Fintech companies have been lobbying for weeks to be able to participate in the U.S. government’s emergency lending program for small businesses. Now those efforts have paid off, as PayPal, Intuit and Square have all been approved to participate in the U.S. Small Business Administration’s (SBA) Paycheck Protection Program, which provides aid in the form […]

The cost to banks of funding mortgages has leapt since Mr Trump's surprise win, and experts expect these rises to be passed on to homeowners.

Naseeb Chuhan, 21, from Leeds, was found hanged after his debts spiraled and his death has led to a coroner being asked to write to the FCA about students being handed dangerous loans.

O'Donnell claimed on the air that a source had told him 'the co-signers of Donald Trump's Deutsche Bank loans are Russian billionaires close to Vladimir Putin.' Trump's lawyers threatened to sue.

This is the first earnings report released by SBI Cards and Payment Services since it was listed on the bourses in March 2020.In Q4 2020, SBI Cards’ profits fell by 66% compared to the same period last year, to ₹83.5 crore from ₹249 crore.The company also created a provision of ₹489 crore to account for the economic concerns arising due to the Covid-19 pandemic.On the flip side, SBI Cards’ asset quality improved, with its non-performing assets declining to 2.01% from 2.44% a year earlier.SBI Cards and Payment Services today posted its Q4 earnings (January-March 2020), revealing a fall of 66% in its profits to ₹83.5 crore, while its bad debts and impairment losses rose by 138% to ₹838 crore on a year-on-year basis. “Considering the possible effects from the pandemic relating to COVID-19, the

US banks earned $10 billion in two weeks processing the loans from the government scheme to protect small businesses from financial ruin during the coronavirus crisis, according to an NPR report.The rescue plan worth $349 billion offered businesses loans of up to $10 million to thousands of US companies and were guaranteed by the federal Small Business Administration.The banks charged a transaction fee of 5% on loans worth less than $350,000, while on loans worth between $2 million - $10 million, the cost was 1%.The banks defended the massive windfall of loan transaction fees, saying that processing the loans involved complicated vetting procedures.Treasury Department guidelines are less rigorous than for regular loans, and the taxpayer provides the funding, so there is little risk for the

The Elzarka family has owned Beninni, a men's formal wear store in Hayward, California, for 30 years. The shop was forced to shut down in the coronavirus lockdown, and has tried and failed to get government assistance loans through the coronavirus relief package.Shady Elzarka, whose dad founded the store, struggled to access either the Economic Injury Disaster Loan Emergency Advance (EIDL) and relief from the Paycheck Protection Program (PPP).Elzarka for weeks heard nothing from the Small Business Administration, through which he applied for an EIDL, or from Bank of America, where he applied for the PPP loan.Meanwhile much larger companies did not struggle to access government funding, some of which public pressure forced them to hand back.After Business Insider contacted Bank of America for

Christina Stembel founded her floral company, Farmgirl Flowers, in her dining room in 2010, using her personal savings and a cash-back credit card to cover business expenses.The company has since blossomed into a thriving startup that employed almost 200 staff members prior to the coronavirus.However, as the pandemic causes economic fallout worldwide, Stembel told Business Insider that the future of her company is uncertain.She said the process of applying for the first round of the Paycheck Protection Program, a government fund meant to help small businesses through the coronavirus pandemic, was frustrating and fruitless."I know that the intention of this program is to help small businesses, so let's change it to make sure this money does fall into the hands of small businesses," she said.Visit

Paycheck Protection Program, or PPP, loan approvals are more concentrated in areas with existing small business-bank partnerships instead of regions hit hardest by the coronavirus, Federal Reserve Bank of New York economists wrote Wednesday. Virus hotspots including New York, New Jersey, Michigan, and Pennsylvania are receiving fewer PPP loan approvals per small business than less-affected states.The economists found "strong similarity" between states with high proportions of small business-bank financing relationships and PPP loan issuance.States with larger shares of community banks also issued a greater proportion of relief loans, the Fed found.Visit Business Insider's homepage for more stories.Emergency loans issued by the Small Business Administration have been more concentrated in areas

In situations like the coronavirus pandemic, infectious disease doctors are indispensable experts who help us better understand viruses and the steps that society can take to mitigate damage.Infectious disease specialists are some of the lowest paid physicians in the US, according to data from Medscape."There are not enough people like me in the world right now," Dr. Emily Landon, an infectious disease specialist at University of Chicago Medicine, told Business Insider. "It's hard to pay off your medical school loans in this kind of a job.""The greatest barrier to going into our field is the financial concerns," said Dr. Thomas File, Jr., president of the Infectious Disease Society of America.Read live updates about the coronavirus here.Experts who can help protect the world against viral

Yes Bank reported a net loss of ₹3668.33 lakh during the fourth quarter.Between 40% to 45% of its borrowers have opted to exercise the three-month moratorium on loan repayments issued by the Reserve Bank of India.The bank expects deposits to erode further once the moratorium lifts and its customers withdraw their funds to pay off loans.Over the last year, Yes Bank deposits half shrunk to half their original size.Yes Bank posted a net loss of ₹3668.33 lakh in its fourth-quarter earnings amounting to a total loss of ₹16,418 crore for the financial year 2019-20. However, with the onset of the coronavirus pandemic and the ensuing lockdown, the bank is far from being out of the woods just yet. “The extent to which the COVID-19 pandemic will impact the bank's future results will depend on related

ICICI Bank’s fourth-quarter core operating profits are in the green at ₹1,221.36 crore, a jump of 26% over the Jan-March quarter. For the entire year, the bank’s profit after tax grew by 136% to ₹7,931 crore.Even though many expect the ratio of bad loans to increase in the near term once the Reserve Bank of India’s (RBI) moratorium on repayment of loans ends, ICICI Bank’s net non-performing assets (NPAs) decreased from 2.06% in March 2019 to 1.41% in March 2020.

Getty ImagesAll of the PPP loan funds have been committed, but new Fed-backed loans could help some businesses come back after the crisis.Less than two weeks after launch, all of the $349 billion allocated to small businesses in the CARES Act has been committed.Lending could now come to a grinding halt as banks won't have the guarantee of the US Treasury to back up more loans.Business owners who still need financing greater than $1 million can take advantage of the Federal Reserve's Main Street Lending program, which will support additional loans from banks.The Fed's program backs four-year loans with payments and interest deferred for the first year.Visit BI Prime for more stories.Just 12 days after the launch of the Payroll Protection Program, all $350 billion in loans have been approved,

SBI also introduced special deposit scheme for senior citizens with higher interest rate.

A few weeks before Monty Bennett's companies received the sum, he hired Jeff Miller, former vice chairman of Trump's inaugural committee, and Roy Bailey, a re-election campaign fundraiser.

Thousands of firms are finding it near-impossible to access cash under the Government's vital Coronavirus Business Interruption Loans Scheme (CBILS).

Less money has been lent under the Business Interruption Loan Scheme than in Switzerland and Germany because the application process is too complex, the TaxPayers' Alliance said.

Though it is one of the largest lenders to small and medium-sized firms, it has only approved a tiny percentage of loans made under the Government's Coronavirus Business Interruption Loan Scheme.

RBS, which is changing its name to Natwest later this year, said the loss provisions dragged profit down by almost 50 per cent to £519m in the first three months of 2020.

In an indictment of the failure of the Government's original aid schemes to help many businesses, lenders received tens of thousands of applications for the new 'Bounce Back' loans within hours.

Bank of England governor Andrew Bailey (pictured) has put pressure on banks to ramp up lending as the central bank predicted the economy would shrink by 30 per cent in the first half of the year.

Chancellor Rishi Sunak was forced to rethink the Government's original coronavirus Loan Scheme after thousands of small businesses warned they would go bust without quick access to cash.

To make matters easier for the lenders, the Bank of England has already released counter-cyclical buffers to prepare for current loan demand.

Part-time students have been handed some good news in today's Autumn Statement with access to maintenance loans to help with living costs during their studies from 2017/18.

When Danny Cheetham took out his first payday loan ten years ago he only wanted £100 for a night out. He was a student and paying back £128 after 22 days didn't sound like a bad deal.

With nursery costs reaching as much as £12,000 parents are finding it difficult cope. But now a new provider enables employers to give interest-free loans to parents for childcare

TSB is looking at launching a range of short-term loans aimed at families who regularly dip into their overdraft. TSB customers can currently borrow between £7,500 and £50,000.

John Lewis has launched a new personal loan, offering borrowers between £1,000 and £25,000. Rates start from a competitive 2.9 per cent. Here's our verdict

Future Finance does recommend students go through Student Finance first, but the cost of repayments should be a red flag for any students considering this option.

UCAS will stop sending out emails advertising private student loan provider Future Finance, the student charity announced today, following a backlash over the promotions

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Non-performing assets in public sector banks have shot up by more than 400 per cent in the last five years, hitting Rs 164000 crore! Shripad Dharmadhikary summarises findings of a research report that unearths the real reasons underlying these bad loans.

The government has introduced the Microfinance Bill in Parliament, empowering RBI to oversee small lenders as well. The law will take MFIs outside the jurisdiction of state-level laws, and bring them under federal regulation.

Absconding dimantaire Choksi's company Gitanjali Gems tops the list of these defaulters with a whopping amount of Rs 5,492 crore, according to the list.

Suggestions from various quarters, including from Indian Banks' Association, have come for the further extension of moratorium and the RBI is actively considering them, according to sources.

Non-banking financial companies (NBFCs) have asked the Reserve Bank of India to allow them one-time restructuring of all loans till March 2021, as their borrowers are facing funding issues amid the coronavirus pandemic and the subsequent lockdown.

The SC said cooperative banks cannot carry on any activity without compliance of the provisions of the Banking Regulation Act, 1949 and any other legislation applicable to such banks relatable to 'Banking'.

She further said that state-owned banks implemented the moratorium announced by the RBI on repayment of loans.

Many MSMEs and corporates have also availed the three-month moratorium offered by banks as per the Reserve Bank of India

His remarks came a day after a slugfest between the BJP and Congress over loan write-offs of the top 50 bank-loan defaulters in the country.

Some of the companies that took loans said publicly they were financially secure, with some seeing increased demand for their products around the time they asked for the aid.

he noted that these borrowers hail from a variety of sectors like micro, small and medium enterprises (MSMEs), retail, agriculture and corporate, waiting for disbursal soon after the lockdown is lifted.

Bank loans to industry slow during April-November of FY14

Bank loans expand 9% during April-December

Auditors and company executives told that higher provisioning may be necessary as the pandemic-induced sharp dip would have increased difficulties for these businesses already hit by the ongoing slowdown. In many cases, auditors have asked companies to provide up to 50%.

Top fintech companies are, therefore, rushing to tap into this new consumer trend, with several of them offering digital solutions to small merchants. These range from instant loans to digital billing to even geotagging, as companies believe the merchant digitisation business will boom when the lockdown eases.

Indians may borrow more against their stash of gold as the world’s biggest lockdown raises financial stress .

Gold loans for business purposes are mostly used by small businesses as short-term working capital for stocking. With gold prices hovering around Rs 47,000 per 10 gm, small businesses will need to take loans to resume operations, said industry executives.

​ NBFCs have also demanded for extension of the Reserve Bank of India's moratorium to them, relaxation on provisioning norms and additional funding from Small industrial Development Bank of India (SIDBI) and National Bank for Agriculture and Rural Development (NABARD) through refinance mechanism.

She said she had told the Finance Commission, Finance Minister and the Prime Minister on several occasions that this should be stopped.