lending process for clients, from the moment where they apply for funding, to servicing the loan.

The application is easy to deploy and offers users flexibility and easy drag-and-drop customization to support loan structures of varying degrees of complexity. Designed to manage the entire origination lifecycle on a unified platform for SMB and enterprise customers, VeriLoan provides greater transparency to borrowers and reduces closing times.

“The past few years have been extremely disruptive for businesses around the world, with major shifts in technology and customer expectations shaking up the landscape,” said Robert Downs, VP Product Management, Fusion Loan IQ at Finastra. “VeriLoan’s integration with Finastra’s lending solutions via FusionFabric.cloud means that our financial institution customers benefit from this orchestration to centralize and streamline the loan origination process, while providing a user-friendly and digitized borrower experience. to their customers. Together with VeriPark, we enable banks to employ innovative technologies that will help them grow.”

By streamlining the loan origination process, VeriLoan allows banks to make quick, risk-based lending decisions using predefined and customizable rules configured to institutions’ credit standards. VeriLoan reduces average loan application processing time by up to 75% and can significantly increase application processing capacity per month, reducing most manual touchpoints.

“Customers expect banking processes to be digitized, but while the retail banking landscape has become more automated, many corporate lenders are still catching up,” said Özkan Erener. , CEO of VeriPark. “Finastra is a valued partner and we are delighted that our VeriLoan solution is now available on the FusionFabric.cloud platform. The integration makes it easy for financial institutions to generate more engaging interactions with their customers by capturing their needs, obtaining personalized insights, and put customers at the heart of their digital transformation and innovation.”

For more information on the VeriLoan solution application on FusionFabric.cloud, click here.

For more information, please contact:

Sarah Mason
Acting Global Head of Public Relations, Finastra
J +44 (0)20 3100 3613
E [email protected]

Catherine Vanmarsenille
Marketing Director, VeriPark
E [email protected]

About VeriPark

VeriPark is a global solution provider enabling financial institutions to become digital leaders with its Intelligent Customer Experience suite. With its main offices located at United States, UK, Europe, Asia, Africa and the Middle East, VeriPark helps companies improve their customer acquisition, retention and cross-selling capabilities by providing proven, secure and scalable solutions for customer relationship management, omnichannel delivery, branch automation, licensing loans and Next Best Action. VeriPark works collaboratively with its clients to develop innovative technology strategies and solutions that reach millions of people every day and bring the promise of digital transformation to life.

www.veripark.com – [email protected]

LinkedIn; Twitter; Youtube

About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched the leading open innovation platform, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing solutions and services awards in the areas of loans, payments, treasury and capital. Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as integrated finance and banking as a service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by around 8,600 institutions, including 90 of the world’s 100 largest banks. For more information, visit finastra.com.

Logo: https://mma.prnewswire.com/media/1916021/FINASTRA_Logo.jpg

SOURCEFinastra

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YouHodler to start referral program https://paydayadvanceusca.com/youhodler-to-start-referral-program/ Sun, 13 Nov 2022 17:19:52 +0000 https://paydayadvanceusca.com/youhodler-to-start-referral-program/ YouHodler, a well-known crypto investment platform, has announced that it is launching a bonus and referral program for users. The new program coincides with the company’s fourth anniversary. YouHolder is a platform that allows you to earn interest on your crypto assets. You can also borrow crypto funds from the platform to invest and pay […]]]>

YouHodler, a well-known crypto investment platform, has announced that it is launching a bonus and referral program for users. The new program coincides with the company’s fourth anniversary.

  • YouHolder is a platform that allows you to earn interest on your crypto assets. You can also borrow crypto funds from the platform to invest and pay back with interest – think of it as a peer-to-peer lending platform.

The platform did not provide many details about its new bonus and referral programs. He says the program is still in the testing phase and will be released “very soon”. But, following the precedents of other crypto investment platforms, it is likely that YouHodler will reward users for referring more users to its platform. What is unclear is the size of the reward pool.

It looks like YouHodler is putting a lot of pressure on despite the recent downturn in the crypto market. This year’s crypto market crash wiped out more than $2 trillion in value, and the losses were compounded by a decline in market confidence following the recent insolvency of FTX, one of the five major crypto exchanges.

YouHodler recently cut loan interest rates on its platform by a significant margin to improve demand for credit and help customers in a bear market. The platform has also lowered the fees it charges users to maintain their loans.

YouHolder started in 2017 as an app that allowed users to trade cryptocurrencies. It started lending soon after its launch and issued its first loan in 2018. Since then, the platform has grown to facilitate millions of dollars in loans per year – users can borrow a minimum of $100 $ of different tokens, such as Bitcoin, Ethereum, Solana, etc.

Along with its new referral program, YouHodler announced other changes such as a revamped interface and more flexible loan repayment options. The company says the new referral program may not be available in some countries at an early stage, but did not provide details.

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Construction and training bosses banned over Covid loan abuse https://paydayadvanceusca.com/construction-and-training-bosses-banned-over-covid-loan-abuse/ Fri, 11 Nov 2022 09:34:13 +0000 https://paydayadvanceusca.com/construction-and-training-bosses-banned-over-covid-loan-abuse/ The bosses of a London construction company and a sports coaching firm in Greater Manchester have each been banned from running a business for 11 years after abusing Bounce Back Loans. Lavinia-Larisa Mociar, 31, has demanded £50,000 to support the Harrow-based construction company of which she was director. However, the company had ceased operations at […]]]>

The bosses of a London construction company and a sports coaching firm in Greater Manchester have each been banned from running a business for 11 years after abusing Bounce Back Loans.

Lavinia-Larisa Mociar, 31, has demanded £50,000 to support the Harrow-based construction company of which she was director. However, the company had ceased operations at the time of the application.

And Shafiqur Rahman, 26, and chairman of a local charity, had exaggerated the turnover of his Manchester-based sports coaching business to claim £25,000.

But the amount received by Aspire Sports Coaching & Partners Ltd was more than 11 times the money the business was entitled to and Rahman spent £20,000 of it without being able to prove it had been used to support the business.

Under the rules of the scheme, businesses applying for the loan had to be actively trading by March 2020. Businesses could apply for loans of up to 25% of their 2019 turnover, up to a maximum of £50,000 , to help keep their business afloat during the pandemic.

Lavinia-Larisa Mociar, originally from Romania, was the sole director of L&M Construct Ltd until the company went into liquidation in November 2021.

However, L&M Construct Ltd had ceased operations in October 2019 – a year before Mociar applied for the Bounce Back loan, which was intended to help businesses through the pandemic.

Investigators found that not only did L&M Construct Ltd fail to trade in 2020, Mociar also exaggerated the company’s turnover to claim the maximum £50,000. There was less than £50 in the company’s bank account when the loan was deposited in October 2020.

Mociar then withdrew over £50,000 from the company’s account before the end of 2020 – further abuse of the scheme, as the money was not being used for the economic benefit of the company.

The company went into liquidation owing approximately £50,000 including the full amount of the loan.

Shafiqur Rahman, based in Manchester, was a director of Aspire Sports Coaching & Partners Ltd, which provided sports programs and activities to primary schools and holiday clubs in Greater Manchester.

Rahman was also the founder and chairman of Oldham Inspiring Youth, a charity which aimed to engage children through sport and education, and which crowdfunded a yellow school bus to be used as a community education space in Oldham.

He applied for a £25,000 Bounce Back Loan in May 2020 to support Aspire Sports Coaching during the pandemic shutdowns when most children were out of school. The business closed in May 2021, triggering an investigation by the insolvency service.

Investigators found that, based on the company’s actual turnover, Aspire Sports Coaching & Partners should have only been eligible for a £2,000 Bounce Back loan, and that the company had received £23,000 which she was not entitled to.

Investigators also discovered that Rahman paid £20,000 on the business and gave a false invoice for the amount to liquidators in an attempt to account for the unexplained payment. The business closed with debts of £25,000 – the full amount of the loan money.

The Secretary of State accepted disqualification undertakings from the two errant bosses, and they each received 11-year bans. Rahman’s ban started on October 11 this year and Mociar’s started on November 8, 2022.

The disqualifications prevent the two former directors from becoming directly or indirectly involved in the promotion, incorporation or management of a company, without the authorization of the court.

Tom Phillips, Deputy Director of Insolvency Service Investigation and Enforcement Services, said:

These administrators grossly abused the government’s Bounce Back Loan rescue program.

The lengthy disqualifications should remind others that the Insolvency Service will not shirk its responsibility by taking action to protect the public and the taxpayer.”

Notes to Editors

Lavinia-Larisa Mociar is from Harrow and her date of birth is July 1991.

L&M Construct Ltd (company registration number 11346012).

Shafiqur Rahman is from Oldham and his date of birth is October 1996;

Aspire Sports Coaching & Partners Ltd (company registration number 11179915).

A disqualification order means that, without the express permission of a court, a disqualified person cannot:

  • act as a director of a company
  • participate, directly or indirectly, in the promotion, incorporation or management of a company or a limited liability company
  • to be a receiver of a company’s assets

Forfeiture undertakings are the administrative equivalent of a forfeiture order but do not involve court proceedings.

Persons subject to a disqualification order are bound by a [range of other restrictions]((https://www.gov.uk/government/publications/corporate-insolvency-effect-of-a-disqualification-order).

Information about the work of the insolvency service and how to complain about financial misconduct.

Contact the press office

You can also follow the Insolvency Service on:

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Q2, CloudKaptan Collaborates with Prompt Financial on Lending Process Platform https://paydayadvanceusca.com/q2-cloudkaptan-collaborates-with-prompt-financial-on-lending-process-platform/ Fri, 04 Nov 2022 20:27:30 +0000 https://paydayadvanceusca.com/q2-cloudkaptan-collaborates-with-prompt-financial-on-lending-process-platform/ Daniel Goldsmith Digital home lender Prompt Financial Solutions has partnered with Q2 Holdings Inc., a provider of digital transformation solutions for banking and lending, and CloudKaptan to unify and automate the entire lending process lifecycle on a single platform, from application to funding decision, service and reimbursement. With Q2 Lending, Prompt Financial has reduced its […]]]>

Digital home lender Prompt Financial Solutions has partnered with Q2 Holdings Inc., a provider of digital transformation solutions for banking and lending, and CloudKaptan to unify and automate the entire lending process lifecycle on a single platform, from application to funding decision, service and reimbursement.

With Q2 Lending, Prompt Financial has reduced its administrative burden and credit risk while streamlining the entire user experience with a modern and simple workflow. With its new rapid scalability and flexible technology stack, Prompt Financial can provide funding within 2-3 business days. The convenient and accessible user interface enables quick decision-making, while reducing the administrative burden.

“It’s been a true digital transformation of our business from the inside out,” says Daniel Goldsmith, reporting analyst at Prompt Financial. “When CloudKaptan introduced Q2 Lending, we experienced a smooth and rapid evolution. Starting with the successful launch in just 12-14 weeks, our data management was completely transformed from a cumbersome and slow system into a workflow very efficient and unified, easily customizable to meet the needs of all users.

Prompt Financial continues its trajectory with the launch of a new mobile app for mortgage brokers and the addition of 35-50 new lending products, all supported by Q2 Lending and CloudKaptan.

“One of the biggest improvements is the workflow,” continues Goldsmith. “The fact that our entire team can check statuses with an underwriter, admin, customer service representative, or anyone else, and everyone can see exactly where things stand in the process has changed our business.”

“We are thrilled to partner with innovative and forward-thinking companies like Prompt Financial to transform the borrower experience,” said Dallas Wells, senior vice president of product management at Q2. “Prompt Financial has achieved exemplary results with Q2 Lending, improving operational efficiency while dramatically increasing loan volume. We are proud to support the vision and continued success of Prompt Financial.

“The automation and digital transformation of lending activities is at the heart of what we do at CloudKaptan,” adds Manoj Agarwal, Managing Director of CloudKaptan. “We are pleased to partner with Q2 on this journey to help Prompt Financial improve their customer experience with a state-of-the-art lending solution.”

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Trovio Group Launches $35M DeFi Fund Powered by Yield App https://paydayadvanceusca.com/trovio-group-launches-35m-defi-fund-powered-by-yield-app/ Thu, 03 Nov 2022 01:17:09 +0000 https://paydayadvanceusca.com/trovio-group-launches-35m-defi-fund-powered-by-yield-app/ Trovio Group, one of Australia’s leading asset managers, has partnered with Yield App, a digital wealth platform with $200 million under management, for the launch of a brand new crypto fund. This $35 million fund, dubbed Trovio DeFi Fund, offers wholesale investors the opportunity to diversify their investment through a return-generating strategy within the DeFi […]]]>

Trovio Group, one of Australia’s leading asset managers, has partnered with Yield App, a digital wealth platform with $200 million under management, for the launch of a brand new crypto fund.

This $35 million fund, dubbed Trovio DeFi Fund, offers wholesale investors the opportunity to diversify their investment through a return-generating strategy within the DeFi (decentralized finance) ecosystem.

By combining Trovio Group’s asset management expertise with Yield App’s DeFi risk management experience, the Trovio DeFi fund will leverage the DeFi strategy that powered the yield-generating platform Yield App and the will make it accessible to a wider audience of investors.

Revolutionary risk model

Trovio DeFi Fund prioritizes capital preservation and uses proprietary sentiment analysis to protect the portfolio from market volatility. This proprietary risk model uses 135 measurable variables generated from historical data to analyze all aspects of risk exposure, including the four pillars of security assessment: smart contract, platform, counterparty, and financial/debt risk. credit.

Based on this model, the risk analysis system returns a measurement that informs the management team about the total amount of liquidity in the credit pools, along with an alphabetical note from A to Z. This system aims to objective to help decide whether or not the Trovio DeFi Fund should make an investment.

Yield App’s chief investment officer, Lucas Kiely, said the new partnership will benefit wholesale investors with access to a tested DeFi strategy, which has powered Yield App’s yield-generating engine. Lucas further stated:

Yield App’s expertise in the DeFi space, combined with Trovio’s long and successful track record in the digital asset industry, makes them the best placed team in the market to take advantage of the opportunities available in DeFi, while maintaining a strict concentration on capital. conservation throughout”,

he added, providing additional context on the goals of this collaboration.

Yield App CEO Tim Frost was also keen on the partnership, saying the team is proud to share its industry-leading expertise and industry-leading risk model with Trovio. According to Tim, the collaboration is an unprecedented opportunity to explore synergies between the two companies.

From Trovio Group, CEO John Deane said:

Trovio has spent the past five years building a market-leading asset management solution for native digital assets. Today we are delighted to announce the launch of the Trovio DeFi fund in partnership with Yield App, an institution we have worked closely with during this time. Yield App brings a wealth of experience in managing risk in decentralized finance, and we look forward to continuing to grow this partnership, providing our investors with recognizable institutional investment products aligned with best-in-class risk management and governance.”.

As an active participant in the Blockchain world, I always look forward to engaging in opportunities where I can share my love for digital transformation.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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How to Get a $50,000 Personal Loan – Forbes Advisor https://paydayadvanceusca.com/how-to-get-a-50000-personal-loan-forbes-advisor/ Tue, 01 Nov 2022 00:06:16 +0000 https://paydayadvanceusca.com/how-to-get-a-50000-personal-loan-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. A personal loan is a financing option that you can use to cover a variety of different expenses. Whether you need a loan for debt consolidation, home improvement projects, or something else […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

A personal loan is a financing option that you can use to cover a variety of different expenses. Whether you need a loan for debt consolidation, home improvement projects, or something else entirely, a personal loan can make your goals more manageable.

Larger personal loans of $50,000 can be offered to qualified individuals through various financial institutions and online lenders. Follow these five steps to get a $50,000 loan.

1. Consider qualification requirements

The first step is to review the qualification requirements of different lenders. Here are some common personal loan requirements you might encounter.

  • Minimum credit score: You should check your credit score to get an idea of ​​how your credit compares to lenders standards. We recommend a minimum score of 670.
  • Revenue: Some lenders may want confirmation that you earn a minimum wage before giving you a personal loan, but not all lenders will disclose the minimum income they require.
  • Debt-to-income ratio (DTI). If you have too much debt relative to your income, you may struggle to qualify for financing, especially a $50,000 personal loan. A DTI of less than 36% is ideal, although some lenders will approve a highly qualified applicant with a ratio of up to 50%.

As you review lender requirements, make a list of personal loans you think you might be eligible for. You should also keep a separate list of lenders who are unlikely to approve your application so you know which ones to avoid.

2. Prequalify with multiple lenders

Once you have a list of lenders you think could work with you, check to see if any of them offer prequalification. Many lenders allow interested borrowers to prequalify for a loan, allowing you to see what terms you may qualify for when you apply, although they are unsecured. Prequalification usually only requires an indirect credit check, which has no impact on your credit score.

3. Compare your offers

Then it’s time to compare your pre-qualified loan offers and choose the best personal loan for you. Of course, you will want to pay close attention to the interest rates offered by different lenders. A lower interest rate has the potential to save you a lot of money on your loan.

However, there are other details that could influence your decision, including:

  • Fees (opening fees, application fees, prepayment penalty, etc.)
  • Loan amount (can you borrow up to $50,000?)
  • Repayment period
  • Monthly payment
  • Uses of the loan
  • Funding speed

4. Complete and submit your application

After making your final choice, complete and submit your official loan application. You should expect to provide more information on your full application than on your initial prequalification form.

Here are some of the details and documents your potential lender may request when you apply for a personal loan:

  • Personal information (name, address, social security number, date of birth, etc.)
  • Employer and job title
  • Income and proof of income (e.g. pay stubs, tax returns, etc.)
  • Chequing and savings account balances
  • Copies of bank statements
  • Monthly rent or mortgage payment

5. Manage and repay your loan

If approved, you should receive final loan documents that confirm the details of your loan agreement, such as your interest rate, repayment term, monthly payment, and loan amount.

Lenders ask you to sign your loan agreement to confirm that you accept the terms and conditions of the financing. After your signature, the lender can begin the process of sending you the loan proceeds. You can expect a direct deposit to your bank account the same day or within a few days.

Once you have received your loan proceeds, your loan repayment period begins. The lender will expect you to start repaying your loan according to the terms set out in your loan agreement. Some lenders may offer you a rate reduction if you sign up for autopay.

How to get a $50,000 loan with bad credit

Qualifying for a $50,000 personal loan with bad credit can be a challenge. Many lenders are unwilling to approve a borrower for a personal loan unless they have at least a fair credit score or better.

However, you may be able to find lenders willing to work with you if you have bad credit. Of course, your income, DTI ratio, and other factors will also need to meet the lender’s borrowing criteria. Your credit alone does not guarantee loan approval.

If you are able to qualify for a personal loan with bad credit, you must be prepared to pay higher interest rates and fees in exchange for the credit risk you pose as a borrower with bad credit. credit. Additionally, bad credit can limit the amount of loan you are eligible for.

Where to get a $50,000 loan

Long term costs of a $50,000 loan

It is always wise to calculate the cost of a loan before making your final decision on whether or not to accept an offer. You can use tools like the Forbes Advisor personal loan calculator to estimate the monthly payments and overall interest you would pay over the life of a loan.

If you’re taking out a low-interest loan to consolidate your debt, a new personal loan could help you save money in the long run. But even in this scenario, you must commit to not accumulating additional debt after consolidation. Otherwise, you could end up with bigger debt problems down the road.

Conclusion

Taking out a $50,000 personal loan could be useful in many different financial scenarios. However, it is important to make an honest assessment of your situation before committing to such debt.

If you think a $50,000 loan is right for you, be sure to shop around for the best deal available. It’s important to get the lowest interest rate and fees possible, especially when borrowing larger sums of money.

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Civil Service Loan Forgiveness Deadline Approaches – NBC Connecticut https://paydayadvanceusca.com/civil-service-loan-forgiveness-deadline-approaches-nbc-connecticut/ Fri, 28 Oct 2022 23:32:37 +0000 https://paydayadvanceusca.com/civil-service-loan-forgiveness-deadline-approaches-nbc-connecticut/ The announcement of the student debt relief plan has been making waves recently. But there’s another path to loan forgiveness that many don’t know about: the overhaul of the civil service loan forgiveness program. The window to take advantage of the limited waiver is coming to an end. The program is aimed at people in […]]]>

The announcement of the student debt relief plan has been making waves recently.

But there’s another path to loan forgiveness that many don’t know about: the overhaul of the civil service loan forgiveness program.

The window to take advantage of the limited waiver is coming to an end. The program is aimed at people in the public service such as teachers, firefighters and police officers.

Here’s who’s eligible.

When it launched in 2007, many people took up this offer from the government – commit to 10 years of public service after university and the majority of your loans will be forgiven.

But tens of thousands of public sector workers have been denied the award for their service, with a staggering 98% of applicants turned down for a variety of administrative failures.

“The mental anguish caused by all of this has been quite significant,” said Ann Wysock, who relied on the PSLF app and struggled to get it approved.

She shared her story with NBC 5 Responds.

This revival with relaxed rules is an effort to give these people the opportunity to take advantage of the loan cancellation that had been promised to them.

This new limited civil service loan waiver could impact thousands of civil service employees, including types of loans that were not previously eligible.

Applicants must apply by October 31.

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Why payment apps and P2P lending platforms are scratching their backs https://paydayadvanceusca.com/why-payment-apps-and-p2p-lending-platforms-are-scratching-their-backs/ Thu, 27 Oct 2022 00:06:37 +0000 https://paydayadvanceusca.com/why-payment-apps-and-p2p-lending-platforms-are-scratching-their-backs/ Want to read our free stories and try our newsletters? Register Where Login A new type of partnership is taking shape in the Indian fintech industry. Some peer-to-peer (P2P) lending platforms and leading direct-to-consumer (D2C) fintech companies are increasingly looking to make up for what they lack. The latest to jump on the bandwagon is […]]]>










A new type of partnership is taking shape in the Indian fintech industry. Some peer-to-peer (P2P) lending platforms and leading direct-to-consumer (D2C) fintech companies are increasingly looking to make up for what they lack.

The latest to jump on the bandwagon is payment service provider MobiKwik. Earlier in October, it launched a P2P investment platform – Xtra – in conjunction with P2P lender Lendbox. A few weeks earlier, credit card repayment app CRED invested $10 million in LiquiLoans to acquire a minority stake in the Mumbai-based P2P lender.

Ergo, a mutual benefit scenario is playing out in the industry. It is crucial for fintechs to venture into lending, a high-margin business in financial services and one of the few surefire ways to make money in the industry. Through these partnerships, fintechs are simply navigating a way to smoothly enter the space.

And this sudden interest in fraternizing among P2P lenders is the result of a relatively slow growing industry.

As The Ken has

writing


writing

The Ken
Put the P back in the P2P loan
Read more


before, there is a lack of confidence in the P2P lending model. A high number of defaults and no way for lenders to recover their money has prevented the steady rise of P2P lending in the Indian market. Despite this, fintechs are clearly in the mood to experiment.

Earlier in August 2021, another fintech startup, BharatPe, started offering P2P investment and bank deposit products to its merchant partners. The company has entered the space, together with Bengaluru-based startup LenDenClub and LiquiLoans, with the launch of its “12% Club” product. BharatPe says the initiative already has 1.5 million users and disburses an average of 250,000 loans per year.

P2P lending allows individuals to obtain loans directly from other individuals, eliminating financial institutions as intermediaries. It is also called “social loan” or “participatory loan”. Some of the big names in the industry include lenders like Faircent and Monexo.

The companies mentioned did not respond The Ken‘s requests to participate in this story until the time of publication.

The exact number of loans in the industry is still unclear due to lack of company disclosures. But an executive from one of the companies in the P2P lending space fixes the cumulative lending

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exposure

mint
Fintech loan volume doubles to ₹18,000 crore in FY22: report
Read more


of the sector reached only around 8,000 crore rupees (~US$1 billion) in the year ending March 2022.

Many other leaders set the number much lower, in the range of 4,000-5,000 crore rupees (~$500-$600 million). Even though this is a 10x increase from 2018. The executives and others quoted in the story declined to be named because they are not authorized to speak to the media.

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