LendingClub, a US-based P2P lending platform, has introduced the Select Plus Platform to offer borrowers access to sophisticated investors.
Through the new offering, borrowers falling outside the current criteria of the bank lender can gain loans from sophisticated investors.
According to the P2P lender, its new proposition enables borrowers credit access within its existing rate parameters while offering investors “opportunities for potentially attractive risk adjusted returns”.
With this service, the P2P lender intends to strengthen its client base.
LendingClub chief capital officer Valerie Kay said: “This is a huge step forward in our evolution as we continue to unlock the power of the marketplace model to generate access and ultimately savings for borrowers by finding and matching the right capital sources with the right borrowers.
“The Select Plus Platform went from inception to execution in less than a year – a true testament to our speed in building new products that leverage our investor base to expand our borrower base.”
Theorem Partners will be the first to utilise Select Plus.
Theorem managing partner Hugh Edmundson said: “By integrating the Theorem Score, our credit investment model, with LendingClub’s new Select Plus platform, LendingClub can now offer access to affordable credit to borrowers who would have previously been declined.”