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(Bloomberg) -- LendingClub Corp.’s chief executive officer was able to please investors on a dark day for financial stocks by showing the online lending marketplace is adept at reining in costs.“We’ve been very focused, in what continues to be a dynamic environment...on areas we can control,” CEO Scott Sanborn said in a phone interview, noting that investors are looking for yield as interest rates decline for the first time in 10 years.The company’s shares rose the most intraday since May 8 after second-quarter results showed better-than-expected adjusted Ebitda and success in cost initiatives. Marketing and sales expenses as a percent of originations were 2.15%, which compares to an average of 2.48% in 2017, 2.4% in 2018 and 2.37% in the first quarter, according to the conference call.Sanborn said LendingClub is able to pivot for rate declines and for rate increases. In case there’s a recession, there are always “borrowers looking for credit and investors looking for yield,” he said. The CEO noted that personal loans are the fastest-growing loan category and LendingClub is growing even faster than the market.Looking at the big-picture, he said consumers appear healthy as “unemployment looks great” and “wages are going higher for the first time in forever.” However, broader macro issues -- like trade tensions and Brexit -- may have an impact.LendingClub saw about 14 million applicants for loans in 2018 and applications are now up about 25% to 30% year-over-year, he said. That’s growing faster than originations, which gained 11%, as the company tightened standards.Sanborn continues to view asset-backed securities as an attractive source of funding. That market “is an absolutely massive, scalable, repeatable source of capital we want to have the ability to tap into,” he said.He added that LendingClub is well-prepared for its plan to see a bank charter, as it already has many of the functions of a regulated institution without “the benefits a charter provides.”Sanborn also said he isn’t looking at a tie up with fintech company GreenSky Inc., which plans explore strategic alternatives. GreenSky shares are down for a sixth straight session.\--With assistance from Charles Williams.To contact the reporter on this story: Felice Maranz in New York at email@example.comTo contact the editors responsible for this story: Catherine Larkin at firstname.lastname@example.org, Will DaleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
LendingClub (LC) delivered earnings and revenue surprises of 90.00% and -0.45%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
SAN FRANCISCO, Aug. 6, 2019 /PRNewswire/ -- LendingClub (LC), America's largest online marketplace connecting borrowers and investors, today announced the launch of Select Plus Platform that opens up the LendingClub marketplace to sophisticated investors to identify opportunities to approve borrowers who fall outside the current criteria. Last year, LendingClub received more than 14 million applications for loans originated by banks. This new custom program will reach those people across the credit spectrum who currently do not receive loan offers on the LendingClub platform because they fall outside of the existing criteria used by the bank lender.
Record results with simplification program ahead of plan SAN FRANCISCO , Aug. 6, 2019 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), America's largest online lending marketplace connecting borrowers ...
LendingClub (LC) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Western Union's (WU) Q2 results are likely to reflect lower revenues from its Consumer-to-Consumer segment and earnings dilution from sale of Speedpay business, partly offset by share buyback.
SAN FRANCISCO , July 22, 2019 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), America's largest online lending marketplace connecting borrowers and investors, has issued to investors its next generation ...
SAN FRANCISCO , July 16, 2019 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), America's largest online lending marketplace connecting borrowers and investors, announced that it will report earnings ...
LendingClub disclosed in an SEC filing that second-quarter standard loan volume rose 5% from last year and 9% from the prior quarter to $2.17 billion, Faucette said in a Friday note. Both of these figures were short of expectations for total origination growth of 10.8% from last year and 14.4% from the prior quarter, the analyst said. Standard loans represent 71% of LendingClub's origination mix, with the remaining 29% coming from custom loan channels like near/subprime, auto and SMB lending, Faucette said.
American Express (AXP) seems well poised for growth in the second half of this year on the back of a number of tie-ups and strategic initiatives.
Closes $1 Billion in Just 6 months After Reaching the Program's First Billion in November 2018 SAN FRANCISCO , July 1, 2019 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), America's largest online ...
SAN FRANCISCO, June 28, 2019 /PRNewswire/ -- LendingClub Corporation (LC), America's largest online lending marketplace connecting borrowers and investors, today announced the effective date of a 1-for-5 reverse stock split of the Company's outstanding and treasury shares of its common stock, together with a proportionate reduction in the number of authorized shares of the Company's common stock, that was approved by stockholders at the Company's annual meeting on June 5, 2019. The intent of the reverse stock split is to reduce the annual listing fees with the New York Stock Exchange (NYSE) by reducing the number of outstanding shares of Company common stock, and also to facilitate investment in the Company's common stock by, among other things, exceeding minimum stock price thresholds for institutional investors and reducing brokerage fees as a percentage of the overall trading transaction.
Moody's Investors Service has assigned definitive ratings to the notes issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2019-P1 (CLUB 2019-P1), the first marketplace lending transaction issued from the CLUB platform this year. The ratings are based on the quality of the underlying collateral and its expected performance, the strength of the capital structure and fast amortization of the assets, and the experience and expertise of LendingClub as servicer and the back-up servicing arrangement with First Associates Loan Servicing, LLC (First Associates, unrated).
SAN FRANCISCO, June 21, 2019 /PRNewswire/ -- LendingClub Corporation (LC), America's largest online lending marketplace connecting borrowers and investors, today announced that it has helped more than 3 million borrowers on their paths to financial health. In May, Alice K., an army veteran and local law enforcement officer in New York, became LendingClub's 3 millionth member. "I initially came to LendingClub to consolidate my high-interest credit card debt and I'm thrilled that they've actually paid off my loan in full," said Alice K., a LendingClub member from Arverne, New York.
SAN FRANCISCO, June 18, 2019 /PRNewswire/ -- After extensive testing, LendingClub (LC), America's largest online marketplace connecting borrowers and investors, today announced the broader launch of balance transfer. Supporting borrowers who are looking to consolidate debt or refinance their credit cards, balance transfer loans offer the ability to seamlessly pay credit cards and high-interest debt as part of the personal loan process. For many customers, balance transfer loans will also come with the most competitive rates through LendingClub.
Moody's Investors Service has assigned provisional ratings to the notes to be issued by Consumer Loan Underlying Bond (CLUB) Credit Trust 2019-P1 (CLUB 2019-P1), the first marketplace lending transaction issued from the CLUB platform this year.