It goes really bad — Seems easy, right? You have your job direct deposit your money into an account you can easily access on your phone. Everything integrates with your online/app-based payment system. Sure, it’s not FDIC-insured -but, well, that’s an antiquated system based on Depression-era worries. Umm. Well, Jason Mikula over at Fintech Business…

TAB Bank takes a hit from the FDIC — A Utah-based bank is facing additional scrutiny from the Federal Deposit Insurance Corporation (FDIC) due to its partnership with a fintech lender that charges interest rates of up to 189% on loans for auto repairs, pet purchases, and vet expenses. Jason Mikula at Fintech Business Weekly reports that TAB bank…

The growing payment app offers a new feature: Is it worth it? — You’ve already got the Cash App on your phone and it is a super easy way to send money to friends or family. …

Or will a loan from a cartoon bear leave a chill in your wallet? — I really wish this wasn’t a real ad being circulated by the Dave App. Sadly, it is. The app known for the friendly-looking cartoon bear is suggesting that you get a cash advance to cover winter expenses like heat and coats. So — Dave doesn’t care about the state of…

Who is financing the cartoon bear? — I’ve written before about the triple-digit interest rates charged by fintech short-term lender Dave. Should You Get a Short-Term Loan from the Dave App? Turns out, that cartoon bear is charging CRAZY interest ratesadvocateandy.medium.com Dave’s mascot is a friendly-looking cartoon bear and the app provides small dollar, short-term loans that they claim are cheaper than payday loans. Need $100 fast? …

Online payday predator asks prey to help keep the doors open — An online lending platform known for interest rates in excess of 4000% APR is asking its customers to sign a petition to allow the company to continue preying on desperate borrowers. SoLo Funds — a fintech lending platform — has started a change.org petition in an attempt to fight back…

Consumer Bureau plans to track nefarious lenders — Hey, so, it’s the holidays. You might want to get a loan to manage it. And, well, sure, your bank isn’t a good option. So, you turn to an online lender or an app like Dave or MoneyLion. Umm, well, wait. First, those lenders charge crazy interest rates — like…

Rent-a-bank model means short-term gain, long-term pain — The holiday shopping season can definitely be a time of financial stress. Consumers often turn to short-term lending solutions in order to cover the costs — but not all short-term loans are the same. Some can carry little interest and be easy to repay. …

The fintech app is offering interest rates up to 5.12% APR — Let’s face it, savings accounts for the last two decades have been paying out abysmal interest rates — making them a place to avoid if you needed to park money somewhere, earn interest, and have some liquidity. Even now, a savings account is relatively safe, but also a way to…

When 33% of Americans need payday advances to make ends meet, we’ve got problems — I’ve written a bit about how fintech lenders by way of apps are replacing payday loans in the predatory lending space. Some Dude Who Hasn’t Shaved in Two Days Wants to Give You a Loan on Your Phone And He’s Now the CEO of a Multi-Billion Dollar Public Companyadvocateandy.medium.com A new survey by DebtHammer suggests that as many as 1/3 of Americans are now using payday loan apps to address cashflow challenges.

Fintech case in California has broad industry implications — I’ve written before about shady fintech lender OppFi and their insistence that they should be allowed to charge interest rates of 160% in California. This is because they use a so-called “rent-a-bank” model and “borrow” the interest rate from Finwise, based in Utah. OppFi Keeps Fighting to Legalize Loan Sharking Fintech lender battles in California to charge 160% interest ratesadvocateandy.medium.com

One writer compares the neobank to Columbia House — I wrote recently about MoneyLion being sued by the Consumer Financial Protection Bureau (CFPB)for offering loans with effective interest rates in excess of 36% in violation of the Military Lending Act. How Dangerous IS MoneyLion? Fintech lender runs afoul of Military Lending Actadvocateandy.medium.com Jason Mikula of Fintech Business Weekly compares the predatory lender to Columbia House — the company that would send…

Fintech lender runs afoul of Military Lending Act — I’ve written before about fintech lender MoneyLion and their penchant for skirting the law. Such as in Minnesota where they were caught charging interest rates in excess of 600%. Minnesota Borrowers to Receive Refunds in State’s Settlement with MoneyLion Online Lending Platform Offered Loans with Rates Up To 645%advocateandy.medium.com Now, the Consumer Financial Protection Bureau (CFPB) is suing MoneyLion alleging the company violated the Military Lending Act by charging servicemembers…

Fintech seeks to gain traction in healthcare financing market — Medical debt is a significant problem that impacts the budgets and cashflow of millions of Americans. The Pain of Medical Debt Report shows inaccurate bills, coercive debt collectionsadvocateandy.medium.com A Consumer Financial Protection Bureau (CFPB) report indicates Americans have $88 billion in medical debt in collections on their credit reports.

Can a fintech loan shark change its ways? — A company that once billed itself as a “socially responsible” payday lender was ordered to shut down for predatory practices — but the remnants of LendUp are still doing damage. Fintech Lender LendUp Shuttered by Consumer Bureau Action Comes Following Multiple Violations of Consumer Protection Lawsadvocateandy.medium.com Jason Mikula at Fintech Business Weekly reports on LendUp’s latest shenanigans — and the operations of a “new” banking product…

Congress has questions — I’ve written before about the fraud susceptible peer-to-peer money exchange known as Zelle. Is an Alternative to Zelle Coming Soon? Yes, but it may be just as susceptible to fraudadvocateandy.medium.com The money-sending app is widely available and offered by banks as a means of sending money from one account to another — like Venmo or Cash App, only offered right inside your bank’s app or website.

Convenient product carries risks for consumers — Buy Now, Pay Later — once the convenient way to “pay in four” for beauty and apparel — has expanded its reach into nearly every sector. This includes groceries. Warm and Fuzzy Grocery Debt? The dark side of Buy Now, Pay Lateradvocateandy.medium.com Jason Mikula of Fintech Business Weekly breaks down a recently released report from the Consumer Financial Protection Bureau (CFPB) that details…

Rates up to 4000% haven’t slowed down the predatory lending newbie — I’ve written before about the legal troubles surrounding fintech lender Solo Funds and their “innovative” lending platform offering loans with interest rates up to 4000%. Interest Rates in Excess of 4000%?!? Fintech darling Solo Funds held accountable by Connecticut Banking Commissioneradvocateandy.medium.com Now, American Banker reports that Solo Funds has reached a lending milestone — $100 million in loans.

Online lender adds games of chance to keep customers interested — Just last week, I wrote about how the Dave App was using games of chance to entice customers to take out more loans. Gambling with a Cartoon Bear How the Dave App entices borrowers to go further into debtadvocateandy.medium.com Now, it seems that online lender MoneyLion is getting in on the act. To be clear, MoneyLion’s game doesn’t encourage or incentivize taking out a loan. It…