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LendingClub offers same-day loan arrangements

By on March 11, 2021 0

LendingClub, an online marketplace that connects borrowers and investors, he threw a new market called LCX with the intention of attracting a wider range of institutional investors to the platform.

LendingClub said the new market offers “dynamic” pricing and same-day settlement of “entire fully funded loans”. The service significantly reduces the time it takes to distribute capital, from several weeks to just one day.

“This is a huge step in the evolution of the unsecured consumer loans as an asset class, “said Valerie Kay, LendingClub chief capital officer.” LCX joins other LendingClub innovations such as CLUB certificates and the Select Plus platform to deliver industry-leading new products that meet the needs of our investor base growing and diversified. “

LCX will also offer analytics in the form of real-time loan insights and will also need an infrastructure for creating a secondary market to help increase liquidity and value of core assets.

LendingClub he said this is an improvement in the way consumer lending has historically been done.

“As an early adopter of innovative financial technology, we are thrilled to be one of LendingClub’s pilot partners as they continue to provide new ways to access consumer credit,” said Elliott Lorenz, CEO and co-founder of Edge Focus Partners. “This is a great example of how LendingClub listens and creates new solutions for its investors who want dynamic pricing and faster and easier ways to distribute capital. A natural evolution of any asset class is greater liquidity through secondary markets. , and this is an important step in that direction ».

LCX is the latest LendingClub market platform and follows the release of other recent products such as the Select Plus platform. The company now has four platforms offering loans to institutional investors: Scale, Select, Select Plus and LCX. Scale and Select were launched in 2017.



About the study: The AI ​​In Focus: The Bank Technology Roadmap is a research and interview-based report that examines how banks are using artificial intelligence and other advanced computational systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series evaluating the potential of AI in finance, healthcare and other sectors.