As Feds crack down on payday lenders, fintech startups see an opportunity

first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The future looks grim for payday lenders. Comedian John Oliver has had them in his crosshairs since 2014, attracting millions of viewers and stirring up plenty of outrage. President Obama began expressing concerns about their exploitative lending practices last spring. Google announced last month that it would no longer allow payday lenders to advertise. And now federal watchdogs have unveiled new rules that would dismantle a business model that often traps borrowers desperate for cash in cycles of spiraling debt.“The very economics of the payday lending business model depend on a substantial percentage of borrowers being unable to repay the loan and borrowing again and again at high interest rates,” Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), told the New York Times.Payday lenders say the risks associated with serving subprime borrowers justify their practices (20% of payday loans result in re-borrowing and default). But regulators aren’t buying that argument and an increasing number of financial technology startups are reinventing the lending business with a model that promises to help borrowers and build their credit at the same time.“I applaud what the CFPB is doing,” says Joe Bayen, cofounder and CEO of a fintech startup called Lenny, which offers young borrowers credit lines up to $1,000 and a chance to improve their credit scores through a partnership with FICO. “We offer increasing balances based on how a user behaves. Everything is aimed at upward mobility and helping people.” continue reading »last_img read more

Elite Havens has announced that the seven villas o

first_imgElite Havens has announced that the seven villas of the Sava Beach Villas estate are now part of its exclusive Phuket holiday rental collection.Sava Beach Villas comprises seven designer villas set in a beachfront estate, just 25 minutes from Phuket international airport in Phang Nga province. These Natai Beach rentals offer a choice of seven bedrooms with Villa Tievoli; six bedrooms at Villa Amarelo, Villa Cielo, Villa Malee Sai and Villa Essenza; and four-bedroom escapes at Villa Roxo and Villa Aqua. Each villa has a distinct personality reflecting its individual owner’s taste, while all offer a modern haven with sea and sunset views.An immersion into tranquillity and care awaits guests at Sava Beach Villas, with large private pools of 18 or 25 metres, indoor and outdoor living areas, private dining rooms, entertainment and sports facilities and a team of staff including Thai chefs and villa managers to cater for every guest whim – all just steps away from the soft sands of Natai, a quiet beach that extends 10 kilometres up the Andaman coast. And for those in search of a fantasy beachfront Phuket wedding venue, Sava is a dream destination.Natai Beach is less than an hour’s drive from the busy tourist areas of Phuket, yet it offers a sense of seclusion and exclusivity with only a handful of luxury villas and boutique resorts lining its sandy shore. From relaxing on the sands of Natai and kayaking or standup paddle boarding along the shore to venturing out for a yacht charter cruise of majestic Phang Nga Bay or snorkelling the pristine waters of the Similan islands, Sava Beach Villas offer the ultimate tropical beach getaway.last_img read more