This afternoon LendingClub released their earnings for Q3 2020. They have bounced back from the lows of Q2 showing a...
LendingClub reported Q4 earnings today and their recovery from the depths of the pandemic continues. Loan originations were up 56%...
The report is titled “Do Fintech Lenders Penetrate Areas That Are Underserved by Traditional Banks”; the report used account-level data from LendingClub and other US Banks with assets over $50 billion; according to the paper’s abstract: “We find that LendingClub’s consumer lending activities have penetrated areas that may be underserved by traditional banks, such as in highly concentrated markets and in areas that have fewer bank branches per capita. We also find that the portion of LendingClub loans increases in areas where the local economy is not performing well.” Source
In this week’s PeerIQ Industry Update they cover the worries from a flattening yield curve and credit card debt reaching...
Last week there were significant developments in the legal troubles that have dogged both LendingClub and former CEO Renaud Laplanche...
The complaint stated that LendingClub violated federal laws which protect consumers from unfair and deceptive practices; LendingClub stock price dropped on the news which related to LendingClub’s promise of no hidden fees and a statement to applicants that “Investors Have Backed Your Loan” even though borrowers may not have been approved; some borrowers also experienced overdraft fees when LendingClub withdrew double payments according to the complaint. LendingClub responded to the complaint by issuing a press release. Source
By now you’ve probably received many emails from financial institutions related to what they are doing for those impacted by...
Eric Satz soon realized there was a problem. The year was 2014 and he was trying to use his IRA...
LendingClub recently announced that they would be acquiring Radius Bank; the news was a groundbreaking moment for fintech as LendingClub...
In our last post and accompanying video we outlined how to setup a LendingClub account in 2018. One of the...