No forgiveness: Small businesses still on hook for rescue loans (Politico)

Politico: No forgiveness: Small businesses still on hook for rescue loans. “When the government pledged to give small businesses billions of dollars in rescue loans during the pandemic, it was an offer almost too good to refuse: The loans could be forgiven if employers only maintained payroll. In little more than four months, the Paycheck Protection Program doled out $525 billion in loans to 5.2 million borrowers, which economists estimate saved millions of jobs. But to date, none of the loans have been forgiven.”

ProPublica: They Sued Thousands of Borrowers During the Pandemic — Until We Started Asking Questions

ProPublica: They Sued Thousands of Borrowers During the Pandemic — Until We Started Asking Questions. “A Silicon Valley-based installment lender that caters to Latino immigrants announced on Tuesday that it would drop all the lawsuits it has filed against borrowers who fell behind on payments, including during the coronavirus pandemic. Oportun Inc. also said it would cap interest rates on new loans at 36% — a percentage that consumer advocates consider the gold standard for smaller personal loans.”

NDTV: Google to Start Offering Loans to Merchants in India, Rolls Out ‘Nearby Stores’ Spot Nationwide

NDTV: Google to Start Offering Loans to Merchants in India, Rolls Out ‘Nearby Stores’ Spot Nationwide. “Google is set to start offering loans to merchants in India through the Google Pay for Business app. The search giant said on Thursday that it is working with partner financial institutions to help small businesses in the country impacted due to the coronavirus outbreak. In addition to offering loans, Google announced a national rollout of ‘Nearby Stores’ Spot on Google Pay to help businesses get discovered by customers in their locality. The feature was launched earlier this year in cities including Chennai, Delhi, Hyderabad, Mumbai, and Pune.”

WRVO: Syracuse offering interest-free loans to small businesses affected by coronavirus

WRVO: Syracuse offering interest-free loans to small businesses affected by coronavirus. “As the number of cases of the coronavirus continues to grow across the state and region, businesses in central New York that are suffering because of the outbreak will be able to get some help. Syracuse Mayor Ben Walsh said Thursday the Syracuse Economic Development Corporation will begin offering loans that are interest free for six months, to businesses with less than 50 employees.”

News-Press: Florida small businesses impacted by coronavirus can now apply for interest-free loans

News-Press: Florida small businesses impacted by coronavirus can now apply for interest-free loans. “Gov. Ron DeSantis on Monday announced the activation of the Florida Small Business Emergency Bridge Loan Program. Florida small businesses with two to 100 employees that suffered an economic loss can apply for up to a $50,000, interest-free loan with a one-year term. The application period runs through May 8.”

CNET: Loan apps exposed real-time location data on millions in China

CNET: Loan apps exposed real-time location data on millions in China. “Millions of people in China who use loan apps to borrow money have ended up paying with their privacy. A security researcher discovered a public database left exposed online containing sensitive data on more than 4.6 million devices, including location history, debt logs, financial information and contacts.”

Consumer Financial Protection Bureau: CFPB Launches New Mortgage Performance Trends Tool for Tracking Delinquency Rates

Consumer Financial Protection Bureau: CFPB Launches New Mortgage Performance Trends Tool for Tracking Delinquency Rates. “The Consumer Financial Protection Bureau (CFPB) today announced the launch of a new Mortgage Performance Trends tool that tracks delinquency rates nationwide. Information newly available through this tool shows that mortgage delinquency rates nationally are at their lowest point since the financial crisis. In addition to national data, the online tool features interactive charts and graphs with data on mortgage delinquency rates for 50 states and the District of Columbia at the county and metro-area level.”

China Court Uses Social Media to Shame Debtors: China Daily (US News & World Report)

US News & World Report: China Court Uses Social Media to Shame Debtors: China Daily. “A local court in the eastern Chinese city of Wenzhou is using social media to shame people into repaying their debts, the China Daily reported on Tuesday. Citizens who ignore court repayment orders have been subjected to targeted advertisements on the popular Chinese social media app WeChat, notifying their contacts about the amount of money they owe, the paper said.”

CFPB Launches New Consumer Trends Tool

The Consumer Finance Protection Bureau (CFPB) has launched a new credit trends tool. “The beta version of the tool covers the mortgage, credit card, auto loan, and student loan markets. The first Consumer Credit Trends release shows a sharp uptick in mortgage originations from August to October compared to last year, growth in credit card lending to lower-income consumers, fewer auto loans to borrowers with lower credit scores, and a slight slowdown of new student loans.”

Payday Loan Service for YouTubers?

Wait, what? A Payday loan service for YouTube vloggers? “Payability links up to a YouTuber’s ads dashboard, generating payments based on expected ad revenue that YouTube provides in a real-time estimate, but can fluctuate between when an ad is served and when actual payment is made. Payability markets its loan rates as as low as 1.9 percent of the income, which Payability uses to finance the operation.” Thanks to Infodiva Librarian for tipping me off about it. If this is necessary, there’s something wrong somewhere.