Proof Point
Lending Club issued 167,249 new loans in Q1 2017, with majority used for refinancing and paying off credit cards
Lending Club Reported Loan Purpose
Q1 2017 (thousand loans and percentage)
| Note: | Loan purpose describes the reported intent of borrowers from the most recent completed quarter and may not reflect actual usage |
Proof Point Findings
- Lending Club – Founded in 2007, currently world’s largest peer-to-peer (P2P) lending platform, offering consumer and SME enterprise loans over fixed period of 36 or 60 months
- 2017 Q1 Loans – Total of 167,249 new loans were issued by company in 2017 Q1
- Debt Payments – More than half of borrowers used loans to refinance existing loans (45.5%) and pay off credit card bills (15.5%)
- Key Growth Drivers – Include increasing borrower and investor awareness of benefits offered by online P2P lending platforms over traditional institutions (e.g. accessibility, faster processing, and lower interest rates for borrowers; and higher yield, as well as increased control over portfolio for investors), increasing number of market players, and tightening credit markets
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Accelerator |
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Market Disruption |
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Sector |
Financial Services
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Source |
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Date Last Updated |
August 31, 2017
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