Author Topic: Lending Club New Product?  (Read 9774 times)

BruiserB

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Lending Club New Product?
« on: April 13, 2016, 10:57:40 AM »
Didn't Lending Club state either at the end of last year or early this year that they would be introducing something big this spring?  I half expected to maybe see an announcement tied into the LendIt conference, but nothing.  Any more ideas on what it may be or when it may happen?  I seem to remember speculation around car financing or something similar.  Does anyone expect it will be something that will be available to retail investors?

rawraw

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Lending Club New Product?
« Reply #1 on: April 13, 2016, 11:01:44 AM »
They announced it'll be launched at their investor day or earnings release, can't remember which . I keep thinking it was May 13 but likely wrong

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jheizer

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Re: Lending Club New Product?
« Reply #2 on: April 13, 2016, 11:20:40 AM »
I think during lendit one of their people casually mentioned something come on June 4th? June something.  I forget exactly what he said now though.
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nonattender

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Re: Lending Club New Product?
« Reply #3 on: April 13, 2016, 11:42:08 AM »
Laplanche announced at LendIt that new product would be revealed on June 13th.
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LoanShark

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Re: Lending Club New Product?
« Reply #4 on: April 13, 2016, 09:14:00 PM »
Whats it going to be?  Auto loans?  Mortgages?  Or tuition for clown college?

fliphusker

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Re: Lending Club New Product?
« Reply #5 on: April 13, 2016, 09:39:32 PM »
Whats it going to be?  Auto loans?  Mortgages?  Or tuition for clown college?

Auto might not be too bad, mortgage would be interesting, but that would call for huge influx in cash.  College would never touch with the huge default rates. 

Jim G

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Re: Lending Club New Product?
« Reply #6 on: April 14, 2016, 10:56:10 AM »
Maybe it will be a Certificate of deposit? And LC will get into the banking business to lower their cost of capital.

Fred93

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Re: Lending Club New Product?
« Reply #7 on: April 14, 2016, 02:56:26 PM »
Credit card.

Edited to add:  Those red jackets are kinda nice.  Perhaps its a clothing line.
« Last Edit: April 14, 2016, 03:14:34 PM by Fred93 »

yojoakak

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jheizer

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Re: Lending Club New Product?
« Reply #9 on: April 14, 2016, 03:13:52 PM »
So boat loans then
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Prescott

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Re: Lending Club New Product?
« Reply #10 on: April 14, 2016, 06:46:52 PM »
Auto refinance

RT45

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Re: Lending Club New Product?
« Reply #11 on: April 15, 2016, 12:02:54 AM »
The way it was being hyped and the secrecy around other marketplace lenders seems like it will be some type of new credit product, like their small business "use what you need," credit line product and not just adding a traditional credit product to the mix.

rawraw

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Re: Lending Club New Product?
« Reply #12 on: April 15, 2016, 04:48:06 AM »
Maybe it will be a Certificate of deposit? And LC will get into the banking business to lower their cost of capital.
I haven't seen them apply for a bank charter. But the OCC has said several Fintech companies have inquired. I wonder what the agreement with webbank is like - does it have a non compete with your own bank clause?

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avid investor

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Re: Lending Club New Product?
« Reply #13 on: April 15, 2016, 10:12:52 AM »
Why would they touch auto loans?  I am still seeing 2% on car loans.  How bad a risk would a debtor have to be before you would be able to get a decent return as an investor?  I don't think I would touch them.

BruiserB

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Re: Lending Club New Product?
« Reply #14 on: April 15, 2016, 11:01:14 AM »
From a borrower standpoint I can see some sort of "line of credit" product being attractive, whether a consumer credit card or a business credit line, etc.  But I have a hard time picturing how to fractionalize it from a lender standpoint....you can't have several people all willing to loan someone money on a moment's notice.  Unless hundreds of lines of credit are aggregated into a fund with institutional ownership.  I can't see that being something us little guys can invest in.