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Westlake Financial to Launch Peer-to-Peer Lending This Year

Westlake Financial Services plans to add peer-to-peer lending capabilities to LoanCenter, its direct lending platform, later this year. The goal is to reach a new group of borrowers looking to purchase vehicles from individuals instead of from dealerships, Ralph Ontiveros, vice president of Westlake services and lending solutions, told Auto Finance News. “A lot of […]

Swapalease Lease Approval Rates Up Slightly

Swapalease, an online peer-to-peer lease transfer company, reported a 70.9% lease approval rate in October, a slight increase from September’s 69.8% rate. The company said it wasn’t surprised by the modest month-over-month increase, saying consumer credit rose at a seasonally adjusted rate of just 3.3% in September, down from the 7% the month before.  And […]

Chinese Loan Platform Files for $100M U.S. IPO

Weidai Ltd., a title lender that provides small businesses with credit backed by auto loans, has filed for an initial public offering to raise $100 million, according to an SEC filing. Weidai is a peer-to-peer lender with an early-stage personal credit system wherein users can borrow from the platform with their automobiles as collateral. The site also […]