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Credibly Financial News Roundup for the Week of August 24th, 2015

credibly financial news
Facebook Patent Highlights the Changing Face of Lending by Ben Rossi, InformationAge
“It was recently reported that Facebook has been granted a patent on a method that could be used by lenders to decide if a loan application can progress. The credit ratings of friends in a loan applicant’s social network through Facebook could be taken into account in the loan assessment process…Not surprisingly, many squirm uncomfortably at the thought of the social connections they choose to make in their personal life impacting their financial situation.”

Why Millennials Aren’t Starting Businesses (And Why That’s a Problem) by Amy Wilkinson, The Wall Street Journal
“It turns out that fewer millennials are starting companies than in generations past. The Kauffman Foundation recently reported that new entrepreneurs ages 20 to 34 fell to 23%, compared with the 35% of people who were in the same age demographic in 1996 when they started businesses…This is problematic given that startups create the vast majority of new jobs in the U.S.”

The McWhopper? Burger King Proposes Truce with McD’s by Sam Oches, QSR Magazine
“In the world of business partnerships, Burger King and McDonald’s may seem like the oddest of bedfellows; the two have fiercely competed over the burgers-and-fries business for decades. But that didn’t stop Burger King from proposing a collaboration between the two brands: the McWhopper, a combination of McDonald’s iconic Big Mac and Burger King’s Whopper.”

Alternative Lending Becoming Less Alternative by Ed McKinley, deBanked
“Alternative funders are looking a little more like bankers these days, but that’s not to say they’re developing a taste for pinstriped three-piece suits and pocket watches on gold chains. They’re promoting bank loans, applying for California lending licenses and contemplating the unlikely possibility that one day they’ll obtain their own bank charters.”

4 Common Loan Mistakes Small Business Owners Make by Debra Carpenter, HuffPost Business
“When it comes time to put in applications for a loan, you want to give yourself the best possible chance of success. Whether you’re keen to seek a fast capital loan from an alternative lender or want to chat to your local bank, there are ways to make your application more likely to be approved. One of the key tips to getting ahead is to learn from other people’s mistakes.”

Robots Are Coming to Take Your McJobs by Charlie Sorrel, FastCoExist
“A $15-per-hour minimum wage might not lead to armies of content, sufficiently compensated fast food workers. It may instead lead to fewer employees, as bottom-line-obsessed companies move more quickly to replace “expensive” labor with tireless robots.”

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