AmEx acquisition of online lender Kabbage hurt PPP borrowers

Ruben Onsu

Close-up of logo for finance company Kabbage on paper on a light wooden surface, June 13, 2019.

Smith Collection/Gado | Archive Photos | Getty Images

When the pandemic shut down Dawn Lindsay’s family carpet cleaning business last year, the U.S. government’s paycheck protection program provided a brief but essential lifeline. To get her $7,500 PPP loan, Lindsay turned to online lender Kabbage, a service recommended by her accountant.

Lindsay, who runs the company with her husband, Todd, said the process was smooth and easy. But the second round of PPP funding, which the Small Business Administration opened up in January

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Nissan dealers make bank steering customers into longer-term auto loans, report says

Ruben Onsu

If you could earn $150, or $450 on a sale, the answer’s clear.


Nissan

Car buyers may be tempted to take out a long-term auto loan to push their monthly payments into more affordable territory. But according to a report from CarsDirect on Tuesday, Nissan dealers have a very good reason to steer buyers into longer-term loans: money.

According to a letter Nissan sent its dealers in the US, they can make a dealer fee of 1% on the total amount financed, if salespeople can land a customer with promotional financing. Right now, dealers earn a flat $150, but

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What if Biden never cancels your student loan debt? You have an option

Ruben Onsu

What if Biden never cancels your student loan debt? You have an option

President Joe Biden has long expressed a commitment to helping Americans overwhelmed by student loan debt. He has extended a pause on federal student loan payments through Sept. 30, recently canceled more than $2 billion in student loans, and has said he wants to forgive $10,000 in student debt for every borrower.

Democratic lawmakers are pushing him to wipe out up to $50,000 per person. But when — and if — any blanket relief will actually happen is anyone’s guess.

If you’re loaded down with college debt,

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Student Loan Forgiveness Review Could Lead To Student Loan Cancellation, But There’s One Problem

Ruben Onsu

Will your student loans get cancelled after the U.S. Department of Education reviews them?

Here’s what you need to know.

Student Loans

President Joe Biden has asked the U.S. Department of Education to conduct a legal review of the president’s authority to cancel student loan debt. The review could contain at least some of the following components:

The Education Department, led by U.S. Secretary of Education Miguel Cardona, is expected to send the legal review to the president within weeks. “He’ll look at that legal

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Subprime Borrowers Aren’t Paying Car Loans As Millions Still Struggle

Ruben Onsu
  • Roughly 9% of subprime auto borrowers were more than 60 days delinquent in the fourth quarter.
  • Such borrowers are at the highest risk of default and tend to hold vulnerable financial positions.
  • The government froze student-loan interest and evictions, but there’s little relief for those with auto loans.
  • See more stories on Insider’s business page.

The pandemic’s uneven economic fallout is now showing up in car loan payments — especially in their absence.

More than 9% of subprime auto borrowers — those classified as having a higher risk of default — were over 60 days delinquent in the fourth

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Will Biden cancel student loan debt? As college costs spiral, here’s what he’s considering

Ruben Onsu

President Joe Biden signs the American Rescue Plan, a coronavirus relief package, in the Oval Office of the White House, Thursday, March 11, 2021, in Washington.

WASHINGTON – The Biden administration entered the White House with an eye toward relieving the strain of student loan debt, particularly amid the added financial burden of the coronavirus pandemic.

On Day One in office, President Joe Biden signed an executive order extending a pause student federal loan payments enacted by the previous administration as part of COVID-19 relief. Liberal activists and lawmakers urged the president to go further and cancel student loan debt,

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