What happened? On June 21st, 2018, the Supreme Court issued a decision overturning Quill Corp. v. North Dakota (1992). This court ruling in the case of South Dakota v. Wayfair (2018),
From Our Partners
- Lending Club Calls It Quits On Underwriting Small Business Loans April 23, 2019The company is the latest fintech player to exit small business lending. Lending Club will no longer be underwriting small business loans, according to Lending Club Head of Communication VP Anuj Nayar. The company will still accept applications for them, but will direct them instead to Opportunity Fund and Funding Circle in exchange for referral […]
- More Than Half of Small Businesses Seek Less Than $100,000 in Financing April 23, 2019Small businesses need capital in small doses. That’s a takeaway of the latest study published by the Federal Reserve that revealed 57% of employer firms (with less than 500 employees) that applied for financing in 2018, sought $100,000 or less. 20% sought less than $25,000. 56% of all financing applicants said they applied in order […]
- SEC Finding Said that Prosper Misled Investors April 22, 2019From approximately July 2015 until May 2017, Prosper excluded certain non-performing loans from its calculation of annualized net returns that it reported to its investors, according to an SEC order released last Friday. The order found that Prosper reported overstated annualized net returns to more than 30,000 investors on individual account pages on Prosper’s website […]
- When Merchants Defraud Lenders April 17, 2019Back when lenders used to visit the site of a merchant’s business, a “doctor” once hired actors to play nurses and patients to give the illusion of a thriving medical practice when the lender came to check in on the business before financing it. The doctor’s office looked legitimate, it got funded and the fraudster […]
- Small Businesses Rank Online Lenders More Transparent Than Big Banks April 17, 2019When it comes to business loans, small businesses say online lenders are more transparent than big banks. Specifically, 15% of respondents to a Federal Reserve survey reported challenges with transparency experienced at big banks versus only 12% with online lenders. Small businesses also ranked big banks worse on credit decision wait times, application process difficulty, […]