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Cost Structure Lending Club has a cost-driven structure, aiming to minimize expenses through significant automation and low-price value propositions. Its biggest cost driver is sales/marketing expenses, a fixed cost that largely consists of investor and borrower acquisition efforts. Other major drivers are in the areas of administration, engineering/product development, and origination/servicing. Revenue Streams Lending Club has three revenue streams: Transaction Fees: Fees charged to borrowers for the processing of their applications Servicing Fees: Fees charged to investors for the matching of available loan assets with capital; it is equal to 1% of the total of borrower payments obtained within 15 days of the due date Management Fees: Fees charged to investment funds and other managed accounts Our team Renaud Laplanche, Founder and CEO info: () earned an MBA from HEC and London Business School and a J. D. from Montpellier University. He previously served as CEO of TripleHop Technologies and as a lawyer at Cleary Gottlieb Steen & Hamilton.
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Lines of credit are subject to re-underwriting every 6 months, so you may have to submit documents showing your company's current financial state as often as twice a year. The terms of your credit line might change for better or for worse for future draws based on those documents. And if you miss a payment, you will not be able to make further draws on your line of credit until you bring your account current. Lending Club Review of Business Loan Types Lending Club provides two types of small business financing: Business loans & business lines of credit. Below are the characteristics of each. Business loan Amount: $5, 000 to $300, 000 Interest rate: 5. 9–25. 9% fixed, based on credit and financial strength One-time origination fee: 0. 99–6. 99%, subtracted from loan proceeds Other fees: payment by check; late fee Total annualized interest rate: 7. 77–35. 11% Term: 1 to 5 years Payment frequency: monthly Prepayment penalty: none Business line of credit Amount: $5, 000 to $300, 000 Interest rate: 6.