LENDINGCLUB
: Innovative banking for today ’ s customer
Customers can take advantage of an array of lending products from personal and business loans to auto refinancing and patient solutions .
The system is remarkably effective – and , says Sanborn , routinely cuts loan repayment interest charges significantly , because it puts the customer ' s interests first regarding their finance requirements .
He explains : “ Imagine you ’ re going to buy a car from a dealership . Currently , in the majority of the sales , you are going to pay more for the finance than your risk would indicate . The dealer adds a markup . There ' s no cap on how big that markup can be . And they are not required to pass you to the lender that gives you the best deal . They may also be passing you to the lender that gives them the best fee break or rate or incentive . So , you spend all this time picking a car , negotiating the price , but you don ' t negotiate the cost of your financing . You drive off the lot paying more than you otherwise should .
Consumers now see banking as a thing you do , not a place you go , and they are increasingly saying that the strength of the mobile experience is what should be the driver of choice
SCOTT SANBORN CEO , LENDINGCLUB
“ That ’ s where LendingClub comes in : using its technology platform , it can match borrowers with the best lending plans , making them vital savings in the process .”
32 October 2022