Search Results for 'lending club'

Lending Club Funded $2.3B in Q1, Brushing Off FTC Suit

May 8, 2018
Article by:

Scott Sanborn - Lending Club

Lending Club (NYSE: LC) originated $2.31 billion worth of loans in Q1 this year, according to the company’s earnings report released this afternoon. This is an 18% increase in originations over last year’s Q1, yet it is a decrease of 5% compared to the fourth quarter of 2017.    Lending Club has been embroiled in […]

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FTC Sues Lending Club

April 25, 2018
Article by:

Scott Sanborn, Lending Club CEO

Above: Lending Club CEO Scott Sanborn speaks at LendIt Fintech 3 weeks ago in San Francisco Today, the Federal Trade Commission (FTC) filed a 30 page lawsuit against Lending Club, primarily for using language in its marketing that misleads consumers. There were also charges against Lending Club that it has made unauthorized withdrawals from consumer […]

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Lending Club Stock Price Hits Record Low

February 27, 2018
Article by:

ondeck and lending club

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 […]

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LendingPoint Co-founder Weighs in on Lending Club’s Earnings Report

February 21, 2018
Article by:

Juan Tavares, LendingPoint

Lending Club announced its fourth quarter and full year 2017 earnings earlier this week. The report included a $92.1 million quarterly loss (which the company attributed primarily to a class action litigation settlement) and a fourth quarter net revenue increase of 20 percent year-over-year. Juan Tavares, Co-founder and Chief Strategy Officer, LendingPoint “This report had […]

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Is Lending Club Misleading New Investors About Past Performance?

December 3, 2017
Article by:

Lending Club IPO

Above: Lending Club tells new investors that 99% of portfolios aren’t losing money New retail investors interested in the Lending Club platform are greeted with a friendly statistic, that “99% of portfolios with 100+ Notes have seen positive returns.” That’s a slippery statement, which is probably why they footnoted it. The footnote says that only […]

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Good Riddance F and G Notes on Lending Club

November 9, 2017
Article by:

red ink

When Lending Club announced they were discontinuing F and G grade notes on their platform for investors, I wasn’t surprised. Investors in general have been reporting disappointing returns, even dipping into negative territory some months. My own portfolio there is on track to generate a loss for 2017, which seems even worse when I consider […]

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Lending Club is Discontinuing F and G Grade Notes

November 7, 2017
Article by:

Lending Club IPO

Per Lending Club’s website, the company is discontinuing issuance of F & G grade notes. According to an announcement published by the company: We are consistently assessing the value our product delivers to our investors, and have noticed an increase in prepayment and delinquency rate in F and G grade Notes. We feel it is […]

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C-level Credit Exec Leaves Lending Club for Affirm

September 21, 2017
Article by:

business team

Lending Club’s Chief Credit Officer and Interim General Manager, Sandeep Bhandari, has joined fintech lender Affirm, according to Affirm CEO Max Levchin. Levchin posted the following on LinkedIn: I am excited to announce and welcome Sandeep Bhandari to Affirm, Inc. as Chief Strategy and Risk Officer (CSRO). Sandeep joins us from Lending Club where he […]

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PayPal’s Global Head of Product Comm Joins Lending Club

September 14, 2017
Article by:

35884857 - businesswoman hands holding white card sign with welcome aboard text message isolated on grey wall office background.

Anuj Nayar, PayPal’s global head of product communications, has moved on to Lending Club as VP and head of communications, according to published reports. Nayar was also previously Head of Mac Public Relations at Apple from 2003 to 2008. At PayPal, Nayar was the primary spokesperson on a range of proactive and reactive issues, according […]

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Reaction to Lending Club’s New Credit Model

September 13, 2017
Article by:

Lending Club IPO

The few retail investors discussing the recent change Lending Club made to their credit model weren’t exactly optimistic, according to comments on the Lend Academy forum. Of particular concern is grade inflation wherein borrowers who previously scored a C or lower may now find themselves in the A or B category. “We expect loan volume […]

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