LendingPoint plans to expand its online balance sheet lending services nationwide with support from a new partnership with FinWise Bank; LendingPoint currently offers loans in 26 states with nationwide expansion now planned for the first half of 2017; the firm uses a proprietary credit model that seeks to provide loans for fair credit consumers with credit scores ranging from 600 to 700; LendingPoint has funded more than $185 million in loans; its loans range from $3,000 to $20,000, with terms from 24 to 48 months. Source
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News Roundup
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The panel explores the spectrum of responsible online credit; discusses what is clearly irresponsible lending and what are some of the borderline cases of credit being deemed responsible; panelists discuss the many of things to consider when it comes to responsible lending including sales tactics, APRs, transparency and loan stacking/debt traps. Source