Fast loan companies are forced to cease lending.

Must stop lending

The Consumer Agency published a press release yesterday stating that they have banned the fast-loan company Lite lender, which conducts loan operations under 4 different brands, to lend money to private individuals. At the same time, the company is warned of Advance Pay and is forced to pay USD 200,000 in penalties.

The reason for these measures is that the companies mentioned above do not do a sufficiently good credit check, which means that they cannot assess the repayment capacity of the borrower. For example, companies have not requested information on expenses and other loans, which means that a proper credit check cannot be done.

Lite lender announces on its website that they will appeal the order from the Consumer Agency and now a legal process is expected that could lead to the company ceasing lending to consumers.

According to the Consumer Agency, which exercises supervision for, among other things, If the case is appealed, it is up to the Administrative Court to decide when Lite lender will cease its lending.

It is the first time ever that the Consumer Agency has taken such a hard time against a fast-loan company with same day approval and therefore the event was noticed in Sweden’s largest media.

Important with proper credit check

Important with proper credit check

In recent years, the authorities have made increasingly stringent demands on fast-mortgage companies with the aim of, among other things, regulate the market and raise the quality of companies that conduct this type of lending. This includes This means that the Consumer Agency has reviewed the credit review process at most fast-loan companies 

Doing a proper credit check is necessary to make a good assessment of whether or not a borrower can repay his loan. As a borrower, one should be critical if a company does not do a proper credit check as the credit check is also for the benefit of the customer.

New law places higher demands

New law places higher demands

On July 1, 2014, the Act on Certain Business with Consumer Credit entered into force, which means that permission is now required from the Swedish Financial Supervisory Authority to conduct lending operations to private individuals. All lenders have until December to submit their application.

Thereafter, the Swedish Financial Supervisory Authority will conduct a thorough review and then make a decision on whether the companies meet the requirements or not. Previously, fast-mortgage companies only had to be registered with Finansinspektionen, but now the companies end up under the supervision, which in itself places higher demands on fast-bank companies.

– We look at this very positively because it will ultimately benefit consumers so that more people can really apply sound credit. In addition, the market will be decontaminated, which means that rogue players will no longer be able to offer lending. Maeldúin is one of the largest players in this market and we work hard to offer high quality and secure consumer loans.

When a company falls under the supervision of the Swedish Financial Supervisory Authority, it will in practice mean that the company becomes completely transparent to the authority. You are constantly forced to report on required information as well as to show how you work to prevent, for example, money laundering.

The authorities will henceforth be able to make a better assessment of whether a company can truly live up to the requirements to be a stable lender who can follow all laws, rules and guidelines.

The law benefits consumers and serious lenders

The law benefits consumers and serious lenders

For the consumer this means only benefits. As a borrower, you can today end up in the hands of rogue companies. On the internet, you come across everything from companies that claim that our lenders but are really only loan intermediaries to companies that are lenders but can have hutless prices and poor conditions for the consumer. 

– Unfortunately, not all customers read the general terms and conditions, and it is usually in the terms that one can read whether a company is serious or not. For this reason, we believe that a secure relationship between lenders and borrowers is very important. Be sure to do a proper check on the company you are borrowing money from. A good way is to contact the industry association for fast loans to see who the members are.

SKEF is also a quality body that places demands on its members. The Consumer Agency, whose members are supervised, meets with member companies once every six months. about how they think a proper credit check should go.

Read more

Kappa Alpha Psi Brotherhood Celebrates 111 Years of Achievement – Los Angeles Sentinel | Los Angeles Sentry

the Pasadena Kappas hosts a white party every year to help raise funds to provide support to the entire local community. (courtesy) Since January 5, 1911, the noble men of Kappa Alpha Psi, Incorporated have celebrated its motto of “achievement”, which dates back to its founders, Elder Watson Diggs, Dr. …

Read More »

Is it time to introduce ethics into the agile startup model?

The rocket trajectory of a startup is well known: to get an idea, build a team and together create a minimum viable product (MVP) that you can present to users. However, today’s startups must reconsider the MVP model as artificial intelligence (AI) and machine learning (ML) become ubiquitous in tech …

Read More »

Analysis and analysis by the management of RITE AID CORP of the financial situation and the results of continuing operations (form 10-Q)

Overview We are a healthcare company with a retail presence, providing our customers and communities with a high level of care and service through various programs that we offer in our two reportable lines of business, our Retail pharmacy segment and our Pharmacy Services segment. We achieve our goal of …

Read More »

US Psychiatric Clinic Market Size, Share, and Trend Analysis

New York, January 5, 2022 (GLOBE NEWSWIRE) – Announces the Publication of the “US Psychiatric Clinics Market Size, Share and Trend Analysis Report by Age Group and Segment Forecast , 2021 – 2028 ”- https: / / The market size of psychiatric clinics in the United States is expected …

Read More »

HyperX says its new Cloud Alpha headset will last 300 hours on a charge

If you’re a serious marathon player or don’t like having to plug in your headphones every week, HyperX’s latest Cloud Alpha might just be the best gaming headset for you. The company, now owned by HP, claims his latest headset will last up to 300 hours (at 50% volume) between …

Read More »

Maybank IB: Average CPO Spot Price in Malaysia Increased 53pc YoY to RM5,171 in 4Q21 | Money

Record CPO and palm kernel increased 87% year-on-year or improved 52% QoQ, with average selling prices raising growers’ earnings outlook in 4Q21. Higher prices are expected to more than offset the anticipated weakness in the country’s QoQ production. – Photo from Reuters file KUALA LUMPUR, Jan 4 – The spot …

Read More »

AMZN: Better buy for 2022: Amazon vs. Walmart

According to a Mastercard Inc (MY) report, United States retail sales increased 8.5% during this year’s holiday shopping season, fueled by the surge in e-commerce sales. Even as the Omicron variant of the coronavirus continues to spread, making the outlook bleak for physical retail stores, many retail companies have stepped …

Read More »

Global Welding Equipment Market 2022 Analysis, Growth, Size, Share, Trends, Forecast to 2028 | DAIHEN, Colfax, Obara

NEW JERSEY, UNITED STATES, January 3, 2022 / — The description New research study “Welding Equipment Market The 2022 analysis by market trends (drivers, restraints, opportunities, threats, challenges and investment opportunities), size, share and outlook “has been added to Coherent Market Insight Global welding equipment was valued at US $ …

Read More »

Adamawa man Alpha stabs wife to death on zinc door

A 57-year-old commercial driver, Muhammed Alpha, stabbed his wife, Hamsatu Muhammad, to death in the town of Lande in the Gombi local government area of ​​Adamawa on January 1, 2022. The public relations officer of the police in Adamawa, DSP Sulaiman Nguroje, confirmed the incident on Sunday. According to Nguroje, …

Read More »

The perfect place for retirement accounts

By LouAnn Schulfer, AWMA®, AIF® If you have a retirement account, you probably know there are a lot of rules. For example, in most cases 59½ is the earliest age at which you can make withdrawals without penalty and typically at age 72 you should start collecting Minimum Required Distributions …

Read More »