LendingTree, an online lending exchange that aggregates loan options from many providers, has announced their loan revenue exceeded $1 million during the month of July. The company also shared their growth has increased seven fold since July of 2013. This significant growth in both volume and revenue is attributed to the industry’s increasing popularity as well as the company’s expanding network of non-bank lenders, which includes peer-to-peer lending platforms such as Prosper and LendingClub, who compete for the borrower’s business in LendingTree’s marketplace.
“Our partnership with LendingTree has helped us become the fastest growing online marketplace for credit in the United States,” said Ron Suber, President of Prosper. “Their ability to connect us with a high volume of creditworthy customers looking for a better way to borrow is unique in this industry.”
Doug Lebda, founder and CEO of LendingTree
“The personal loan industry, led by new lending platforms as well as automated traditional lenders, is changing the face of consumer credit with responsible borrowing alternatives. These lenders are offering consumers more attractive rates with a customer experience that’s second to none. At LendingTree, consumers can compare options from multiple lenders, regardless of the person’s credit. With many lenders on the marketplace, our next goal is to dramatically increase marketing, online and offline, to tell the story to consumers nationwide and help lenders scale their businesses.”