Lending Club Expands Into Business Loans

business-loan
What's Next In Payments®
5:47 AM EDT March 20th, 2014

Google-backed P2P loan company Lending Club has announced a major expansion into business loans.

Lending Club has already facilitated almost $4 billion in consumer loans and has more than doubled its annual loan volumes since it’s founding in 2007.

Initially, loans will range from 15,000 to $100,000 and increase to $300,000 in the future. The loans carry fixed interest rates starting at 5.9 percent with terms of one to five years – there are neither hidden fees or prepayment penalties.

Lending Club CEO Renaud  Laplanche says that Lending Club’s loan structure in adaptable to several loan products and that the company plans for continued expansion.

“We want to cover the entire credit industry,” he said, reports TechCrunch.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source. 

 

Topics:
Comments
Also by This Author
What's Hot
News
Square Launches Register App Platform
News
Etsy Debuts mPOS Solution
Merchant Innovation
Ron Johnson’s New Company To Focus On Shopper Decisions
B2B Payments
WEX and Sinclair Oil Strike Long Term Contract
View All Articles ››
You May Also Like
Alternative Financial Services
Georgia Vendors Receive Over $100M In Incorrect Federal Payments
Alternative Financial Services
EMV’s Role in the Prepaid World
Alternative Financial Services
Simple Bank Is Simply Broken
Alternative Financial Services
Why Amazon And Google Terrify Bankers
View All Articles ››