California DBO Releases Report on Alternative Lenders

The results of a survey that the California Department of Oversight issued late last year to 14 alternative lenders are in. Affirm, Avant, Bond Street, CAN Capital, Fundbox, Funding Circle, Kabbage, LendingClub, OnDeck, PayPal, Prosper, SoFi and Square all responded. CircleBack Lending declined to take it.

The DBO requested data on term loans, lines of credit, merchant cash advances, factoring transactions and other products.

Other than determining that billions of dollars are being deployed from these companies, they found that median consumer loan APRs ranged between 5.37% APR and 35.94% APR. For businesses, the median APR ranged from 18.56% APR to 51.40% APR.

The number of delinquent (30 days or more past due) consumer financing dollars as a share of total dollars outstanding ranged from .99% to 20.30%

The number of delinquent business financing dollars as a share of total dollars outstanding ranged from .55% to 6.79%.

YOU CAN DOWNLOAD THE FULL REPORT HERE