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🇺🇸 Subprime lender files for chapter 11 bankruptcy!
PrimaLend Capital Partners filed for Chapter 11 bankruptcy protection on Wednesday, in another sign that low-income consumers in the United States are under strain.
The company's filings in a Texas court showed that it listed both assets and liabilities of less than $500 million.
Subprime lenders provide loans to borrowers with weaker credit histories or lower credit scores, typically at higher interest rates to offset the increased risk of default.
Last month, Bloomberg News reported that PrimaLend's creditors were weighing pushing the firm into bankruptcy after going unpaid for months.
Tricolor, which sold cars and provided auto loans mostly to low-income Hispanic communities in the Southwestern United States, also filed for bankruptcy protection in September.
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Top AI Executives are now officially anticipating a large-scale event, most likely a cyberattack, that shuts down access to financial services, internet connectivity, and even power and water. We need to prepare for this scenario right now.
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