Marketplace lending

CEO acquitted in financial crisis case; Wedded to debt


Former Barclays CEO John Varley was accused of trying to obtain funds to avoid a government bailout; borrowing to pay for weddings surged last year.


Goldman Sachs shares a lesson it's learned about Main Street


Customers of Marcus, the consumer lending arm that launched in 2016, defy easy categorization, according to an executive at the Wall Street bank.


New LendingClub feature lets customers pay off card debt directly


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.


Cross River poaches execs from student refinancing firm Laurel Road


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


Spring Labs raises $23M, plans to expand customer ID blockchain


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.


Will home equity lending ever recover?


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.


What Biz2Credit plans to do with $52 million


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.


Once dismissive of fintechs, traditional lenders now feeling their bite


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.


LendingClub turns to outsourcing in latest effort to cut costs


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.


OnDeck lowers revenue target after charge-offs climb


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