Online payday lenders under scrutiny following Nimble investigation
Online lenders using algorithms to assess consumer creditworthiness are in the spotlight following action by the corporate watchdog against payday lender Nimble. Nimble has been forced to refund $1.6 million to more than 7000 customers after it was found to engage in irresponsible lending. The corporate regulator, the Australian Securities and Investments Commission, said it was continuing its surveillance of the payday industry “as well as other credit licensees and their representatives”. This included any companies providing consumer or business loans, as well as interest-only home loans using online processing. “ASIC has raised concerns in relation to compliance with responsible lending obligations across the spectrum of credit providers generally,” a […]
Alternative finance booming in Australia
Australia’s alternative finance lending market is the third largest in Asia Pacific after experiencing growth of 320% in 2015. According to a new survey, Harnessing Potential, Asia Pacific Alternative Finance Benchmarking Report, Australia’s alternative finance lending market ballooned to US$348 million in 2015. Australia was trailing China, which reported US$101.69 billion over the same period, and Japan, which reported US$360 million. The largest share of Australia’s alternative finance market volume was balance sheet business lending, which accounted for over US$120 million in 2015. This was followed by invoice trading (US$105 million) and marketplace/P2P consumer lending (US$43m) in 2015. Marketplace or P2P business lending volume reached $7.05 million in 2015. Source: […]
LendIt USA Conference April 11-12
Australian Fintech is excited to be a Media Partner for the upcoming LendIt USA conference taking place in San Francisco on April 11-12. LendIt USA is the world’s largest annual gathering of the online lending community where established and emerging platforms, investors and technology providers from around the world come to learn, network and do business. Now in its fourth year, the 2016 event will be the largest online lending expo in history with 4000 attendees. This is your chance to share ideas with innovators and leaders in marketplace lending. Confirmed speakers include: · Renaud Laplanche, Founder & CEO, Lending Club · Ron Suber, President, Prosper Marketplace · Peter Thiel, Entrepreneur & Investor · John […]
