Paycheck Protection Program (PPP) loans presented trouble for FinTech lenders, a University of Texas study released Tuesday showed. The study, which examined more than 10 million loans for potential red flags, showed 9 out of 10 of the highest rates of suspicious loans being approved by FinTechs. To some extent, this dubious distinction makes some sense; more than 70% of all … [Read more...] about FinTechs Led in PPP Fraud, UT Study Shows
PPP
Alternative Lenders Fill the Gap, But Must Be Careful
Already fulfilling the basic financing needs of small businesses, alternative lenders may help fill the gap in getting Payroll Protection Plan (PPP) money to small businesses. Since the program opened and ran out of money, nonbank lenders got approval to provide PPP loans. I had emails in my inbox from Ondeck (I'm a customer), Square Capital, and PayPal. This indicates an … [Read more...] about Alternative Lenders Fill the Gap, But Must Be Careful