LendingClub originations to fall by 90% in second quarter

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By Jennifer Kang
06 May 2020

LendingClub announced that it is anticipating lending volumes to decline by 90% in the second quarter, as the online lender tightens its underwriting criteria in response to a sudden drop in investor interest and mounting unemployment numbers, the company said in an earnings call.

LendingClub will tighten its lending standards to account for the sudden decrease in investor demand and a steady stream of data showing a deterioration in consumer health, company executives said in an earnings call Tuesday. 

Investors have been shying away from the online lending ABS sector in ...

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