Lending Club announced financial results for 2015 this morning. The numbers came in ahead of analyst expectations and, even better, CEO Renaud Laplanche, predicted that earnings will be even better in coming quarters as he boosted the company’s forecast. As part of the announcement, Lending Club revealed that is now originated over $16 billion in loans. Most of Lending Club’s business comes from small loans from consumers consolidating onerous credit card debt but a growing amount is coming from small businesses in need of capital.
In recognition of topping $16 billion, Lending Club has create the infographic below.
A few interesting facts from the graphic:
- 68% of borrowers use Lending Club to refinance credit card debt
- On average borrowers receive an interest rate that is 35% lower
- 99% of investors with 100 more notes purchased directly from Lending Club from different underlying borrowers and with no Note representing more than 1% of the total account value have seen positive returns
Lending Club will host an earnings call after the bell today (February 11th). If you are interested you may listen to the call here.