LendingClub tightens lending policy, raises interest rates
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
(Reuters) - Online lending platform operator LendingClub Corp said it had raised interest rates for some of its loans and tightened credit policy that would result in certain high-risk borrowers being denied loans.
The company's interest rate hikes were mostly for loans deemed relatively more risky by the company, Chief Investment Officer Siddhartha Jajodia wrote in a letter to investors on Friday.
LendingClub said it expects loans originated from the second half of 2016 to benefit from these changes.
(Reporting by Sudarshan Varadhan and Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Whistleblower's lawyer accuses Penn State of malice in Sandusky scandal
- New Jersey man pleads guilty to charge in Rutgers cyber bullying case
- CenturyLink nears deal to merge with Level 3: sources
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!