Comment on Lending Club jumps as online lending continues to grow

Lending Club jumps as online lending continues to grow

Shares of Lending Club advanced 3 percent Wednesday after the company reported better-than-expected results and raised its full-year outlook as more people discover peer-to-peer lending as a cheaper alternative to a traditional bank. Peer-to-peer lending still makes up a tiny fraction of the $700 billion consumer loan market. [...] investors and analysts believe that percentage will only grow, since the interest rates Lending Club, Prosper and others can charge for their loans is significantly less than a traditional bank. Because of the intense interest in online lending industry, there has been a flood of competition from new companies and old Wall Street mainstays alike. The company's overall expenses increased sharply in the quarter from a year earlier, particularly in engineering and product development.

 

Comment On This Story

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More Business News