Marketplace lender LendingClub is launching a new loan program called Select Plus in an effort to approve borrowers who fall outside of its current credit criteria by working with select third party investors.
Select Plus allows investors to tap borrowers that fall outside of LendingClub’s credit box. Participating investors can run their own credit models to assess creditworthiness, using their alternative view on credit or their “insight into a particular population” according to executives speaking on the company's second quarter earnings
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