How do cash advance apps work, and are they better than payday loans?

If asked to picture a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday’s payday.” You probably don’t picture a mobile app that advertises on TikTok and sports a colorful logo. But cash advance apps like Earnin and Dave provide advances with the … Read more

Do Not Pass Go, Do Not Collect 200 Bitcoin

Money and hotels in a Monopoly game. Photo: Tony French/Alamy Updated Sept. 12, 2022 1:17 pm ET Temperatures are rising in cryptocurrency circles after an ill-considered marketing promotion seems to have been launched around a bankrupt crypto lender. Cryptocurrency lender Celsius Network LLC shocked customers when it halted withdrawals this spring and then, despite reassurances, … Read more

Lucid, SoFi, and 3 Other SPAC Stocks Whose Downturns Might Be Ending

Text size Most SPAC-related stocks, including Virgin Galactic, haven’t been soaring in recent months. Courtesy Virgin Galactic Sometimes the best time to look for new investment ideas is when things look their bleakest. Take SPAC-related stocks, for instance. The liquidation of an exchange-traded fund shows that investor sentiment can’t get much worse. Shares of companies … Read more

Desperate home buyers are making critical compromises when buying a house and Biden student loan forgiveness includes $20,000 for Pell grant recipients

Hi MarketWatchers. Don’t miss these top stories. What are Pell grants? Biden student loan forgiveness includes $20,000 for Pell grant recipients Here’s how to check if you’re a Pell grant recipient, and what to know about Pell grant requirements Read More Yoga to the People leaders charged with not paying taxes while raking in $20 … Read more

WestCap, a Private-Equity Firm, Marks Down Celsius as Near-Total Loss

Text size Alex Mashinsky, CEO of Celsius Network. Benjamin Girette/Bloomberg Less than a year ago, private-equity investors and a pension fund touted Celsius Network as a “world-class business.” Now they are marking down their investments in the bankrupt crypto lender as a near-total loss. In this month’s letter to investors outlining the firm’s second-quarter performance, … Read more

Celsius Spent $40 Million on Crypto Mining in First Two Weeks of Bankruptcy

Bankrupt crypto lending giant Celsius Network LLC used up more than $40 million in cash on its startup mining operation in the first two weeks of its bankruptcy, Finance Chief Chris Ferraro said at a meeting with creditors on Friday. Celsius said the amount covered expenses including electric utility bills tied to its mining rigs, … Read more

Public Pension Systems Join Those Stung by Crypto Crash

Among the investors who bet on cryptocurrency over the past year are pension funds that manage public workers’ retirement savings. Now those funds are navigating the crash. A Quebec pension fund made a $150 million equity investment in Celsius Network LLC last fall. In July, the cryptocurrency lender filed for bankruptcy protection. A $5 billion … Read more

SoFi’s Top Investor SoftBank Sells 12 Million Shares

Text size A woman walks past a SoftBank mobile shop in Tokyo Kazuhiro Nogi/AFP via Getty Images SoFi Technologies stock fell Tuesday, a day after shareholders SoftBank announced it had sold at least part of its majority stake in the financial services company. In a filing with the Securities and Exchange Commission, SoftBank (ticker: SFTBY … Read more

Upstart stock drops after earnings, but CEO says he’s ‘confident’ in value of AI lending

Upstart Holdings Inc. shares fell after the company delivered a lower-than-expected revenue forecast for the current quarter, but its chief executive expressed confidence in the performance and value of artificial-intelligence-driven lending. Since Upstart UPST, +9.02% offered preliminary second-quarter results a month ago that fell shy of expectations, the key issue headed into the company’s official … Read more

SoFi stock gains after earnings: ‘The bank charter could not have come at a better time’

Shares of SoFi Inc. rose 8% in after-hours trading Tuesday after the company beat expectations with its latest results and signaled various benefits stemming from its bank charter. “While the political, fiscal and economic landscapes continue to shift around us, we have maintained strong and consistent momentum in our business,” Chief Executive Anthony Noto said … Read more