Marketplace lending

Rather than receiving a lump-sum payment from the online lender, borrowers can now choose to have the proceeds of a debt consolidation loan sent to the companies they owe.

The executives were hired for their focus on loan origination, portfolio management and securitization.

The Los Angeles company has established a network that is designed to help verify the identities of consumer and small-business borrowers. It says 20 lenders are participating and that it is trying to recruit more.

It’s the one consumer loan category where balances continue to fall, and disruption from nimbler fintechs is a big reason why. To win back market share, banks will need to beat the upstarts at their own game.

The online lending marketplace will use the equity financing from WestBridge Capital to diversify the digital products its offers banks trying to compete for small-business borrowers, its CEO says.

Online lenders now have close to 40% of the unsecured personal loan market, much of which is refinanced credit card debt. Some financial institutions' card portfolios are taking a hit.

Online lenders now have close to 40% of the unsecured personal loan market, much of which is refinanced credit card debt. Banks' card portfolios are taking a hit.

The San Francisco-based online lender, which has recorded nearly $450 million in losses since 2016, is taking aggressive steps to achieve adjusted profitability later this year.

The online small-business lender said it tightened its underwriting standards during the first quarter as credit quality worsened.

Instead the online lender will refer commercial prospects to two partner companies as it seeks to focus on its core personal lending business.

TD and several other banks are licensing credit underwriting and fraud prevention technology from the fintech Avant to get their digital-lending products to market faster.

The findings of a new survey suggest that banks risk becoming irrelevant unless they match the speedier processes that are a key selling point for online lenders.

The Federal Trade Commission accused the online lender of numerous violations in connection with its loan servicing practices. In one example, Avant allegedly informed customers that they could make payments by credit card or debit card but then refused to accept such payments.

Derek White, an alumnus of BBVA and Barclays, will oversee digital innovation across all lines of business at the bank.

The New Jersey company agreed to buy BoeFly, which connects franchisors, small businesses, lenders and loan brokers.

The online lender's recent completion of a $700 million securitization provided Jonathan Ebinger at BlueRun Ventures an opportunity to reflect on what he has learned about the power of alternative data.

The San Francisco fintech, which uses artificial intelligence to make consumer credit decisions, has raised an additional $50 million. It also announced new partnerships with lenders and plans for a credit card.

The San Francisco-based online lender said that the departures of two prominent board members are not the result of any disagreement with the company.

Susan Ehrlich, the fintech lender's new chief, discusses what she learned working at Amazon and Simple and how her firm is approaching consumer loans differently.

Direct lenders are gearing up for more business in the U.K. as they see banks shrinking their sterling corporate loan books in the wake of Brexit-linked volatility and slower economic growth.