May 5, 2016 | Wall Street Journal
“Three of the largest online small-business lenders will soon start disclosing to borrowers the annual percentage rate on their loans, a response to criticism the industry has received about transparency and an expected increase in regulatory scrutiny.
On Deck Capital Inc., Kabbage Inc. and CAN Capital Inc. are creating an industry group, called the Innovative Lending Platform Association, that will develop a standardized disclosure for small-business loans, the chief executives of each company said. The effort would allow small businesses to compare the costs of different types of financing on an apples-to-apples basis, including their annual percentage rates.”
To read this article in full, click here.