Posts tagged ‘banks’

Experian’s “X-ray” Commercial (:30) – How Do Banks See You?

At Experian, we know there’s more to you than just what banks and lenders see. But if you’re not paying attention regularly, you might be missing the things doing damage to your credit. Experian can show you the ins and outs of your credit to help get it back on its feet. Your enrollment in Experian Credit Tracker includes the help to grow your credit knowledge which can lead to brighter credit tomorrows.
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How to file an Experian dispute and remove questionable, derogatory items on your credit report. And how the process works, including why it’s not easy. This is why you hear it’s impossible to repair bad credit. For more check out an article at: http://www.yourbadcreditcard.net/experian-dispute-the-process/

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Royce Explores Impact of CFPB Arbitration Rule on Credit Monitoring, Credit Unions, Community Banks

U.S. Representative Ed Royce (R-Calif.) questioned witnesses about the impact of the CFPB’s arbitration rule on CROA-governed credit monitoring, credit unions, and community banks during a Financial Institutions and Consumer Credit Subcommittee hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public Interest and for the Protection of Consumers?” 5/18/16
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Lending Approval Rates at Big Banks, Institutional Lenders Continue to Surge, According to February 2015 Biz2Credit Small Business Lending Index


New York, NY (PRWEB) March 16, 2015

Small business loan approval rates at big banks and institutional lenders continue to improve, attaining new post-recession highs in February 2015, according to the Biz2Credit Small Business Lending Index, the monthly analysis of 1,000 loan applications on Biz2Credit.com.

Big banks ($ 10 billion+ in assets) approved 21.5% of small business loan requests in February 2015, up from 21.3% in January. Further, loan approval rates at big banks have increased consistently for 10 out of the last 11 months, and a year-to-year comparison shows that they have increased by 12.5%.

“Big banks are starting to grant more conventional loans. This allows them to keep fixed loan expenses down compared to SBA-backed loans, which are not primarily being done at smaller banks,” explained Biz2Credit CEO Rohit Arora, who oversaw the research. “The investment in digitization at big banks has helped expedite the small business loan approval process.”

Meanwhile, institutional lenders granted 60.7% of funding requests by small business owners in February, an increase from 60.5% in January 2015. Approval rates by institutional lenders have increased each month ever since Biz2Credit began monitoring this category of lenders one year ago.

“Institutional lenders are willing to offer more loans that are financially appealing to small business owners,” Arora said. “The high approval rate in this category of lenders is a reflection of their strong investment in technology advancements, which enables them to quickly assess the risk of default. Thus, they are incredibly efficient; only a miniscule 0.77 percent of loans made by institutional lenders on our platform have defaulted.”

For the fourth consecutive month, small banks denied more than half of their loan requests to small business owners, as lending approval rates at small banks remained stagnant at 49.6% in February. After reaching an all-time Index high in May 2014, lending approval rates at small banks have gradually declined.

“Smaller banks are better at offering SBA loans, but those loans take time to process. Creditworthy customers who seek quick funding are turning to other types of funding that take less time to process,” said Arora. “This leaves smaller banks with less attractive borrowers than they had a year ago and explains why approval percentages are dropping.”

Approval rates at alternative lenders — merchant cash advance companies, factors, and other non-bank institutions – dropped for the 13th consecutive month to 61.4% in February, from 61.6% in January. Their drop has coincided with the emergence of institutional lenders.

“Alternative lenders have been impacted most by the emergence of institutional players. As the economy continues to improve, small businesses with good credit standing don’t have to borrow money at high interest rates often associated with alternative lenders,” Arora explained. “Small business owners were often obligated to pay high interest rates during the ‘credit crunch’ when they were desperate for money. However, this is no longer the case.”

Credit unions granted 43.3% of loan applications in January, a slight increase from the record low approval rate of 43.2% in January 2015. However, they are still struggling to increase their presence in the small business finance marketplace.

To view the historic chart of the Biz2Credit Small Business Lending Index, visit https://www.biz2credit.com/small-business-lending-index/february-2015.

About the Biz2Credit Small Business Lending Index

Biz2Credit analyzed loan requests ranging from $ 25,000 to $ 3 million from companies in business more than two years with an average credit score above 680. Unlike other surveys, the results are based on primary data submitted by more than 1,000 small business owners who applied for funding on Biz2Credit’s online lending platform, which connects business borrowers and lenders.

About Biz2Credit

Founded in 2007, Biz2Credit has arranged more than $ 1.2 billion in small business funding throughout the U.S. and is widely recognized as the #1 online credit resource for startup loans, lines of credit, equipment loans, working capital and other funding options. Using the latest technology, Biz2Credit matches borrowers to financial institutions based on each company’s unique profile — completed in less than four minutes — in a safe, efficient, price-transparent environment. Biz2Credit’s network consists of 1.6 million users, 1,300+ lenders, credit rating agencies such as D&B and Equifax, and small business service providers including CPAs and lawyers. Visit http://www.biz2credit.com, follow on Twitter @Biz2Credit, and join on Facebook at http://www.facebook.com/biz2credit.







Small Business Financing at Big Banks and at Institutional Investors Finishes Strong in Landmark Year, According to December 2014 Biz2Credit Small Business Lending Index


New York, NY (PRWEB) January 13, 2015

Small business loan approval rates by big banks and institutional lenders reached post-recession highs in December 2014, according to the Biz2Credit Small Business Lending Index, a monthly analysis of 1,000 loan applications on Biz2Credit.com.

Big banks ($ 10 billion+ in assets) approved 21.1% of small business loan requests in December, which is up from 20.8% in November and marks back-to-back months of increases. Further, a year-to-year comparison shows that lending approval rates at big banks are up nearly 20 percent.

“The higher percentage of loan approvals at big banks is good news for small business owners. However, big banks typically seek to grant loans of $ 500,000 or more and much prefer loans in excess of $ 2 million,” said Biz2Credit CEO Rohit Arora, who oversaw the research. “Many startups and young companies do not need that much money. Thus, big banks may not the answer for these types of borrowers.”

Meanwhile, institutional lenders granted 60.1% of funding requests by small business owners in December, an increase from 59.9% in November. Approval rates by institutional lenders have increased each month since Biz2Credit began monitoring this category of lenders in January 2014.

“Institutional lenders continue to be prominent factors in the small business finance game,” said Arora. “They are offering a wider variety of financial products that are more attractive to borrowers, including longer terms and lower interest rates than other non-bank alternative lenders.”

“Credit-worthy borrowers are increasingly opting to apply for loans at institutional lenders because of the simplicity of getting financing from these lenders and more attractive terms that are offered,” explained Arora, one of the nation’s leading experts in small business finance. “They are also approaching big banks, which enjoy better brand names and are getting the highest quality borrowers coming to them.”

For the second consecutive month, small banks are denying more than half of their loan requests. Further, lending approval rates by small banks dropped for the seventh month in a row as they approved 49.7% of loan requests from small business owners in December, which is slightly below November’s mark of 49.8%. Despite the steady drops in lending approval rates at small banks, a year-to-year comparison shows that these loan approval rates are nearly identical to last year’s numbers.

Approval rates at alternative lenders — merchant cash advance companies, factors, and other non-bank institutions — slipped for the 12th straight month to 61.8% in December, from 62% in November.

“Small business owners’ financials have improved. Their performance is better and they are increasing their business credit scores. As a result they are not as desperate for money as they were during the recession when many alternative lenders could charge very high interest rates,” added Arora.

Credit unions granted 43.3% of loan applications in December, a slight drop in the approval rate of 43.4% over the previous month as they continue to struggle making a bigger presence in the small business finance marketplace.

To view the historic chart of the Biz2Credit Small Business Lending Index, visit http://www.biz2credit.com/small-business-lending-index/december-2014.

About the Biz2Credit Small Business Lending Index

Biz2Credit analyzed loan requests ranging from $ 25,000 to $ 3 million from companies in business more than two years with an average credit score above 680. Unlike other surveys, the results are based on primary data submitted by more than 1,000 small business owners who applied for funding on Biz2Credit’s online lending platform, which connects business borrowers and lenders.

About Biz2Credit

Founded in 2007, Biz2Credit has arranged more than $ 1.2 billion in small business funding throughout the U.S. and is widely recognized as the #1 online credit resource for startup loans, lines of credit, equipment loans, working capital and other funding options. Using the latest technology, Biz2Credit matches borrowers to financial institutions based on each company’s unique profile — completed in less than four minutes — in a safe, efficient, price-transparent environment. Biz2Credit’s network consists of 1.6 million users, 1,300+ lenders, credit rating agencies such as D&B and Equifax, and small business service providers including CPAs and lawyers. Visit http://www.biz2credit.com, follow on Twitter @Biz2Credit, and join on Facebook at http://www.facebook.com/biz2credit.







More Credit Monitoring Press Releases

Max Keiser: WW3 is on as Wall St. banks plunder economy

Max Keiser: WW3 is on as Wall St. banks plunder economy

The loss of America’s AAA credit score has sparked panicked sell-offs on global markets. After several days of concern over whether France would retain its highest status, ratings giants reaffirmed its top billing on Wednesday. But investors remain unconvinced the country’s finances are solid enough. Problems in the Eurozone will be up for discussion by the French and German leaders next week. RT on Twitter: twitter.com RT on Facebook: www.facebook.com

Not all Credit Scores are the Same! All the consumer credit scores you see advertised are FAKO scores and can be 80 or more points high or reef than a true FICO Score.
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