Tag Archives: loan

[unable to retrieve full-text content]Google removes hundreds of Kenya-focused loan apps from Play Store  TechCrunch Source link

Google’s new policy requiring digital lenders in Kenya to submit proof of license to operate in the East African country takes effect today. The policy aims to clamp down on rogue loan apps, which are pervasive in the country. This means that only providers with licenses from the country’s pinnacle bank, the Central Bank of Kenya (CBK), will be listed on Play Store, Google’s digital distribution service. Digital lenders whose applications are yet to get a… Source link

Bed Bath & Beyond (BBBY) stock cratered Thursday after the embattled retailer revealed in a new regulatory filing it was hit with a default notice from JPMorgan and does not have adequate funds to repay its loans. This coming while the company again warned it may be forced to seek bankruptcy protection amid its ongoing financial struggles. Shares of the company fell as much as 33% on Thursday afternoon, at one point prompting a brief halt. The stock closed Thursday’s session off 22%. Though… Source link

Google is requiring loan apps in Kenya to submit proof of license to operate in the country, failure to which they risk removal from Play Store, its digital distribution service. Those that have applied for licensing by Central Bank of Kenya, and can produce evidence of the same, may also be spared. Google’s action has, however, been sluggish, coming two months after the Digital Credit Providers Regulations took effect to protect borrowers from rogue apps, many… Source link

President Joe Biden on Friday offered an update on the launch of his administration’s student loan forgiveness efforts, announcing that in just under a week, nearly 22 million people applied online. “In less than a week, close to 22 million people have already given us the information,” Biden said during a visit to Delaware State University. “It takes less than five minutes.” The beta version of the application for up to $20,000 in loan forgiveness launched on Oct. 15 followed by the… Source link

The student loan forgiveness application officially opened on Monday at studentaid.gov/debt-relief/application, powered by the Education Department (ED). This is the only site where borrowers can sign up for student loan forgiveness. The official launch of the application portal follows a beta test that offered borrowers periodic access over the weekend. The application is available until December 31, 2023. “This is a game-changer for millions of Americans,” President Joe Biden said Monday at… Source link

Secretary of Education Miguel Cardona is uncomfortable. I’m beginning an interview with him in the Glendora (New Jersey) Elementary School library and we’re seated on plush, giant, hand-shaped kiddie chairs when Cardona—himself a former fourth-grade teacher—calls an audible. “Wait,” he says. “Let’s stop the interview and change out these seats.” Makes sense, Mr. Secretary. The chairs weren’t working. And with what he’s going through these days, the man needs all the… Source link

Student loan borrowers could soon begin applying to have up to $20,000 in loans forgiven despite uncertainty over the future of the Biden administration’s controversial debt relief plan. At least four lawsuits opposing the plan have emerged in recent weeks, though President Biden has appeared willing to put up a fight, saying recently: “Bring it on.” While experts disagree on the merits of the cases, they do agree on one thing; borrowers who apply for forgiveness first could have an advantage…. Source link

Sheila Bair is former FDIC chair and senior fellow, Center for Financial Stability. President Biden has finally made a decision about student debt cancellation, going significantly beyond the $10,000 in forgiveness that he embraced as a presidential candidate. Of the 43 million borrowers eligible for his plan, 27 million Pell grant recipients will qualify for $20,000 of relief, with the remainder qualifying for $10,000. Conservative estimates put the cost at about a half trillion dollars. But… Source link

President Biden’s move to cancel student debt was long-expected — but the scope of the effort was not. The expectation of $10,000 in student loan cancellation was widely reported in the lead-up to Wednesday’s news, but the final package included an additional $10,000 in forgiveness for Pell Grant recipients. The administration also laid out a cap on income-based repayments that could be felt for decades to come. “It’s a game-changer,” President Biden said Wednesday in unveiling the… Source link