Similar Stories to Lending Club Jumps As Online Lending Continues To Grow on Bing News

By KEN SWEET, AP Business Writer, Seattle Post-Intelligencer: Business
Wed, 05/06/2015 - 12:00pm

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.

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Topics:  peer-to-peer   prosper   wall street   lending club   grow   online lending   company   traditional   interest   bank   
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