Post Tagged with: "marketplace lending"

Lending Club Debuts Auto Refinance Product

Lending Club Debuts Auto Refinance Product

October 25, 2016 at 12:12 pm 0 comments

Lending Club will now offer auto loan refinancing, the company announced today. The product will first launch in California, with plans to expand nationally in early 2017, according Lending Club’s press release. This is not the first time the San Francisco-based company has set its sights on auto. Former ChiefRead More

Fintech Provider Brings Marketplace Lending to Powersports

Fintech Provider Brings Marketplace Lending to Powersports

October 5, 2016 at 9:45 am 0 comments

Next-Financing, a marketplace lending technology platform provider, has ventured into powersports and is on the hunt for credit union partners, said Anthony Quinn, the company’s president.

Legal Woes Still Possible for Prosper, Despite Origination Change

Legal Woes Still Possible for Prosper, Despite Origination Change

August 31, 2016 at 12:06 pm 0 comments

Prosper Funding LLC’s recent change to its origination model won’t mitigate the company’s exposure to legal uncertainties or challenges regarding state usury laws, according to a report from Moody’s Investor Services. For all loans originated after July 31, WebBank — Prosper’s bank partner — will maintain an ongoing economic interestRead More

Springboard to Launch Direct Lending in 4Q

Springboard to Launch Direct Lending in 4Q

August 23, 2016 at 11:00 am 0 comments

SpringboardAuto.com, a marketplace lender for auto finance, expects to launch a direct-to-consumer loan product in the fourth quarter, said Stuart Holmes, the company’s co-founder and chief marketing officer. The new “Dealer Purchase” program, as it’s called, enables dealers to validate vehicle information and select their method of funding — ACH, check, or wire funding — when an approvedRead More

Carzumer Mulls Origination Model Change

Carzumer Mulls Origination Model Change

July 18, 2016 at 12:15 pm 0 comments

Carzumer is slated for launch before yearend, said Ward Ozaeta, the startup’s founder and chief executive, and the company is prepared to pivot its hybrid lending model — should market conditions warrant change — in the wake of the the Supreme Court decision to uphold Madden v. Midland Funding LLC. The Carlsbad, Calif.-based direct-to-consumer auto finance providerRead More

Marketplace Lenders Face Origination Shakeup After Supreme Court Denial

Marketplace Lenders Face Origination Shakeup After Supreme Court Denial

July 1, 2016 at 11:00 am 0 comments

The consumer lending industry will soon see marketplace lenders change their origination models, in the wake of the the Supreme Court decision to uphold Madden v. Midland Funding LLC, according to Scott Pearson, a partner at Ballard Spahr and leader of the firm’s Marketplace Lending Task Force. The case requires non-bank companies toRead More

Supreme Court Rejects Review of Madden v. Midland Case

Supreme Court Rejects Review of Madden v. Midland Case

June 28, 2016 at 11:30 am 0 comments

The Supreme Court has denied the petition to review the Madden vs. Midland Funding case, it was announced yesterday. The denial leaves intact the Second Circuit Court of Appeals ruling that a non-bank lender is to adhere to state usury laws when capping interest rates on loans. The case hasRead More

WEBINAR: The Key to Marketplace Lending is the Digital Platform

WEBINAR: The Key to Marketplace Lending is the Digital Platform

June 13, 2016 at 12:41 pm 0 comments

The opportunities that exist in marketplace lending can be credited to the digital platforms that these lenders utilize, rather than the product they are delivering, Robert Shaw, director at PwC, said during a recent webinar, hosted by the Center for Auto Finance Excellence.

DriverUp Eyes Securitization Market

DriverUp Eyes Securitization Market

June 1, 2016 at 11:52 am 0 comments

DriverUp hopes to access the term securitization market in June, Co-Founder Sam Ellis told AFN last week. The company first hinted at a play in the ABS market earlier this month at Auto Finance Innovation 2016. “We are contemplating helping institutional investors that are looking to set up a program to help them securitize ourRead More

AutoFi Scales Online Financing Solution With $17 Million Investment

AutoFi Scales Online Financing Solution With $17 Million Investment

May 31, 2016 at 10:30 am 0 comments

San Francisco-based startup AutoFi raised $17 million in new financing to help scale its online point-of-sale financing solution, Chief Executive and Co-Founder Kevin Singerman told Auto Finance News. The investment was led by Crosslink Capital, and joined by Toll Brothers’ Chairman Bruce Toll, Lerer Hippeau Ventures, and other early stage investors. AutoFi’sRead More

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