Online Consumer Lender Argon Credit Files Chapter 11

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“Decisioning as a Service (DaaS), specifically the commercialization of Argon’s machine learning algorithms, is being developed to revolutionize the way credit is evaluated for the entire industry.” That’s according to a press release put out by Chicago-based Argon Credit 19 months ago. The company filed for bankruptcy on Friday, December 16th.

Argon offered loans from $2,000 to $35,000 with APRs ranging from 4.99% to 149% to consumers with at least a 540 FICO score.

Listing more than $42 million in outstanding debt, the largest creditor by far is the Princeton Alternative Fund, which provides credit facilities to select, consumer-facing lenders in the alternative lending marketplace, according to a fact sheet. Argon owes Princeton and a related entity $39 million, the bankruptcy petition states.

The company filed for Chapter 11 after “experiencing financial difficulty.”

Last modified: December 20, 2016

Category: Industry News, Marketplace Lending

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