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Fintech Startup Pursues Captive Partners for Loan Engine

Fintech startup SuperMoney is scouting captive partners, after launching its auto loan vertical this week with 20 direct lenders and credit unions on the platform, founder Miron Lulic told Auto Finance News. Currently, SuperMoney offers secured, unsecured, refinance, and private-party auto loans, but eventually it could expand to offer a suite of products including leases. […]

SuperMoney’s Direct Auto Aggregator Spotlights Full Cost of Interest Rates

The loan offer engine SuperMoney is launching a direct vehicle finance vertical today with roughly 20 participating auto lenders, the website’s founder Miron Lulic told Auto Finance News. SuperMoney’s platform launched with personal loans in April which could include unsecured auto purchases, but the new vertical allows for secured, unsecured, refinance, and private-party auto loans […]

Legal Woes Still Possible for Prosper, Despite Origination Change

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 interest in the loans after they […]

And So It Begins — The Subprime Realignment

So, GO Financial and now, Dealer Funding has taken the brave steps to stop competing in what has been a very hot, and many say overly competitive, subprime automobile market for the past  five years.  You may be able to add Westlake Financial’s captive Western Funding to the list, where a major shake up at […]

Marketplace Lending Needs a Secondary Market

Marketplace lending needs more rated securitizations and access to a secondary market in order to evolve into a full-fledge asset class. Investors looking to “buy just whole loans” will still be around, however, not at such high volumes as before, Ron Suber, president of Prosper Marketplace said last week at Lendit 2016. “We’re going to need […]

It’s Time for Marketplace Lending to Evolve, Prosper President Says

SAN FRANCISCO — The marketplace lending industry is no longer an alternative financial industry, Ron Suber, president of Prosper Marketplace, told attendees at Lendit 2016 Monday, and is heading towards becoming a full-fledged asset class. “Marketplace lending in no longer an alternative investment, it’s no longer alternative fixed-income, it is an established fixed-income asset class,” […]

First Marketplace Lending Association Launches

Leading online marketplace lenders Lending Club, Prosper Marketplace, and Funding Circle launched Marketplace Lending Association (MLA), a nonprofit organization designed to promote sound public policy and business practices for investors and borrowers, the companies announced yesterday. The association aims to create a more transparent financial system, inform sound policy development, and expand access to affordable credit, according to […]

Prosper Launches ‘Wellness’ App for Customers

Prosper Marketplace is rebranding its mobile app as a “financial wellness app,” the marketplace lender announced this morning. The new app, Prosper Daily, connects borrowers and investors; it allows customers to view all their financial accounts, track spending, and monitor credit scores, among other functionalities. “By using Prosper Daily just a few minutes a day, consumers can […]
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