U.S. Online Lenders Are Now Preparing For A Recession [zero hedge]
LendingClub Corporation (LC)
Last lendingclub corporation earnings: 2/18 04:06 pm
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Source: zero hedge
Almost ten years after the Great Recession ended, online lenders in the U.S. including LendingClub, Kabbage, and Avant are preparing for an economic slowdown by reviewing their risk exposure, reported Reuters.The U.S. economy stalled in the last six months, as the threat of a recession surged in March with the 3 month-10 year spread inverting for the first time since 2007.A slowing economy will amplify credit losses, liquidity crunches, and higher funding costs could strain some digital lenders if not adequately prepared."This is very top of mind for us," LendingClub Chief Executive Officer Scott Sanborn told Reuters in referencing the possibility of a recession. "It’s not a question of ‘if,’ it’s ‘when,’ and it’s not five years away."Sanborn and executives at several other online lender shops who spoke with Reuters said economic indicators continue to deteriorate.Economists polled by Reuters last month saw a 25% chance of a U.S. recession over the next 12 months. More recently, the I
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News
- Peer-to-Peer Lending Market Surges to US$ 1709.6 Billion by 2034, Driven by Growing Demand and Reduced Operating Costs | Future Market Insights, Inc. [Yahoo! Finance]Yahoo! Finance
- 4 Warning Signs You're Not Prepared for Unexpected Medical Expenses [Yahoo! Finance]Yahoo! Finance
- This couple makes $139K/year yet they're drowning in debt and can barely make ends meet. Ramit Sethi weighs in [Yahoo! Finance]Yahoo! Finance
- LendingClub Schedules First Quarter 2024 Earnings Release and Conference Call [Yahoo! Finance]Yahoo! Finance
- LendingClub Schedules First Quarter 2024 Earnings Release and Conference CallPR Newswire
LC
Earnings
- 1/30/24 - Beat
LC
Sec Filings
- 4/25/24 - Form DEFA14A
- 4/25/24 - Form DEF
- 4/11/24 - Form PRE
- LC's page on the SEC website