Lending Club (NYSE: LC), a marketplace connecting borrowers and investors, today announced the launch of a partnership with HomeAdvisor, an online home improvement marketplace where homeowners can connect with pre-screened local home repair and improvement professionals. Under this multi-year agreement, Lending Club will be the exclusive partner providing access to loans for consumers seeking home improvement project financing through the HomeAdvisor website.
Founder and CEO of Lending Club, Renaud Laplanche stated:
“In recent years there have been remarkably few options available for consumers to finance their home improvement or renovation project as the process for obtaining home equity lines of credit has become increasingly strenuous. We’re proud to partner with HomeAdvisor to make it easier and more cost efficient for consumers to improve their homes and lives.
“For 16 years, HomeAdvisor has been the leading online marketplace for homeowners to find pre-screened local home service professionals,” said Adam Burrows, SVP of Corporate Strategy at HomeAdvisor. “The partnership with Lending Club is a valuable addition to our existing offerings and will enable homeowners to seamlessly get pre-approved loans to help them achieve their goals of home improvement.”
HomeAdvisor matches homeowners with pre-screened, local home improvement professionals and provides the homeowner with access to reviews on the professionals from other HomeAdvisor customers.
Lending Club’s marketplace will be integrated into the HomeAdvisor site so that HomeAdvisor customers can get preapproved for project financing through the Lending Club platform, with fixed monthly payments and no prepayment penalties, at interest rates starting at 3.99% (4.99% APR).
All loans made by WebBank, a Utah-chartered Industrial Bank, Member FDIC, Equal Housing Lender. Actual rates depend upon credit score, loan amount, loan term, and credit usage & history.