Articles by deBanked Staff

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For Lending Club Borrowers, Interest Now Accrues During Grace Periods

February 26, 2017
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Lending Club CEO Scott Sanborn Presents at Money2020

On February 24th, Lending Club eliminated a courtesy that had long been afforded to borrowers, interest waivers during grace periods. Specifically, borrowers who missed a monthly payment were given 15 extra days to make the payment with no extra interest assessed or late fees. Going forward, interest will indeed accrue during grace periods. “we are […]

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Square Capital Made More Loans, Maintained Default Percentage, Continued to Show Why They’re A Tough Competitor in Fintech Loan Market

February 22, 2017
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Square IPO

Square has continued to set itself apart in the fintech lending space. The company announced Wednesday that Square Capital had facilitated 40,000 business loans for a total of $248 million in the fourth quarter of 2016. And they did that while holding their default rate at 4%. A look at their recent loan volume compared […]

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Catching Up With Marketplace Lending – A Timeline

February 20, 2017
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A timeline of alternative finance

This article is from deBanked’s Jan/Feb 2017 magazine issue. To receive copies in print, SUBSCRIBE FREE This is the expanded update to the timeline of events taking place in the industry. 12/16 Chicago-based Argon Credit filed for bankruptcy 12/20 Bizfi announced that it had surpassed $2 billion in originations since inception 1/4 Strategic Funding integrated […]

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Legal Battles to Keep an Eye On

February 18, 2017
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U.S. Supreme Court

CFPB The CFPB’s organizational structure might not be unconstitutional after all. The D.C. Circuit which originally concluded it was unconstitutional, has decided to rehear the case. Oral arguments on the matter are scheduled to take place on May 24, 2017. A detailed summary of the issues can be found on The National Law Review. TCPA […]

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Lending Club Reveals Q4 Figures, $146 Million Loss for the Year

February 15, 2017
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Lending Club IPO

The year that shook the industry ended six weeks ago but the total damage wrought is just now coming out. Lending Club lost $146 million in 2016, $32 million of which can be attributed to Q4. But it didn’t end all that badly according to CEO Scott Sanborn. On the earnings call he said, “our […]

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deBanked Begins 2017 With Thickest Magazine Issue Ever

February 8, 2017
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Jan/Feb 2017 preview

Forty-eight pages. That’s how thick deBanked’s January/February 2017 edition is. As the wider industry heads to the LendIt Conference in NYC next month, we decided it was only fitting to feature the city that never sleeps on the cover. This issue delves into Equity crowdfunding, the story behind the LendIt Conference, and what it’s like […]

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OnDeck’s COO Announces Resignation Prior to Q4 Earnings

February 3, 2017
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OnDeck Capital

OnDeck COO James Hobson notified the company on Friday that he is resigning to “pursue another opportunity.” According to the 8-K filed with the SEC, it will become effective on March 15, 2017. Hobson started at OnDeck in 2011 and became the COO in 2012. The announcement comes weeks before OnDeck is expected to disclose […]

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Google Banned Five Million Payday Loan Ads Last Year

February 3, 2017
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loans (2)

After Google suspiciously decided to permanently ban payday lending ads from their search results last year, they had to disable more than 5 million payday loan ads, Google’s Sean Spencer wrote in a blog post. They also “took action on 8,000 sites promoting payday loans,” he said. For years, Google had no problem with payday […]

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Meet the Online Lender That’s Made $100 Billion in Loans

January 31, 2017
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$100 billion loanDepot

Here’s a milestone for you, loanDepot has funded more than $100 billion in loans since they were founded in 2010. Mortgage loans may have enabled them to hit such a higher number in a short amount of time, but they also have a robust personal loan business. The two have more in common than you […]

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Trump’s Two-For-One Regulation Deal

January 31, 2017
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Trump Small Business Executive Order

Trump’s newest order is that for every new regulation proposed, two must be identified for repeal. If a new regulation goes into effect, the costs must be offset by the repealed regulations. The idea behind it is to strip away costs on small businesses and unburden the system. “There will be regulation, there will be […]

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