Google-backed P2P loan company Lending Club has announced a major expansion into business loans.
Lending Club has already facilitated almost $4 billion in consumer loans and has more than doubled its annual loan volumes since it’s founding in 2007.
Initially, loans will range from 15,000 to $100,000 and increase to $300,000 in the future. The loans carry fixed interest rates starting at 5.9 percent with terms of one to five years – there are neither hidden fees or prepayment penalties.
Lending Club CEO Renaud Laplanche says that Lending Club’s loan structure in adaptable to several loan products and that the company plans for continued expansion.
“We want to cover the entire credit industry,” he said, reports TechCrunch.
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