Everest Business Funding and CircleBack Lending Inc. are among the dozens of online lenders that have sprung up in recent years using sophisticated analytics to offer fast money to borrowers rejected by banks.
It turns out they have something else in common: an investor indicted last week on racketeering charges. His name is Charles Hallinan, and he’s known in the payday-loan industry for pioneering the tactics some lenders use to circumvent state laws banning the costly advances. Hallinan, who has pleaded not guilty, is also an investor in Clarity Services Inc., a credit-reporting firm that says it has data on ...
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