Lending Club Stock Price Hits Record Low

Lending Club’s stock dropped to its lowest level on Monday, closing at $3.27, according to the online lending tracker. That puts the company down 78% from its IPO price of $15 and down 87% from its all-time high.

Since going public, the company has been mired in litigation, losses, and scandal. The company has also put funding from peers aside in favor of funding from Wall Street banks.

Worse yet though for the company is that competitors like Goldman Sachs have been able to undercut Lending Club’s rates (Goldman Sachs’ Marcus charges no late fees or origination fees), while simultaneously tapping into a cheaper cost of capital (deposits).