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Paytm’<keyword id="47330" type="General" weightage="20" keywordseo="s" source="Orion">s</keyword> losses widened by 8% to ₹474 crore in the July-September quarter. But the stock gained when the market opened for trade on Monday. Bonkers, right? <div type="image" title="GIF" msid="88015887" hostid="261"></div> There were more people buying the stock around ₹1,780 a piece when there are at least two broking firms ⁠— Macquarie and JM Financial ⁠— which expect the stock to go down to near ₹1,200 any time in the next 12 months. There must have been something good in those numbers. <cmsannotation type="cmsannotation" annotationid="Here’s what we found" comment="subhead" text="Here’s what we found">Here’s what we found</cmsannotation> The lending business has shown an eight times growth in number of loans, and a six times jump in the amount disbursed, in the three months to September. The average loan size has come down from a little over ₹6,000 to ₹4,435. <div type="image" title="paytm l" msid="88015906" hostid="261"></div> But the stock was already rising ⁠— up over 9% since the debacle on the listing day. That means there was more to it than just the earnings. <div type="image" title="paytm (1)" msid="88015919" hostid="261"></div> The thing is the Reserve Bank of India released a report last week from a working group that wants to tighten “illegal” lending that happens through online apps. Apparently, there are over 1,100 apps that give loans and over 600 of them are illegal. If you have taken such loans, you may want to check if they are ‘legal’. <div type="image" title="21BI8" msid="88015930" hostid="261"></div> If these get weeded out, those borrowing from the illegal apps may move on to companies like Paytm, Simpl or Postpe or any other credible player. That’s more business for these guys. But how will they clean it up? Here’s an <a href="https://www.businessinsider.in/personal-finance/news/going-to-take-a-digital-loan-read-this-before-you-do-it/articleshow/88012837.cms">explainer</a>. Lending is likely to be the money spinner for Vijay Shekhar Sharma and Paytm. But it’s still gonna take a long time. Paytm has a lot of products but it’s not a market leader in any of them. Analysts say that it could be March 2027 before the earnings break even. That’s if one were not to consider interest on its own loans, tax paid to the government, depreciation and amortisation. Banker bros call it EBITDA. Why so long, you may ask? Here’s a 2-minute explanation. <div type="image" title="noun_play-button" msid="88035389" hostid="261"></div>

Newsletter content 2 Dec'21

New Delhi, The corporate affairs ministry is probing various Chinese companies, especially those with links to loan apps, for alleged violations and some of the investigations are at an advanced stage, according to a senior official. In recent times, Indian authorities have been cracking down on entities that are operating loan apps illegally and the ministry has also been acting against companies and related individuals for hiding beneficial ownership. The senior official told PTI that enquiries by the ministry are going on against various Chinese companies, especially those linked to loan apps, and some of the enquiries are at an advanced stage. The ministry, which is implementing the companies law, is mainly looking at whether frauds have been committed at these companies and some of the cases are being probed by the <keyword id="20001098" type="General" weightage="20" keywordseo="serious-fraud-investigation-office" source="keywords">Serious Fraud Investigation Office</keyword> (SFIO), the official said. Further, the official said that the ministry receives complaints from the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) and the Ministry of Electronics and Information Technology (MeitY), among other entities, following which enquiries are initiated against the companies concerned. While it is difficult sometimes to track the funding sources for some companies, the official said efforts are made to ascertain the beneficial ownership. In January, the Registrar of Companies (RoC), <keyword id="20064135" type="General" weightage="20" keywordseo="nct" source="keywords">NCT</keyword> (National Capital Territory) of Delhi, and Haryana slapped penalties totalling more than Rs 21 lakh on an Indian company and its related individuals as well as entities. The move was part of cracking the whip for hiding the beneficial ownership links to a Chinese group. On February 6, the finance ministry informed <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> that Google has suspended or removed more than 2,200 fraudulent loan apps from its Play Store between September 2022 and August 2023. The government is constantly engaged with the RBI and other regulators and stakeholders concerned to control fraudulent loan apps. RBI has issued regulatory guidelines on digital lending, which aim at firming up the regulatory framework for digital lending while enhancing customer protection and making the digital lending ecosystem safe and sound.

Corp affairs ministry probing Chinese cos linked to loan apps; investigations at advanced stages

The country's largest lender, <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> (<keyword id="13222" type="General" weightage="100" keywordseo="sbi" source="Orion">SBI</keyword>) has warned customers against instant loan apps and even suggested measures to safeguard against the menace. "Please refrain from clicking on suspicious links or giving your information to a company posing as a <keyword id="15606804" type="General" weightage="50" keywordseo="bank-or-financial-company" source="Orion">Bank or Financial Company</keyword>. Report cybercrimes at cybercrime.gov.in," the bank tweeted. Instant loan apps, especially those originating from China have been a menace as the government as well as the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>), have received several complaints against them. Their proliferation has led to increased cases of cybercrime and also extortion of hapless borrowers. Sharing some safety tips, the SBI suggested that it is always better to check the authenticity of an app before downloading. There are lots of illegal apps that may trap users and siphon off money from their accounts. Customers should not click on suspicious links and discretion should be used to avoid falling for unauthorised apps, the SBI said. Check the app permission settings to secure your data from getting stolen and in case of theft, such matters should be reported to the local police authorities, the bank cautioned further. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/article/unicorns-are-pass-cockroaches-are-the-new-favourites-of-venture-capitalists/articleshow/95734214.cms">Unicorns are passé, cockroaches are the new favourites of venture capitalists</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-generates-15-16-lakh-formal-sector-jobs-every-month-says-ashwini-vaishnaw-citing-epfo-data/articleshow/95738734.cms">India generates 15-16 lakh formal sector jobs every month, says Ashwini Vaishnaw citing EPFO data</a>

SBI warns customers against instant loan apps

<ul class="summary-list"><li><keyword id="2879657" type="PERSON" weightage="60" keywordseo="Joel-Greenberg">Joel Greenberg</keyword> tried to use his relationship with <keyword id="4142242" type="PERSON" weightage="60" keywordseo="matt-gaetz">Matt Gaetz</keyword> to get a Trump pardon, Politico reported.</li><li>Greenberg is facing a slew of federal charges, including sex trafficking of a minor.</li><li>Gaetz is the focus of an investigation into whether he broke sex-trafficking laws and paid for sex.</li></ul>Joel Greenberg, a <keyword id="6357385" type="LOCATION" weightage="60" keywordseo="florida">Florida</keyword> politician, tried to pressure GOP Rep. Matt Gaetz to secure a pardon from <keyword id="3828720" type="PERSON" weightage="60" keywordseo="President-Donald-Trump">President Donald Trump</keyword>, <a href="https://www.politico.com/news/2021/04/12/whatsapp-chat-matt-gaetz-joel-greenberg-480962">Politico reported on Monday</a>.Greenberg and Gaetz, close allies in Florida and strong supporters of Trump, are now facing scrutiny from the Department of Justice and an investigation into allegations of sex trafficking of a minor.Two sources told Politico that Greenberg had spoken about pushing Gaetz to use his relationship with Trump to ask for a pardon. Gaetz has refused to confirm or deny whether Greenberg had asked for a pardon, but he has denied passing along such a request to Trump.Read more: <a href="https://www.businessinsider.com/doj-criminal-division-kenneth-polite-biden-nominee-justice-department-2021-4">Biden is expected to name a former top Obama-era federal prosecutor to lead the Justice Department's criminal division, sources say</a>Politico also reported that in August, in the days before he was charged with sex trafficking, a panic-stricken Greenberg vented to an associate over the encrypted messaging app WhatsApp that prosecutors were zeroing in on his Venmo transactions with the woman, whom he referred to as "Vintage 99."Politico said the moniker, a reference to the year the woman was born, was her display name on the dating website SeekingArrangement, where mainly young women seek relationships with "sugar daddies." Politico said the woman, whom it did not name, did not return its requests for comment."I'm having to pay for vintage 99 to retain [a] lawyer," Greenberg wrote on WhatsApp to the person, whom Politico described as a powerful Republican in the state. Federal agents "contacted her and are wanting her to talk," Greenberg said, according to Politico. "She doesn't want to talk to them."The other person said they didn't want to be roped into Greenberg's mounting troubles with the law, telling Politico that the entire exchange "felt like a setup.""I have nothing to do with any of this and think it is incredibly uncool you are trying to lawyer me up to be a part of it, Joel," he said over WhatsApp. "Not. F---ing. Cool."Greenberg, a former Republican tax collector in Seminole County, <a href="https://www.orlandosentinel.com/news/crime/os-prem-ne-joel-greenberg-federal-charges-case-matt-gaetz-20210410-4jhaknsbxjgv5h5zk2i3kqd2v4-story.html">is facing 33 federal charges</a>, including sex trafficking of a minor, stalking a rival candidate for the tax collector's office, aggravated identity theft, making fake IDs, wire fraud, illegal monetary transfers involving bitcoin, and conspiracy to bribe an official at the Small Business Administration to secure fraudulent COVID-19 relief loans.The sex-trafficking charge carries a mandatory sentence of 10 years to life in prison.The Department of Justice is also investigating allegations that Gaetz was involved in illegal sex trafficking of a minor and that he'd paid women for sex. The investigation began under the Trump administration and appears to have been spun off of the wide-ranging investigation into Greenberg. Gaetz, who has not been charged with a crime, has denied engaging in any illegal activity.In December and January, <a href="https://trumpwhitehouse.archives.gov/search/?s=clemency">Trump pardoned or commuted</a> the sentences of several political allies, including Roger Stone; Paul Manafort; Steve Bannon; Michael Flynn; George Papadopoulos; his son-in-law's father, Charles Kushner; and former Reps. Chris Collins and Duncan Hunter, two of his earliest supporters, along with Hunter's wife.Greenberg and his lawyers are expected to strike a plea deal with prosecutors in the next month. Former <keyword id="203774" type="ORGANIZATION" weightage="60" keywordseo="DOJ">DOJ</keyword> officials <a href="https://www.businessinsider.com/prosecutors-doj-veterans-react-joel-greenberg-plea-deal-matt-gaetz-2021-4">recently told Insider's Sonam Sheth</a> that the breadth and severity of the charges against Greenberg increased the incentive for him to cooperate, which could heighten the legal peril for Gaetz."It's the same playbook he used against the teacher he falsely smeared as a pedophile," the Republican on the other end of the WhatsApp conversation told Politico, <a href="https://www.justice.gov/usao-mdfl/press-release/file/1287831/download">referring to the stalking charge against Greenberg</a>. "And he'll do the same thing to Gaetz if he can get less prison time."

Scandal-plagued Florida politician Joel Greenberg reportedly tried to leverage his relationship with Rep. Matt Gaetz to get a pardon from Trump

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Getty Images</div></div></div>The PGA Tour sent a memo to their players informing them that they are not allowed to play daily fantasy sports or accept endorsements from companies like DraftKings and FanDuel, <a href="http://www.golf.com/tour-and-news/pga-tour-bans-players-playing-endorsing-daily-fantasy?xid=si_social">according to Pete Madden of Golf.com</a>.In the memo, obtained by Golf.com, the PGA Tour calls playing daily fantasy sports "conduct unbecoming a professional."The biggest concern appears to be that daily fantasy is now banned in some states."Fantasy gaming websites that pay out money in exchange for an entry fee, as well as other wagering websites and apps, are considered illegal in many states," the memo reads. "Therefore, the PGA Tour will regard any player participation in these games as conduct unbecoming of a professional."Several states have banned daily fantasy sports, with <a href="http://www.businessinsider.com/draftkings-and-fanduel-illegal-in-new-york-2015-11">the most notable being Nevada and New York</a>. While players will be banned from promoting the industry or wearing daily fantasy logos while playing, Madden confirmed with the PGA Tour that event sponsorships will be allowed. For example, DraftKings is "Official Daily Fantasy Sports Partner" of the Quicken Loans National and the Deutsche Bank Championship.The PGA Tour considers this type of partnership to be a hospitality sponsorship. In this type of relationship, the sponsor is not allowed to have signs on the course. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/new-zealand-rugby-teams-wild-airport-surprise-2015-11">The New Zealand rugby team got a wild surprise at the airport</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VteG5teDqhuMgdBtvsia1OY0deFn48CH" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

PGA Tour calls daily fantasy 'unbecoming of a professional,' bans its players from playing or accepting endorsements

<keyword id="35448" type="ORGANIZATION" weightage="100" keywordseo="personal-finance">Personal Finance</keyword> Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.<ul class="summary-list"><li><keyword id="896226" type="PERSON" weightage="60" keywordseo="Avant">Avant</keyword> offers <keyword id="35520" type="PERSON" weightage="60" keywordseo="personal-loans">personal loans</keyword> for emergency expenses, car repairs, vacations, and more.</li><li>Avant loan amounts range from $2,000 to $35,000, but exact limits vary by state.</li><li>You have a good chance of qualifying for an Avant <keyword id="180660" type="PERSON" weightage="60" keywordseo="personal-loan">personal loan</keyword> with a credit score of 600. </li><li><a href="https://www.businessinsider.com/personal-finance/best-personal-loans" target="_blank" rel="noopener">See Insider's picks for the best personal loans »</a></li></ul>Table of Contents: Masthead Sticky<h2>Should you use Avant?</h2><table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 50%;">You may like Avant if you ... </td><td style="width: 50%;">You may not like Avant if you ... </td></tr><tr><td style="width: 50%;"><ul class="summary-list"><li>Have a credit score as low as 600</li><li>Want to avoid prepayment penalties</li><li>Want a company with long customer service hours</li><li>Need your funds within one business day</li><li>Want to manage your loan from a mobile app</li></ul></td><td style="width: 50%;"><ul class="summary-list"><li>Need to borrow more than $35,000</li><li>Don't have an account with a bank or credit union</li></ul></td></tr></tbody></table>The bottom line: Avant is a good personal loan provider, especially if you have a lower credit score and want your money quickly. Just be prepared to pay a high APR if you do have a low score.<h2>How Avant works</h2>Avant provides personal <keyword id="6362287" type="UNKNOWN" weightage="60" keywordseo="loans">loans</keyword> through <a href="https://www.businessinsider.com/personal-finance/webbank-review" target="_blank" rel="noopener">WebBank</a> (Member FDIC), a state-chartered industrial bank. Avant offers both secured and unsecured personal loans, but we're focusing on the company's unsecured personal loan options. Unsecured loans are more common with Avant and with competing lenders.An <a href="https://www.businessinsider.com/personal-finance/unsecured-loans-vs-secured-loans-what-is-the-difference" target="_blank" rel="noopener">unsecured personal loan</a> doesn't require any collateral, such as a house or car. These personal loans can be used for a variety of purposes.Avant loan amounts range from $2,000 to $35,000. The minimum amount you're required to borrow varies by state. Avant offers loans to all 50 states and Washington, DC. The minimum loan term is 24 months, and the maximum term is 60 months. You can pay off Avant loans in full at any time without incurring an early payment penalty.Depending on your credit score and annual income, your APR will range from 9.95% to 35.99%, which is higher than some other major competitors' APR ranges. For example, <keyword id="11106586" type="UNKNOWN" weightage="60" keywordseo="best-egg">Best Egg</keyword>'s range is 5.99% to 29.99%, and <keyword id="11106587" type="UNKNOWN" weightage="60" keywordseo="marcus-by-goldman-sachs">Marcus by Goldman Sachs</keyword>' is 6.99% to 19.99%.If Avant offers you a loan with a high interest rate, you may want to look into <a href="https://www.businessinsider.com/personal-finance/best-credit-cards-for-bad-credit" target="_blank" rel="noopener">credit cards for people with bad credit</a> and compare rates between a card and a loan - you might be eligible for a lower APR and better terms with a credit card. <a href="https://www.businessinsider.com/personal-finance/borrow-money-credit-card-or-personal-loan" target="_blank" rel="noopener">Weighing the pros and cons</a> of your decision will help you get the best financial deal possible. If your loan is approved by Avant by 4:30 p.m. CT Monday through Friday, funds are generally deposited by the next business day, per the company's website. You can reach Avant via their customer service email address, support@avant.com. Or call 800-712-5407 Monday through Friday, 7:00 a.m. to 10:00 p.m. CT, or weekends from 7:00 a.m. to 8:00 p.m. CT.Avant also has a mobile app with a smooth, well-designed interface. The app has 4.5 out of 5 stars in the Apple store, and 3.8 out of 5 stars in the Google Play store. Avant has a <a href="https://support.avant.com/" target="_blank" rel="noopener">Support Center</a> with answers to questions, sorted by topic.You can get a variety of personal loans from Avant, including:<ul><li><a href="https://www.businessinsider.com/personal-finance/best-debt-consolidation-loans" target="_blank" rel="noopener">Debt consolidation</a></li><li>Emergency expenses</li><li>Life events</li><li>Car repair</li><li><a href="https://www.businessinsider.com/the-top-5-diy-home-renovations-to-maximize-your-property-value" target="_blank" rel="noopener">Home improvements</a></li><li><a href="https://www.businessinsider.com/hidden-costs-moving-2018-7" target="_blank" rel="noopener">Moving expenses</a></li><li>Vacation</li><li>Other (this is not clearly defined on Avant's website)</li></ul>You'll need to meet the following requirements to apply:<ul><li>You must be over the age of 18 (19 if you live in Alabama)</li><li>You must have a personal bank or credit union account (prepaid card accounts aren't eligible)</li><li>You must be able to provide documents to verify your income, identity, and other information as requested</li></ul><h2>What credit score do you need to qualify for an Avant loan?</h2>To qualify for a personal loan, Avant states on its website that most customers have a <a href="https://www.businessinsider.com/personal-finance/what-is-a-bad-credit-score" target="_blank" rel="noopener">credit score</a> between 600 and 700. However, your credit score isn't the entire factor in your loan approval, so you may still consider applying with a lower score. Here's how scores break down, according to FICO: <ul><li>Very poor: 300 to 579</li><li>Fair: 580 to 669</li><li>Good: 670 to 739 </li><li>Very good: 740 to 799 </li><li>Exceptional: 800 to 850</li></ul>Your credit score will not be impacted if you check your loan rates with Avant, because the company only generates a soft credit inquiry.Avant will perform a <a href="https://www.businessinsider.com/personal-finance/what-is-a-hard-inquiry-credit-report" target="_blank" rel="noopener">hard credit inquiry</a> once you continue with the loan application, which will likely affect your credit score. A hard inquiry gives a lender a comprehensive view of your credit history, but may negatively affect your score.Avant may be a good choice for you if you have a lower credit score, because Avant has more lenient credit score requirements than other personal loan companies. Keep in mind that the lower your credit score, the higher your APR could be - and Avant rates go up to 35.99%. Here are some tips you may consider to improve your credit score before applying for a loan: <ul><li><a href="https://www.businessinsider.com/personal-finance/how-to-get-free-credit-report-check-credit" target="_blank" rel="noopener">Ask for and examine a copy of your credit report</a>. Look for any mistakes on your report that could be tanking your score. If so, reach out to the credit bureau to talk about fixing the error.</li><li><a href="https://www.businessinsider.com/personal-finance/how-to-increase-your-credit-score-improve-credit" target="_blank" rel="noopener">Keep credit card balances low</a>. Sustaining a credit utilization rate - the percentage of your total credit you're using - of 30% or less will prove to lenders that you can handle your credit well.</li><li>Design a system for paying bills in a timely fashion. Your payment history makes up a significant percentage of your credit score, and lenders prefer to see stable payments in the past. Set up calendar reminders or automatic payments so you don't find yourself playing catch up.</li></ul><h2>Is Avant trustworthy?</h2>Avant is a Better Business Bureau-accredited company, and the BBB gives Avant an <a href="https://www.bbb.org/us/il/chicago/profile/consumer-finance-companies/avant-llc-0654-88588503" target="_blank" rel="noopener">A in trustworthiness</a>. The BBB assesses trustworthiness by evaluating a business' responses to consumer complaints, truthfulness in advertising, and transparency about business practices. However, good BBB scores don't guarantee you will have a good relationship with companies. They're merely a guideline to help you get started on your hunt for a personal loan provider. Avant does have a recent controversy. In 2019, the company settled a case with the Federal Trade Commission where it was <a href="https://www.ftc.gov/news-events/press-releases/2019/04/online-lending-company-agrees-settle-ftc-charges-it-engaged" target="_blank" rel="noopener">found liable</a> for putting unauthorized charges on customers' credit card, and for illegally requiring customers to agree to automatic payments from their bank accounts when taking out a loan. Due to Avant's recent history, you may decide you're more comfortable using a different personal loan company.<h2>The pros and cons of <keyword id="11106589" type="UNKNOWN" weightage="60" keywordseo="avant-personal-loans">Avant personal loans</keyword> </h2><h3>Pros</h3><ul><li>Quick access to funds. If your loan is approved by 4:30 p.m. CT Monday through Friday, funds are generally deposited by the next business day. The exact time will depend on your bank and its processing time. </li><li>No prepayment penalty. You can make additional payments toward your loan, and you won't be charged an extra fee.</li><li>Mobile app. Avant has a strong mobile app. Not all personal loan companies come with apps.</li></ul><h3>Cons</h3><ul><li>Multiple types of fees. You'll have to pay an administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded. If you miss a scheduled payment, you may incur a late fee, which will vary by state. If a scheduled payment is returned unpaid, dishonored payment fees may apply. </li><li>High maximum APR. Compared to competitors like Best Egg, Marcus, and Lightstream, Avant's maximum APR of 35.99% is high. Best Egg's max is 29.99% APR, and Marcus' and Lightstream's are 19.99% APR.</li></ul><h2>How to get an Avant personal loan</h2>The application is available online and can be completed in a few minutes. You'll need basic information for the initial application, including:<ul><li>Name</li><li>Contact information including your address, phone number, and email</li><li>Whether you rent or own your home</li><li>How much you pay for housing each month</li><li>Date of birth</li><li>Social security number </li><li>Employment status</li><li>Individual income (monthly net income)</li><li>Reason for applying for a personal loan and how much you want to take out</li><li>Other financial information, such as how you would rate your credit quality</li></ul>You'll be able to see your offers and interest rate range within a few minutes. You'll need to undergo identity verification to complete the application process, and you may need to provide confirmation of certain financial details before your application is approved. After you've verified your information, the funds will be delivered to your bank account as requested, usually by the next business day. <h2>How does Avant compare to other personal loan lenders? </h2>Although rates are specific to borrowers, Avant interest rates are higher than those offered by other big-name lenders. Here's how Avant compares to the competition.<table style="height: 207px; width: 100%; border-collapse: collapse; margin-left: auto; margin-right: auto;" border="1" cellpadding="10px"><tbody><tr style="height: 72px;"><td style="width: 24.2887%; height: 72px; text-align: center;"><a href="https://www.avant.com/" target="_blank" rel="noopener"></a><a href="https://www.avant.com/" target="_blank" rel="nofollow noopener sponsored"><div type="image" title="Avant logo" height="319" width="426" msid="82093598" hostid="261"></div></a></td><td style="width: 27.6215%; height: 72px; text-align: center;"><a href="https://www.marcus.com/us/en/personal-loans" target="_blank" rel="noopener"><div type="image" title="Marcus by Goldman Sachs High yield online savings account" height="377" width="600" msid="82093599" hostid="261"></div></a></td><td style="width: 26.5817%; height: 72px; text-align: center;"><a href="https://www.bestegg.com/personal-loans/" target="_blank" rel="noopener"><div type="image" title="best egg logo" height="319" width="426" msid="82093600" hostid="261"></div></a></td></tr><tr style="height: 42px;"><td style="width: 24.2887%; height: 44px; text-align: center;">Min. credit score600</td><td style="width: 27.6215%; height: 44px; text-align: center;">Min. credit scoreUnspecified</td><td style="width: 26.5817%; height: 44px; text-align: center;">Min. credit score640</td></tr><tr style="height: 20px;"><td style="width: 24.2887%; height: 20px; text-align: center;">APR9.95% to 35.99%</td><td style="width: 27.6215%; height: 20px; text-align: center;">APR6.99% to 19.99%</td><td style="width: 26.5817%; height: 20px; text-align: center;">APR5.99% to 29.99%</td></tr><tr style="height: 20px;"><td style="width: 24.2887%; height: 20px; text-align: center;">Origination fee?No*</td><td style="width: 27.6215%; height: 20px; text-align: center;">Origination fee?No</td><td style="width: 26.5817%; height: 20px; text-align: center;">Origination fee?Yes</td></tr><tr style="height: 51px;"><td style="width: 24.2887%; text-align: center; height: 51px;">Avant Personal Loans</td><td style="width: 27.6215%; text-align: center; height: 51px;"><a href="https://www.marcus.com/us/en/personal-loans" target="_blank" rel="noopener">Apply for a loan</a></td><td style="width: 26.5817%; text-align: center; height: 51px;">Best Egg</td></tr></tbody></table>*While Avant does not charge an origination fee, it does charge an administration fee of up to 4.75%.<h3>Avant review vs. Marcus by Goldman Sachs review</h3>Avant charges an administration fee of up to 4.75%, which will be subtracted from your loan proceeds when it's funded. You'll also pay a fee if you miss a scheduled payment or if a scheduled payment is returned unpaid.You won't pay any fees with <a href="https://www.businessinsider.com/personal-finance/marcus-bank-review" target="_blank" rel="noopener">Marcus</a>, including late fees. Rather, you'll rack up more interest if you don't pay on time, and your final payment will be bigger.With Marcus, you'll receive a 0.25% discount on your loan by signing up for AutoPay; Avant does not offer this perk. While Marcus has no official minimum credit score requirement, the company recommends a minimum credit score of 660 in an <a href="https://www.marcus.com/us/en/resources/credit-score/credit-score-for-a-personal-loan" target="_blank" rel="noopener">informational post</a> on its website. This suggestion is higher than Avant's loose guidelines by a significant margin. If your credit score is below 660, Avant is likely the better option. That said, the lower your credit score, the higher an APR you will probably pay. <h3>Avant vs. Best Egg personal loans</h3>You'll pay a late fee with both loan providers - Avant's late fee depends on which state you live in, while <a href="https://www.businessinsider.com/personal-finance/best-egg-personal-loans-review" target="_blank" rel="noopener">Best Egg's</a> late fee is $15. Both have additional fees baked into the cost of the loan. Avant charges an administration fee of up to 4.75% of your loan amount, while Best Egg's has an origination fee ranging from 0.99% to 5.99%.Avant also has a lower minimum credit score guideline than Best Egg - though both companies have relatively low minimums. As a result, Avant might be the better choice if your credit is toward the lower side of "fair."You'll receive your funds roughly in the same amount of time with both companies. Avant claims most customers will receive their funds the next business day, and Best Egg says the majority of customers will get their money within one to three business days.Ryan Wangman is a reviews fellow at Personal Finance Insider reporting on mortgages, refinancing, bank accounts, and bank reviews. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership.Related Content Module: More Personal Finance Coverage

Avant review: Personal loans for people with low credit scores, but you'll pay a high interest rate

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Loren ElliottA man who illegally crossed the Mexico-U.S. border evades a U.S. Border Patrol agent near McAllen, Texas.</div></div></div>Here is what you need to know. <a href="http://www.businessinsider.com/trump-withdraws-from-iran-deal-2018-5">Trump announces he's withdrawing from the Iran nuclear deal</a>. President Donald Trump on Tuesday announced the US government's withdrawal from the Iran deal, calling it "defective at its core." <a href="http://markets.businessinsider.com/commodities/oil-price?type=wti">Oil crosses $71</a>. West Texas Intermediate crude oil touched an overnight high of $71.17, its best since November 2014. It's currently up 1.19% at $70.87 a barrel. <a href="http://www.businessinsider.com/argentina-seeks-emergency-credit-from-the-imf-2018-5">Argentina asks the IMF for an emergency loan</a>. Argentina is seeking an emergency $30 billion loan from the IMF to prevent a financial crisis after three successive interest rate rises last week failed to arrest the falling peso.<a href="http://www.businessinsider.com/stock-market-recovery-pace-could-be-foreshadowing-next-crash-2018-5">The stock market's recovery is one of the slowest on record - here's why that could be foreshadowing the next crash</a>. It's been 61 days since the benchmark <a href="http://markets.businessinsider.com/index/s&amp;p_500" target="_blank" rel="noopener">S&amp;P 500</a> experienced its 2018 lows, the third-longest recovery time on record dating back to 1950, according to Leuthold data.<a href="http://www.businessinsider.com/facebook-reorganization-reshuffles-executives-3-core-areas-2018-5">Facebook is shaking things up and reorganizing the company into 3 core areas</a>. The company will now be comprised of three key areas: New platforms and infrastructure, Central product services, and Family of apps, according to a Recode report confirmed by Business Insider. <a href="http://markets.businessinsider.com/news/stocks/disney-stock-price-earnings-per-share-revenue-profit-2018-5-1023790881">Disney beats - but ESPN continues to struggle</a>. The entertainment giant beat on both the top and bottom lines, but revenue at ESPN continued to slide. <a href="http://www.businessinsider.com/john-malone-liberty-global-vodafone-deal-2018-5?r=UK&amp;IR=T">John Malone's Liberty Global is unloading some European assets</a>. Vodafone is buying Liberty Global's operations in Germany, the Czech Republic, Hungary, and Romania for 18.4 billion euros ($21.7 billion).<a href="http://markets.businessinsider.com/indices">Stock markets around the world are higher</a>. Hong Kong's Hang Seng (+0.44%) led the gains in Asia and Britain's FTSE (+0.53%) is out front in Europe. <a href="http://markets.businessinsider.com/earnings-calendar#date=05/09/2018&amp;name=&amp;countries=&amp;eventtypes=99&amp;tab=ALL">Earnings reports keep coming</a>. Mylan reports ahead of the opening bell while 21st Century Fox and Roku are set to release their quarterly results after markets close.<a href="http://markets.businessinsider.com/economic-calendar#date=05/09/2018&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">US economic is light</a>. PPI will cross the wires at 8:30 a.m. ET. The US 10-year yield is up 3 basis points at 3.01%. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/melania-trump-underrated-tina-brown-donald-2018-4">Tina Brown: Why Melania Trump is the best aspect of the Trump presidency</a></h3> <div> </div> </div>

10 things you need to know before the opening bell

<ul class="summary-list"><li><keyword id="9159713" type="UNKNOWN" weightage="60" keywordseo="mewe">MeWe</keyword> gained 2.5 million new users in the last week, the company told Insider. </li><li>The <keyword id="6354632" type="UNKNOWN" weightage="60" keywordseo="social-media">social media</keyword> platform is known for its "privacy bill of rights."</li><li>Alt-right groups have cropped up on the site as they leave <keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword>, Twitter, and other networks. </li></ul>MeWe, a social media app that bills itself as a secure and private alternative to Facebook, has gained 2.5 million new users in the last week, the company said<a href="https://www.usatoday.com/story/tech/2021/01/20/mewe-social-network-gains-members-touts-privacy-over-facebook/4228797001/">,</a> as fringe groups search for new platforms with less oversight. After the November 2020 election, MeWe <a href="https://www.businessinsider.com/mewe-is-forced-to-moderate-extremist-hoards-coming-from-parler-2021-1">made headlines</a> for hosting Stop the Steal, <keyword id="9152811" type="UNKNOWN" weightage="60" keywordseo="qanon">QAnon</keyword>, and other alt-right groups that were kicked off mainstream platforms. When asked about moderation in an <a href="https://apnews.com/article/donald-trump-media-social-media-acc77e2afbad87da884345565385ca1c">AP interview</a> earlier this week, Weinstein declined to disclose the size of MeWe's content moderation team. In an email, a company spokesperson said the site's policies prohibit "inciting violence, hate, harassment, bullying, illegal activity," and other similar actions. As former President Donald Trump and supporters spread baseless claims of election fraud, eventually culminating in a deadly riot at the U.S. Capitol, Facebook's data privacy protections and social media policies at large have come under tighter scrutiny.Earlier in January, the Facebook-owned messaging app WhatsApp updated its privacy policy to share more data with Facebook. Insider <a href="https://www.businessinsider.com/whatsapp-facebook-data-signal-download-telegram-encrypted-messaging-2021-1">reported</a> that, after the change to WhatsApp's terms of service, the encrypted messaging app Signal saw downloads increase 4,200%. Founded by Mark Weinstein, MeWe was launched in 2016 and bills itself as focused on privacy and data ownership. All users agree to a "privacy bill of rights," and branding for the company is centered around security. MeWe's frequently asked question page assures users: "MeWe does not spy on your private posts, we think the way those other companies do things like that is creepy." In addition, MeWe says that members own their own data.The app itself, available on the Apple App Store and Google Play, features a newsfeed, private text and video chats, groups, and a Close Friends setting. As of Wednesday, MeWe reported 16 million users. For context, Facebook reported 1.82 billion daily active users in September 2020. USA Today <a href="https://www.usatoday.com/story/tech/2021/01/20/mewe-social-network-gains-members-touts-privacy-over-facebook/4228797001/">first</a> reported on MeWe's newfound popularity. David Westreich, a spokesperson for MeWe, said "our membership spikes frequently - as people worldwide seek a social network that respects them as customers to serve and delight, not data to share, target, or sell." The recent membership spike took the app as high as number 2 in the Google Play Store rankings on Friday. Crunchbase data <a href="https://www.crunchbase.com/organization/sgrouples/company_financials">shows</a> $14.5 million in funding for MeWe across five seed funding rounds in its lifetime. A <a href="https://www.prnewswire.com/news-releases/full-page-dear-facebook-letter-in-the-new-york-times-from-mewe-the-competitor-mark-zuckerberg-refuses-to-name-300655397.html">press release</a> from 2018 attributes all of MeWe's funding up to that point to capital from "high net worth investors."More recently, it appears that the company has benefited from governmental coronavirus relief: ProPublica <a href="https://projects.propublica.org/coronavirus/bailouts/loans/sgrouples-inc-04ab936bb14b3962e8b569981e0ce9b2">reported</a> that Sgrouples Inc., MeWe's parent company, received a PPP loan between $150,000 and $300,000 in April 2020.

Privacy-focused Facebook competitor MeWe says it's gained more than 2 million users in the past week

<ul class="summary-list"><li>Anti-robocall technology works, and <keyword id="11893699" type="UNKNOWN" weightage="60" keywordseo="congress" source="Orion">Congress</keyword> has mandated that phone companies use it.</li><li>These companies have had plenty of time to comply with Congress' mandate, but haven't.</li><li>It's time for consumers to reclaim our phones and use them effectively.</li><li>Teresa Murray is director of the Consumer Watchdog office at the US Public Interest Research Group.</li></ul>You may have noticed you're getting fewer unwanted robocalls about nonexistent car warranties or loans for businesses you don't have. Or that more of the calls you are getting are marked as "potential spam."This shared national nightmare is finally easing up a bit. Scam robocalls dropped by 29% from<a href="https://www.prnewswire.com/news-releases/just-over-4-4-billion-robocalls-in-june-mark-11-monthly-increase-says-youmail-robocall-index-301327740.html?tc=eml_cleartime"> June 30</a> through<a href="https://www.prnewswire.com/news-releases/just-under-4-1-billion-robocalls-in-august-mark-4-monthly-drop-says-youmail-robocall-index-301368134.html?tc=eml_cleartime"> August 31</a>, according to YouMail, a leading robocall filtering company. The decline stems from the Federal Communications Commission (<keyword id="11962487" type="UNKNOWN" weightage="60" keywordseo="fcc" source="Orion">FCC</keyword>) more stringently enforcing a new law that requires all phone companies to install sophisticated caller ID technology aimed at blocking unwanted robocalls.<a href="https://uspirg.org/news/usp/statement-battle-against-robocalls-enters-new-era-june-30"> Technically, the deadline for phone company compliance was June 30</a>, with more severe repercussions taking effect 90 days later, on September 28.If by that date, any company hadn't at least told the FCC what it was doing to fight robocalls, then other phone companies<a href="https://docs.fcc.gov/public/attachments/DOC-376119A1.pdf"> were prohibited</a> from connecting phone calls with their networks. That would mean customers of those companies couldn't make calls, although they could still receive them. That clearly put fear in many phone companies' wallets. Of the companies that had reported their compliance to the FCC<a href="https://fccprod.servicenowservices.com/rmd?id=rmd_listings"> as of October 11</a>, about one-fourth had installed the enhanced caller ID verification on their entire network; about one-fourth had installed it on part of their network; and about half hadn't installed the required caller ID technology, but claimed that they were using their own methods to reduce robocalls.Experts believe scam robocalls will continue to decline, but not necessarily go away. Why? In part because<a href="https://docs.fcc.gov/public/attachments/DOC-375612A1.pdf"> the FCC</a> gave an extension to companies with fewer than 100,000 customers or old-fashioned phone lines that don't use cable or internet. They don't have to comply with robocall-blocking caller ID until June 2023. The attorneys general in<a href="https://www.ohioattorneygeneral.gov/Files/Briefing-Room/News-Releases/NAAG/FILED_Reply-Comments_51-AGs_Small-VSPs-and-STIR-SH.aspx"> all 50 states</a> are concerned that robocall crime rings will gravitate to these phone companies that don't have the caller ID technology. You should be concerned, too. To thwart those criminals, the FCC should move up the deadline for all phone companies to comply with the federal law to no later than<a href="https://www.naag.org/press-releases/attorneys-general-call-for-faster-implementation-of-anti-robocall-technology/"> June 30, 2022</a>, as proposed by all 50 state attorneys general. For legitimate businesses who say that's too soon, that's nonsense. The law was passed by Congress in 2019; and everyone knew it was coming years before that. Robocalls started exploding about 15 years ago, when <keyword id="11972473" type="UNKNOWN" weightage="60" keywordseo="cell-phone" source="Orion">cell phone</keyword> ownership among US adults<a href="https://www.pewresearch.org/internet/fact-sheet/mobile/"> hit 70</a>%. Regulators soon began chasing after con artists and telemarketers who were making billions of illegal robocalls each year. The modern-day robocall became illegal on September 1, 2009, when the Federal Trade Commission (FTC)<a href="https://www.ftc.gov/news-events/press-releases/2009/08/new-rule-prohibiting-unwanted-robocalls-take-effect-september-1"> started prohibiting pre-recorded telemarketing calls</a> to any consumers who hadn't agreed to the calls in writing.But you can only take action against those criminals that you can catch. As spoofed calls - when the dialer manipulates caller ID so that an incorrect number intentionally shows up - became more common, it became more difficult to track down those making calls, especially because many originate from overseas or a difficult-to-trace computer.Over the years, regulators including the FCC and FTC started trying to crack down on robocalls not only by charging and shutting down illegal operations, but also going after the phone companies that allowed the calls. By 2016, when we got at least 15 million scam robocalls and illegal telemarketing robocalls nationwide, more than<a href="https://www.reuters.com/article/us-usa-robocalls/att-apple-google-to-work-on-robocall-crackdown-idUSKCN10U18L"> 30 of the largest communications and technology companies</a> - including AT&amp;T, Apple, Comcast, Google and Verizon - agreed to work with the FCC. The goal: reduce robocalls, particularly the spoofed calls that tricked so many. The idea of caller ID verification standards came out of this group. Now we're here.The importance of our phones can't be overstated: They're vital to our safety, our ability to stay in touch with loved ones, our ability to conduct business and more. Phone companies should be doing everything they can to protect their customers. If they won't do it willingly, then regulators should force them to do it. Until that happens, consumers can take a few simple steps to protect themselves. First, don't provide or confirm personal information on a call you weren't expecting, no matter what the caller ID says. Secondly, don't pay any caller with gift cards or wire transfers. And finally, use multiple scam robocall filters on your cell phone. Many of the best apps are free or cost a dollar or two a month. And some of the apps filter out robo-texts as well.At the same time, if consumers are continuing to get an unacceptable number of robocalls on their cell phone or home phone (OK, even one is annoying,) then they should ask their phone company what it is doing to protect their privacy and respect their time.Robocalls have been a real problem for about 15 years. Phone companies now have the ability to squash a large chunk of them. It's past time for us to be able to reclaim our phones and use them the way they were intended.

Phone companies can end robocalls easily but are choosing to keep you frustrated and annoyed

<div class="KonaFilter image-container display-table float_right"><div><div class="image">REUTERS/BabuSupporters of J. Jayalalithaa, chief minister of India's Tamil Nadu state and chief of Anna Dravida Munetra Khazhgam (AIADMK), wear masks as they gesture during an election campaign ahead of the general elections in the southern Indian city of Chennai March 21, 2014. </div></div></div>Good morning! Here's what you need to know.
<a href="http://www.theatlantic.com/technology/archive/2014/03/why-facebook-maybe-bought-oculus-rift-the-next-wave-of-profits/359592/#ixzz2x40cJWIP">Virtual reality.</a> Facebook bought virtual reality headset and product developer Oculus Rift for $2 billion. Atlantic's Alex Madrigal says it's a sign companies are flailing to get their hands on The Next Big Thing. "Maybe they go after a share of TV money, or bet on the Internet of Things, or get in early with the explosion of consumer robotics. These massively valuable companies need to grab some land in whatever big technology wave comes next. And they are starting to buy where they think the fertile territory is. 
<a href="http://www.businessinsider.com/intel-acquires-basis-science-2014-3">More wearables.</a> Intel bought Basis Science, a wearable tech firm that makes wristbands similar to Nike's Fitbit, for $100 million. 
<a href="http://www.businessinsider.com/king-ipo-2014-3">Candy Crush.</a> King, the maker of addictive gaming app Candy Crush Saga, priced its initial public offering at $22.50 a share ahead of its public debut on the New York Stock Exchange tomorrow, <a href="https://twitter.com/CNBC/status/448577321931657217" target="_parent">CNBC reports</a>.
<a href="http://www.businessinsider.com/r-feds-bullard-says-jobless-rate-expected-to-fall-below-six-percent-this-year-2014-26">Bullard.</a> The outlook for the U.S. economy is "pretty good," St. Louis Fed President James Bullard said at a Credit Suisse panel in Hong Kong Wednesday. He expects unemployment to fall below 6% by the end of the year.
<a href="http://on.ft.com/1l3rvTk">Russian debt. </a>The FT reports the value of Russian financial institutional loans has declined to their lowest level in more than three years, at 98.2% of their face value. They were already at 99.1% of their face value at the start of February. Thomson Reuters began collecting data on the loan market in October 2010.
Data. Durable goods orders for February come in at 8:30. Consensus headline is for growth to have increased 0.8% from -1%; ex-transportation for a decrease to 0.3% from 1.1%. At 9:45 we get Markit services PMI, expected to increase slightly to 54.0 from 53.3.
Markets. Stocks and futures were green across the world, led by Korea's Kospi at 1.19%. The Aussie dollar is rounding its second month of strong gains against the greenback, and was up 0.71% today.
Italian consumers. March consumer confidence in Italy jumped 4.2 points to 101.7, the highest reading since June 2011. January retail sales fell 0.9%, less than expected.
<a href="http://online.wsj.com/news/articles/SB10001424052702303725404579461191077796078?mod=WSJ_hp_LEFTTopStories&amp;mg=reno64-wsj">ECB.</a> The Wall Street Journal's Brian Blackstone says European Central Bank officials are sending "strong signals" that more aggressively dovish monetary will come to fight off deflation. "The possible tools, cited by some top policy makers from different parts of the euro zone, include effective negative interest rates-meaning rates so low that commercial banks would essentially pay the ECB to park their extra cash overnight. They also include purchases of government or private-sector debt to hold down long-term rates and spur lending." The agency next convenes April 3.
<a href="http://www.ft.com/intl/cms/s/0/6a2b5500-b462-11e3-bac4-00144feabdc0.html#axzz2x47UrkXu">Poison pill antidote? </a>Dan Loeb's Third Point is suing Sotheby's, of which it is the largest shareholder, to strip the auction off its poison pill clause designed to ward off activist shareholders, with the broader goal of making the measures illegal nationwide.

10 Things You Need To Know Before The Opening Bell

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Blu Homes</div></div></div>Becoming a tiny house homeowner is now as easy as tapping away at an iPad.<a href="https://www.bluhomes.com/">Blu Homes</a>, a California-based prefab home manufacturer, just launched a new line of micro houses that shoppers can customize on an app and get delivered to their property in a matter of months.The cost starts at $250,000, depending on the logistics of delivery, installation, and the user's design modifications.The <a href="http://tinyhousetalk.com/tiny-house-movement/" target="_blank">benefits of living in a tiny house</a> are almost too numerous to count. Monthly bills shrink. The homes are cozy, easy to manage, and have a small environmental footprint. And the size limitation forces tenants to unclutter their life - getting rid of unwanted stuff and embracing a sense of minimalism and purpose.Still, the process of building one is a logistical nightmare. In some cities, tiny houses are actually illegal based on zoning codes.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Blu Homes</div></div></div>Blu Homes aims to take at least part of the hassle out of going small.To get started, you download the <a href="https://www.bluhomes.com/design-studio-landing">free Blu Design Studio app</a> on your phone or tablet. You can explore layouts and personalize it by selecting design palettes, materials, and appliances that match your taste.The Lotus and Cabana models, in particular, are stunning. Ranging from 400 to 640 square feet, they both feature massive windows and sliding doors to let natural light in. Their boxy shape gives them a modern flair.Once you place the order, a Blu Homes representative reaches out to help start the processes of filing for a loan and talking to the local government to clear any construction setbacks. A housing regulations expert on staff familiarizes themself with the county rules.The CEO of Blu Homes, Bill Haney, tells us he expects many buyers will place the tiny homes as accessory dwelling units on their properties - a legal loophole to sidestep zoning laws. A 400-square-foot unit that was previously part of the Blu Homes prefab menu, for example, was a popular choice for people wanting a home office or guest house. Because it wasn't a full-time residence, it adhered to fewer restrictions.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Blu Homes</div></div></div>The prefab tiny homes come together in a factory north of the Bay Area, where the company invites customers to visit their house during the construction phase. They take eight weeks to build on average, but up to nine months to execute from start-to-finish.Once the homeowner has arranged to pour a foundation on their lot, Blu Homes will hoist the unit onto a flatbed truck and deliver it within hundreds of miles of San Francisco.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Blu Homes</div></div></div>While the $250,000 and up price tag sounds like a lot, the homes are relatively affordable, especially in Blu Homes' native California. The Origin Pod, for example, runs about $355 per square foot, while a one-bedroom unit in San Francisco <a href="http://www.trulia.com/real_estate/San_Francisco-California/market-trends/">averages</a> $1,028 per square foot. Still, the cost doesn't include land or the foundation.It's easier than ever to go small - if you can afford it. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/building-methods-tiny-homes-design-2016-4">These ingenious home designs are about to change the way we live</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="FnMGdjMjE6bDrebeLdTknZBor-pz91Rd" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You can now design a $250,000 tiny house on an app and get it delivered in months

Hi. I'm Aaron Weinman. Today, I'm highlighting a deep dive into Betterment, the disruptive startup that pioneered the robo-advisory space. The company set a trend<a href="https://www.businessinsider.com/betterment-robo-advisor-investing-strategy-2022-7"> that saw big banks and fintechs pile into the sector.</a>Now, it's charting a new path, so let's dig into that.If this was forwarded to you,<a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street"> sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<a href="https://www.businessinsider.com/betterment-robo-advisor-investing-strategy-2022-7"></a>1. Betterment changed the game for investing in the robo-advisory space. The New York investing startup pioneered the robo-advisory service and opened the door for individuals to manage their money beyond the traditional route of financial advisors.But deep-pocketed lenders — see <a href="https://www.businessinsider.com/ubs-wealthfront-wealth-management-fintech-deal-robo-advisor-2022-1">UBS' $1.4 billion acquisition of Betterment competitor Wealthfront</a> — and disruptive fintechs now play in the robo-advisory sandbox.Twelve years in, Betterment is moving away from its roots to further compete with Wall Street peers.It's staking its future on selling retirement plans to small and mid-sized businesses, and also focusing on financial advisors and their wealth-management firms.Being called "the robo" was not going to cut it if Betterment intended on being a sustainable business over the long term, Chief Executive Sarah Levy told Insider.To set itself apart, Betterment is building out business-to-business channels for financial advisors and in the process, fit in with the legacy firms that it once sought to upend.As it charts a new path, Betterment has experienced a raft of changes, shed some staff, and switched up much of its leadership.Competition is fierce, but the company nabbed a round of Series F capital in the fall, which valued Betterment at $1.3 billion.For the full story about the genesis of this robo-advisor, check out <a href="https://www.businessinsider.com/betterment-robo-advisor-investing-strategy-2022-7">this deep dive</a> from Insider's Rebecca Ungarino and Asia Martin.And here's more on Betterment, the altered landscape of robo-advisory services, and wealth management:<ul><li><a href="https://www.businessinsider.com/betterment-acquires-crypto-robo-advisor-makara-2022-2">Betterment's CEO explains why the robo-advice pioneer is buying a crypto startup</a>.</li><li><a href="https://www.businessinsider.com/ubs-wealth-management-financial-advisor-careers-diversity-2022-2">Why UBS is shaking up its recruitment strategy by expanding where it trains and hires advisors</a>.</li><li><a href="https://www.businessinsider.com/ubs-digital-wealth-management-advice-wealthfront-ralph-hamers-2022-2">UBS' first digital financial advice attempt flopped. Here's why its CEO thinks Wealthfront will be different</a>.</li><li><a href="https://www.businessinsider.com/ubs-wealthfront-wealth-management-fintech-deal-robo-advisor-2022-1">How UBS' $1.4 billion splurge for Wealthfront accelerates robo-advice M&amp;A</a>.</li><li><a href="https://www.businessinsider.com/latest-merrill-lynch-wealth-management-bac-financial-advisor-fadp-news">Merrill Lynch has ushered in changes for its storied 'thundering herd' of financial advisors</a>.</li></ul>In other news:<a href="https://www.businessinsider.com/private-equity-hedge-fund-manager-carried-interest-tax-loophole-2022-7"></a><div type="image" title="Bill Ackman" height="2333" width="3110" msid="93274339" hostid="261"></div>2. Hedge fund and private-equity billionaires support closing the carried-interest tax loophole. But behind closed doors, fund managers worry what the Manchin-Schumer deal <a href="https://www.businessinsider.com/private-equity-hedge-fund-manager-carried-interest-tax-loophole-2022-7">means for their liquidity</a>.3. Fear and loathing on Wall Street. Here's a look inside the paranoid onslaught to prevent quant traders from <a href="https://www.businessinsider.com/wall-street-quant-battle-to-lock-up-traders-with-noncompetes-2022-7">defecting to rivals</a>.4. U.S. Bank illegally used customer data to create sham accounts and inflate sales. Now the bank has been fined almost $38 million on <a href="https://www.businessinsider.com/us-bank-fined-375-million-for-illegally-using-customer-data-2022-7">unlawfully collected fees</a>.5. West Virginia's treasurer wants you to know his state won't deal with big banks over fossil fuel policies. Here's nine other GOP officials taking on Wall Street's response to <a href="https://www.businessinsider.com/conservative-politicians-esg-sustainable-investing-2022-6">the climate crisis</a>.6. Citadel Securities lost its legal fight against the US Securities and Exchange Commission over a product from the IEX exchange, Bloomberg reported. A trio of federal judges in Washington upheld the SEC's decision on the market-order type made famous in the <a href="https://www.bloomberg.com/news/articles/2022-07-29/citadel-securities-loses-court-bid-to-block-iex-order-type?sref=ipW5reFz">Michael Lewis book "Flash Boys."</a>7. Three black-owned banks bought a piece of a $1.23 billion loan to Science Applications International Corp. The trio — enlisted by Citi — committed about $10.5 million toward the syndicated loan, <a href="https://www.bloomberg.com/news/articles/2022-07-29/citi-enlists-black-owned-banks-in-rare-1-2-billion-loan-deal?sref=ipW5reFz">Bloomberg reported</a>.8. Rapid grocer Gorillas is raising $250 million in fresh funding. But it's raising the money at a lower valuation after cutting half its <a href="https://www.businessinsider.com/rapid-grocery-delivery-giant-gorillas-set-to-raise-250-million-2022-7">corporate staff in May</a>.9. Meet the 23 biotech startups that are set to take off in the next 12 months. These companies are using artificial intelligence to find new drugs, some are exploring genetic technologies, and <a href="https://www.businessinsider.com/list-top-biotech-startups-vcs-investors-new-companies-2022-7">developing new platforms</a>.10. Mark Zuckerberg is not the smartest man in the room it seems. In this feature, Kim Kardashian and Kylie Jenner got one over the tech titan when they came to the defense of the Meta-owned <a href="https://www.businessinsider.com/kim-kardashian-kylie-jenner-smarter-than-mark-zuckerberg-instagram-changes-2022-7">photo-sharing app Instagram</a>.Done deals:<ul><li>Vertex, a Wind Point Partners portfolio company, <a href="https://www.wppartners.com/overview/wind-point-partners-acquires-vertex">has acquired Fulcrum</a>, a construction management company.</li><li>Olympus' venture-capital fund, Olympus Innovation Ventures, has <a href="https://www.olympusamerica.com/press-release/2022-07-27/olympus-innovation-ventures-backs-endoscopy-video-and-ai-company-virgo">completed its first investment</a>. The fund has committed to the Series A financing for Virgo Surgical Video Solutions.</li></ul>Curated by Aaron Weinman in New York. Tips? Email <a href="mailto:aweinman@insider.com">aweinman@insider.com</a> or tweet <a href="https://twitter.com/aaronw11">@aaronw11</a>. Edited by Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

Betterment changed the game for investors, but Wall Street banks have caught up and the disruptor has been disrupted

<ul class="summary-list"><li>Paul Borrow-Longain is under investigation by the <keyword id="12095167" type="UNKNOWN" weightage="60" keywordseo="conservative-party" source="Orion">Conservative Party</keyword> over alleged "disreputable" behaviour. </li><li>Since Insider's investigation, further sources said they too were pressured to take out loans.</li></ul>Paul Borrow-Longain is being investigated by the Conservative Party for a possible breach of the party's code of conduct, as yet more allegations about him pressuring people to take out loans surface. Last week, Insider revealed that Borrow-Longain — whose original name is Paul Langan — had <a href="https://www.businessinsider.com/tory-donor-eccentric-persona-accused-pressuring-loans-2022-6?r=US&amp;IR=T">repeatedly urged young people to seek startup loans for businesses, from which he would take "directors expenses"</a>.One person is taking him to court, while another complained to police saying she had been left £10,000 in debt and is pursuing complaints with the police and the lender.Since publication, Insider has been approached by multiple other sources – individuals, a charity, and MPs – who described similar experiences with Borrow-Longain. <h2>'He slowly started taking control'</h2>One was David Baum, founder of PTSD organisation The 365 Challenge and exercise campaign Move for Wellness.Baum's story echoed what other sources told Insider previously: he was contacted by Borrow-Longain via social media and invited to the Carlton Club to discuss Borrow-Longain's involvement with his organisation. Borrow-Longain also introduced <a href="https://www.businessinsider.com/llma-bogdan-leonard-russia-access-conservative-party-2022-3?r=US&amp;IR=T">his then-employee Ilma Bogdan</a> as someone who "worked closely" with Prince William. Bogdan could not be reached for comment for this story.After the meeting, Borrow-Longain "slowly started to take control," Baum said.He initially offered to invest in 365 and "develop it into a proper business", Baum said. But instead Borrow-Longain then asked him to take out a loan, through Virgin Startup, as "we would need more than he anticipated". This is the same bank that others said they were encouraged to approach.Baum said he was rejected for a loan because of his credit rating. Then, he said, Borrow-Longain encouraged his son to try. Baum said this was also unsuccessful because of a pre-existing loan. Instead, Baum says, Borrow-Longain proposed to make £10,000 "available" for costs to do with the company, which Baum would repay over time. This is supported by documents seen by Insider.Borrow-Longain held the sum and paid suppliers, Baum said. Most of the costs, such as for a web developer and social media, were for companies Baum said he later discovered were owned or part-owned by Borrow-Longain.Baum said that after he missed one repayment, Borrow-Longain threatened to take him to court, although Baum successfully resisted this. Baum said he asked to see the balance of the loan, but that Borrow-Longain refused.Two weeks before Insider's investigation was published, Baum made a complaint to the Conservative Party. He received a response after the story was published.In correspondence seen by Insider, a Conservative official said the party was investigating whether Borrow-Longain has committed "a disciplinary offence under the Party's code of conduct"."We are interested if he has used his Conservative Party connections to take improper advantage of others because that would be disreputable. That includes what he does in his business life." <h2>Seeking money from diplomats</h2>Separately, sources told Insider that Borrow-Longain used his connections at a Conservative affiliate where he was a member in an attempt to obtain money from diplomats. He was dropped from the organisation as a result.One Tory source, who asked not to be named for fear it would harm their career, said: "He claimed to have connections with the party and was emailing diplomats saying 'I can give you close access – you need to pay this amount and I will connect you'."But he wasn't close to anyone at all…. He infringed all sorts of diplomatic protocols."Borrow-Longain also organised a birthday party at the Carlton Club where he pressured people to give him money, the same source said. "His birthday party was a farce. He said 'come to the Carlton Club', and when we got there there was one envelope per person saying 'can you contribute £100 towards your dinner or help my charity'. We were under really high pressure to contribute… he was saying 'please leave a cheque, please leave me money'."<h2>'Everything was about <keyword id="11893346" type="UNKNOWN" weightage="100" keywordseo="politics" source="Orion">politics</keyword>'</h2>More political angles have also surfaced since the initial article was published. Borrow-Longain was also seeking to "lobby" a UK government department to receive a contract for one of his firms, two sources said.One said they cut ties with him at this point, over concerns it would be illegal to lobby without being on the official register."It was all poo-poohed" by Borrow-Longain, one source said, "almost as if those are rules for little people and the Conservative Party doesn't follow that.""Everything was about politics," another said. Sources said it was shared on the Tory WhatsApp group, as several Conservative MPs had come into contact with Borrow-Longain. They also asked not to be named for fear of professional repercussions.At least one MP said Borrow-Longain offered them a £10,000 "grant", which would take the form of credit to use with Borrow-Longain's startup ADR Technology. The MP told Insider they did not accept this offer.Two sources told Insider that Borrow-Longain had claimed to have bought several dinner tickets to a fundraising event for Nicola Richards, MP for West Bromwich East, equivalent to a donation of just under £1,000.However, after speaking with some of the guests later, Richards realised that the majority of Borrow-Longain's group covered their cost themselves. She told Insider: "Paul was one of many guests that came to my dinner last year, we spoke briefly and he left very early after he donated £10 in the raffle. Our last communication was shortly after to confirm payment of the tickets that were yet to be paid at the time of the event."<h2>'He needs to be stopped'</h2>Multiple sources have now told Insider they knew Borrow-Longain under his prior name, Langan. they said they believe he changed his name in 2013 or 2014. Several described him as a "Walter Mitty character", a reference to the fictional daydreamer and fantasist. <div type="image" title="A poster showing Paul J Langan in 2010" height="975" width="1300" msid="92394888" hostid="261" sizebytes="44174"></div>Two expressed concern that other people may still be at risk of being pressured into taking out loans or may have already done so. "He needs to be stopped and I don't know how to stop him," said one source.Borrow-Longain had not responded to repeated requests for comment at the time of publication.A CCHQ spokesman confirmed that an investigation was underway, but declined to comment further until it concluded. Two Conservative members said the Carlton Club has revoked Borrow-Longain's membership, but the business did not respond to multiple requests for comment.

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