SAN FRANCISCO, March 11, 2015 /PRNewswire/ -- Lending Club (NYSE: LC), the world's largest online marketplace connecting borrowers and investors, today announced the launch of a partnership with HomeAdvisor, an online home improvement marketplace where homeowners can connect with pre-screened local home repair and improvement professionals. Under this multi-year agreement, Lending Club will be the exclusive partner providing access to loans for consumers seeking home improvement project financing through the HomeAdvisor website.
"In recent years there have been remarkably few options available for consumers to finance their home improvement or renovation project as the process for obtaining home equity lines of credit has become increasingly strenuous," said Lending Club Founder and CEO Renaud Laplanche. "We're proud to partner with HomeAdvisor to make it easier and more cost efficient for consumers to improve their homes and lives."
"For 16 years, HomeAdvisor has been the leading online marketplace for homeowners to find pre-screened local home service professionals," said Adam Burrows, SVP of Corporate Strategy at HomeAdvisor. "The partnership with Lending Club is a valuable addition to our existing offerings and will enable homeowners to seamlessly get pre-approved loans to help them achieve their goals of home improvement."
HomeAdvisor matches homeowners with pre-screened, local home improvement professionals and provides the homeowner with access to reviews on the professionals from other HomeAdvisor customers. Lending Club's marketplace will be integrated into the HomeAdvisor site so that HomeAdvisor customers can get preapproved for project financing through the Lending Club platform, with fixed monthly payments and no prepayment penalties, at interest rates starting at 3.99% (4.99% APR).
All loans made by WebBank, a Utah-chartered Industrial Bank, Member FDIC, Equal Housing Lender. Actual rates depend upon credit score, loan amount, loan term, and credit usage & history.
HomeAdvisor.com is a local services home improvement marketplace providing homeowners the tools and resources for home repair, maintenance, and improvement projects. HomeAdvisor's patented ProFinder technology matches homeowner's projects to the nation's largest network of over 85,000 pre-screened home professionals; Pro Reviews lets homeowners read verified customer reviews of home professionals; Instant Booking allows homeowners to schedule services with background-checked home professionals online, as well as see pricing for jobs prior to booking; Cost Guide provides the average cost of home projects coast-to-coast based on data from real homeowners; and the interior design app DesignMine provides an inspirational and collaborative platform for remodeling projects. Additionally, the field service management software mHelpDesk helps professionals streamline their business through scheduling, managing, and invoicing tools. Access to all of HomeAdvisor's resources is free for homeowners, with no membership or fees required. HomeAdvisor is based in Golden, Colorado, and is an operating business of IAC (NASDAQ: IACI).
About Lending Club
Lending Club utilizes technology and innovation to reduce costs and offer borrowers better rates and investors better returns. As of December 31, 2014, over $7.6 billion in loans have been facilitated through the Lending Club platform. The Company has been prominently recognized as a leader for its growth and innovation, including being named one of Forbes' America's Most Promising Companies three years in a row, a CNBC Disruptor two years in a row, a 2012 World Economic Forum Technology Pioneer, and one of The World's 10 Most Innovative Companies in Finance by Fast Company. Lending Club is based in San Francisco, California. More information is available at: https://www.lendingclub.com. Currently only residents of the following states may invest in Lending Club notes: CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors), LA, MA, ME, MN, MS, MT, NH, NV, NY, RI, SD, UT, VA, VT, WA, WI, WV, or WY.
Some of the statements in this above are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Information in this press release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's website at https://www.lendingclub.com/info/prospectus.action.
SOURCE Lending Club