LendingClub to stop originating small-business loans
Instead the online lender will refer commercial prospects to two partner companies as it seeks to focus on its core personal lending business.
Marketplace lending
Marlette adds nonprime assets in $329M consumer-loan ABS deal
For the first time, the marketplace lender d/b/a Best Egg is securitizing loans from High Yield Prime borrowers who don't qualify for its prime loan products.
By
Glen Fest
Small businesses turning far more often to online lenders: Fed
The findings of a new survey suggest that banks risk becoming irrelevant unless they match the speedier processes that are a key selling point for online lenders.
Avant to pay $3.85M to settle allegations of deceiving borrowers
The Federal Trade Commission accused the online lender of numerous violations in connection with its loan servicing practices. In one example, Avant allegedly informed customers that they could make payments by credit card or debit card but then refused to accept such payments.
Real-time data was Kabbage’s secret sauce, its first investor says
The online lender's recent completion of a $700 million securitization provided Jonathan Ebinger at BlueRun Ventures an opportunity to reflect on what he has learned about the power of alternative data.
Online lender Upstart eyes expansion after latest funding round
The San Francisco fintech, which uses artificial intelligence to make consumer credit decisions, has raised an additional $50 million. It also announced new partnerships with lenders and plans for a credit card.
‘If the product is good, it should sell itself’: A Q&A with Earnest’s CEO
Susan Ehrlich, the fintech lender's new chief, discusses what she learned working at Amazon and Simple and how her firm is approaching consumer loans differently.
Kabbage earns an AA from Kroll on its next small biz loan facility
The online lender is taking advantage of the cheaper funding this could provide to refinance a $610 million facility that does not expire for another year.
Can Citi and Chase beat fintechs at their own game?
The upstart lenders have been chipping away at credit cards’ consumer-lending dominance by offering fixed-rate loans with predictable repayment plans. Now the card giants are fighting back.
GreenSky, Amex to roll out partnership in five cities
The Atlanta company, which reported fourth-quarter results Tuesday, said that the lending partnership with American Express will launch in Atlanta, Chicago, Dallas, Los Angeles and Dallas within the next 60 days.
Banks fall further behind fintechs in personal lending
Personal loan balances hit an all-time high in 2018, while fintech lenders widened their market share lead over banks and credit unions, according to new data from TransUnion.
By
Andy Peters
Could LendingClub return to profitability in second half?
The online consumer lender trimmed its losses in the fourth quarter and says an adjusted, non-GAAP metric suggests it's on the path to getting out of the red later this year.
Kroll: Upstart’s focus on more extended-term loans adds ABS risk
Credit enhancement and expected loss levels in Upstart's 2019 securitization debut have risen from its previous deal last August.
By
Glen Fest
CommonBond gets $750 million in lending funds from top banks
Barclays, BMO, Citibank, Goldman Sachs and ING contributed to the online student lender, which last year made over $1 billion in loans.
State AGs assail CFPB plan to build fintech sandbox
The bureau wants to further remove the threat of legal liability for firms that test products benefiting consumers, but the attorneys general say the agency cannot provide immunity from state law.
Upgrade has some skin in its 2nd consumer loan securitization
The online lender founded by Renaud Laplanche contributed half of the collateral for the $226.9 million transaction. It's also retaining a 5% economic interest in the deal.
By
Glen Fest
SoFi’s next consumer loan ABS has more borrowers from lowest credit tier
Tier 7 loans, which have lower limits on free cash flow and allow negative personal income, account for 7.26% of the collateral for the online lender's next transaction, according to Kroll.
Online lender Marlette reports profit, then takes jabs at the competition
As the consumer lender announced its seventh consecutive profitable quarter, its CEO bragged that his company is better positioned than the likes of Goldman Sachs and LendingClub.
Prosper contributing collateral to next consumer loan securitization
The remainder of the collateral was contributed by Goldman Sachs, which is also holding onto 5% of the risk in the deal to comply with risk retention rules.
Opinion A remedy for ‘true lender’ lawsuits already exists
Federal regulators should consider applying guidance that is nearly two decades old to end uncertainty about the legality of particular bank partnerships.
Mark Dabertin
Pepper Hamilton
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