LendingClub Extends Balance Transfer to More Borrowers

Date : 06/18/2019 @ 2:00PM
Source : PR Newswire (US)
Stock : Lendingclub Corp. (LC)
Quote : 15.23  -0.45 (-2.87%) @ 11:00PM

LendingClub Extends Balance Transfer to More Borrowers

LENDINGCLUB CORP (NYSE:LC)
Historical Stock Chart

2 Months : From May 2019 to Jul 2019

Click Here for more LENDINGCLUB CORP Charts.

SAN FRANCISCO, June 18, 2019 /PRNewswire/ -- After extensive testing, LendingClub (NYSE: 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.

Lending Club, the world's largest online marketplace connecting borrowers and investors. (PRNewsFoto/Lending Club) (PRNewsFoto/Lending Club)

When applying for a balance transfer loan, customers simply need to input their account information and the amount they'd like to pay down. LendingClub ensures that creditors get paid directly and that any remaining money from the customer's loan gets deposited into their bank account.

Many members who choose a balance transfer loan: 

  • Save an average of nearly $900 over the course of their loan1
  • Cut their credit card interest rate nearly in half2
  • Increase their credit score in just three months3

"LendingClub made it possible for me to get a loan at an incredibly reasonable interest rate, in fact it was less than half of some of my credit card APRs," said Brittany Love, a LendingClub borrower from Charlotte, NC. "When I realized how much money I had already lost shuffling my debt around from card to card on these promotional plans, LendingClub was an easy choice. I consolidated $11,000 worth of debt into one monthly payment of $350. With my LendingClub loan, I am on track to pay off ALL of my credit card debt in three years compared to at least sixteen years if I only paid the minimum I could afford. Now, instead of "managing" my debt, I am conquering it. I can't explain how empowered LendingClub has made me feel over my control of my debt now."4

"By directly paying down credit cards, we're supporting our borrowers on their path to taking control of their finances," said Steve Allocca, President of LendingClub. "This feature is directly in line with our mission of helping members improve their financial health and is an excellent example of how we're innovating to make the experience simple and seamless."

LendingClub tested balance transfer with a subset of debt consolidation and credit card refinance borrowers for more than a year before making it more widely available to qualifying customers. LendingClub works with a partner network of more than 1,700 credit card, bank and loan companies. With balance transfer, members can add up to 12 creditors per loan and are able to begin improving their financial health immediately—from the time of their application.

To further engage members along their financial health journey, LendingClub will also launch a credit card tracker within its Member Center later this year. Today it functions as a stand-alone credit card tracker, but as the Member Center evolves into a personalized ecosystem, it will become a customizable plan to help members prioritize and pay down credit card debt, build credit eligibility, and increase savings on their path to financial wellness.

Since LendingClub's launch in 2007, it has facilitated over $47 billion in loans to more than 3 million members. A quarter of the loan volume over the entire history of the company occurred in 2018. Learn more about balance transfer loans through LendingClub.

About LendingClub:
LendingClub was founded to transform the banking system to make credit more affordable and investing more rewarding. Today, LendingClub's online credit marketplace connects borrowers and investors to deliver more efficient and affordable access to credit. Through its technology platform, LendingClub is able to create cost efficiencies, passing those savings on to borrowers in the form of lower rates and investors in the form of potentially higher risk-adjusted returns. LendingClub is based in San Francisco, California. All loans are made by federally regulated issuing bank partners. More information is available at LendingClub.com.

1 Average savings is $895 and average loan size is $15,206 for balance transfer-eligible members. Savings compares a $15,206 loan with 11.77% interest (the average interest rate for 96,219 members who saw a balance transfer loan offer) with the same loan at 15.15% interest (the average interest rate for 25,671 members who saw a cash loan offer) from 07/01/2018 – 12/31/2018.
2 The average interest rate among members who saw a balance transfer loan offer from 07/01/2018–12/31/2018 was 11.77%. Members' average interest rate on outstanding debt or credit cards was 20.5%, as reported by 3,690 randomly selected borrowers in a LendingClub survey conducted from 01/01/2018–12/31/2018. The average interest rate among members who saw a balance transfer loan offer from 07/01/2018–12/31/2018 was 11.77%. Members' average interest rate on outstanding debt or credit cards was 20.5%, as reported by 3,690 randomly selected borrowers in a LendingClub survey conducted from 01/01/2018–12/31/2018.
3 On average, borrowers who paid their debt down and maintained low balances saw a credit score increase, however, other factors including increasing debt load could result in your credit score declining. Based on data from 66,366 members who were presented with and chose a balance transfer loan offer from 07/01/2018–12/31/2018. On average, borrowers who paid their debt down and maintained low balances saw a credit score increase, however, other factors including increasing debt load could result in your credit score declining. Based on data from 66,366 members who were presented with and chose a balance transfer loan offer from 07/01/2018–12/31/2018.
4 This is Brittany's experience. Individual results may vary.

CONTACT: For Investors: IR@lendingclub.com; Media Contact: Press@lendingclub.com

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/lendingclub-extends-balance-transfer-to-more-borrowers-300870112.html

SOURCE LendingClub

Copyright 2019 PR Newswire

Latest LC Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.