LendingClub’s Delinquency Rates Are Lower Now Than They Were Pre-Covid
“Delinquency rates for the personal loan portfolio continue to outperform pre-Covid levels, even as most hardship plans have come to an end,” LendingClub announced in its Q3 earnings report. “Strong performance continues despite unemployment benefits largely coming to an end in July.”
The company ramped loan originations back up to $584M last quarter after hitting a low of $326M in Q2. Prior to Covid, the company was lending $2.5B to $3.5B a quarter.
LendingClub reported a Q3 net loss of $34.3M, bring the ytd net loss total to $160M.Last modified: November 5, 2020