Lending Club has announced an auto refinancing product targeting consumers; Lend Academy provides more details in their article with insight from Todd Denbo, Vice President of Consumer Auto Lending at Lending Club; Lending Club seeks to help make the auto refinancing process easier for borrowers; finds a $40 billion market for auto refinancing which it thinks will expand with greater convenience for consumers in obtaining auto refinancing. Source
Lending Club made news earlier this month when they announced they were increasing interest rates again. But what they also shared...
Lending Club's CIO, Siddhartha Jajodia, sent a letter to investors on October 14 alerting them of an increase in interest rates; Lending Club says it will increase loan rates by a weighted average of 26 bps with rate changes mostly concentrated in the lower credit quality loan grades; the rate increase follows a previous weighted average interest rate increase of 135 basis points from November 2015 to June 2016; the rate increase is consistent with a lower credit quality trend observed from the platform’s borrowers as well as a higher trending rate environment in the US; additionally the firm also reported changes to credit policy standards and improvements to its collections efforts.
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