LendingPoint, a fintech direct loan provider, announced on Monday its 2016’s first quarter showed it funded over $15 million in consumer loans and has processed more than 53,000 loan applications.
The company reported its recent expansion into states like Ohio and California has resulted in a 100% increase in the daily number of applicants through digital acquisition, confirming continued high demand for affordable personal loans for the near-prime consumer. Currently LendingPoint is licensed in 13 states, with an expectation to reach 80% of total U.S. population by midyear and all 50 states by the end of 2016.
Franck Fatras, president and CTO of LendingPoint, commented:
“One of the things I’m proudest of is building an infrastructure that’s really primed for expansion. While we scaled quickly, we’ve been consistently focused on making sound decisions regarding our team and technology to provide needed options to an underserved segment of the consumer population.”
“We knew fair credit consumers weren’t being served, so we dedicated our efforts to perfecting our scoring models and scaling the business to respond to the enormous demand from fair credit consumers. We’ve developed unique consumer products by leveraging traditional and nontraditional data to enhance the predictive power of our models, resulting in offering more fair credit customers access to even better loan terms.”