LendingClub’s Loan Originations Dropped By 90% in Q2

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LendingClub’s Q2 financials revealed that the company loaned $325.8M for the quarter, down 90% year-over-year. The company also recorded a net loss of $78.5M.

“In the current challenging environment, we have remained focused on the things we can control and are successfully executing against our strategic priorities,” CEO Scott Sanborn commented. “We are pleased with our ability to maintain strong levels of liquidity, are encouraged by the payment behavior of our members and the resilience of the loan portfolio and remain focused on the acquisition of Radius Bank.”

The company had $338M in the bank at quarter-end, up from the $244M in the bank at year-end 2019.

Last modified: August 4, 2020

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