Episode 1133
LendingClub
Wed, 2020-Jun-10 00:18 UTC
Length - 2:45
Direct Link
Welcome to random Wiki of the Day where we read the summary of a random Wikipedia page every day.
The random article for Wednesday, 10 June 2020 is LendingClub.
LendingClub is an American peer-to-peer lending company, headquartered in San Francisco, California. It was the first peer-to-peer lender to register its offerings as securities with the Securities and Exchange Commission (SEC), and to offer loan trading on a secondary market. LendingClub is the world's largest peer-to-peer lending platform. The company claims that $15.98 billion in loans had been originated through its platform up to December 31, 2015. LendingClub enables borrowers to create unsecured personal loans between $1,000 and $40,000. The standard loan period is three years. Investors can search and browse the loan listings on LendingClub website and select loans that they want to invest in based on the information supplied about the borrower, amount of loan, loan grade, and loan purpose. Investors make money from interest. LendingClub makes money by charging borrowers an origination fee and investors a service fee.
LendingClub also makes traditional direct to consumer loans, including automobile refinance transactions, through WebBank, an FDIC-insured, state-chartered industrial bank that is headquartered in Salt Lake City Utah. The loans are not funded by investors but are assigned to other financial institutions.
The company raised $1 billion in what became the largest technology IPO of 2014 in the United States. Though viewed as a pioneer in the fintech industry and one of the largest such firms, LendingClub experienced problems in early 2016, with difficulties in attracting investors, a scandal over some of the firm's loans and concerns by the board over CEO Renaud Laplanche's disclosures leading to a large drop in its share price and Laplanche's resignation.
This recording reflects the Wikipedia text as of 00:18 UTC on Wednesday, 10 June 2020.
For the full current version of the article, see LendingClub on Wikipedia.
This podcast is produced by Abulsme Productions based on Wikipedia content and is released under a Creative Commons Attribution-ShareAlike License.
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This has been Raveena. Thank you for listening to random Wiki of the Day.
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