Auto loans are on the way from Lending Club, according to Chief Executive Renaud Laplanche. “The stated goal is quite ambitious and we believe we can profoundly transform the way consumers access credit, and the value we deliver to consumers and make credits in general more affordable,” Laplanche said during the company’s fourth quarter 2015 earnings call Thursday. More specifically, the marketplace lender is aiming to “eventually to cover the entire range of credit products,” including auto and student loans, he said. Laplanche said that the company is currently gearing up for a major consumer credit product launch in the first half of this year. “So that would be really the first of major expansion to our product suite, but it’s not going to be the last,” he said. “The plan is really to cover all [the] credit needs of a bank.” Lending Club reached 1.4 million customers in 2015, Laplanche said, and $8.4 billion in loans. The average loan size was approximately $6,000. Investors earned a net return of 7.8%.
The CEO of online P2P lender, LendingClub, has confirmed that his company has serious plans to “eventually to cover the entire range of credit products,” including auto and student loans. In a recent interview with Bloomberg, Brian Moynihan said he is working on an initiative called LendingClub Credit Card for Auto Loans (LCCBA), which will be available in early 2015.