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Bounced Check: What Happens if a Check Bounces?
https://www.sofi.com/learn/content/what-should-i-do-if-a-check-bounces/
Bounced checks are sometimes referred to as rubber checks because, instead of going through, they “bounce” back to the payer’s bank unpaid. No money is transferred, and the person who was expecting to be paid doesn’t receive their funds. The payer will typically get hit with fees and could also face other negative consequences. The […]
Understanding How P2P Lending Works
https://www.sofi.com/learn/content/understanding-p2p-lending-works/
Sometimes you need a loan for a venture that a traditional bank might not approve. In these instances, a peer-to-peer (P2P) loan might be what you’re looking for. Peer-to-peer lending, also known as social lending, rose out of the 2008 financial crisis. When banks stopped lending money as freely as they had in the past, […]
Why You Can’t Open a Bank Account and What to Do Next
https://www.sofi.com/learn/content/why-was-i-denied-a-checking-account/
It’s certainly a frustrating experience to be denied a checking account. The problem could be with your past banking history, an error on your bank reports, or a mistake you made filling out your application, among other reasons. Once you find out what the issue is, you can take steps to remedy the situation and […]
Guide to Revenue-Based Business Loans
https://www.sofi.com/learn/content/revenue-based-business-loans/
With a revenue-based business loan, a financing company gives your business a lump sum of cash and, in return, you give them a certain percentage of your business’s future monthly revenues. Unlike traditional business loans, your monthly payments don’t stay the same, but instead rise and fall as your revenue rises and falls. Business loans […]
Checking Account Definition and Explanation
https://www.sofi.com/learn/content/what-is-a-checking-account/
A checking account is a secure place to deposit money and then withdraw funds, say, when it’s time to pay bills. This type of deposit account — either at a bank or credit union — allows you to move funds in and out using different methods. It’s typically considered the hub of a person’s daily […]