J.P. Morgan Chase & Co. has agreed to acquire nearly $1 billion worth of personal loans arranged by LendingClub Corp., according to people familiar with the deal. The portfolio, worth just over $900 million and comprising loans made to consumers with an average FICO score of about 700, was sold for a premium to the outstanding balance on the loans, one of the people said. The...
According to the Wall Street Journal last night, J.P. Morgan Chase & Co. has agreed to acquire nearly $1bn in personal loans arranged by LendingClub. The portfolio, worth just over $900m, is comprised of loans to consumers with high credit ratings and was sold for a premium to the outstanding balance on the loans. The WSJ report suggests that the sale is being closely watched by credit markets as an indicator of the health of the market for online personal loans.