600 Credit ScoreAmount of 600 credit points
Specifically, in September 2017, the firm disclosed that it had contracted a line of credit of up to $500 million, also from Guggenheim Securities. "The size, lead interest and interest rate of our credit lines demonstrate the excellent track record of our portfolio," said Tom Burnside, co-founder and chief executive officer of LendingPoint.
Using tens of dozen different Application Programming Interfaces (APIs), it collects tens of thousand points of information for each candidate. Developing its own unique riskmodels, it enables the business to obtain a more comprehensive view of the client's finances and to accept more customers who would otherwise have been ignored by FICO's conventional results. Whilst the firm provides loans to private persons across the credit score range, from 580 to 850, it concentrates on near-prime borrower.
More than 850,000 loan requests were handled by LendingPoint from debtors who applied for more than $9.2 billion in credit in the first three months of 2018. Today's announcement is the latest in LendingPoint's history, signaling the company's fast pace of expansion, which will be further enhanced by this finance. LendingPoint in January 2018 announces that it has purchased the technological foundation of a point-of-sale creditor (POS).
LendingPoint Merchant Solutions, presented by LendingPoint in March, used this technology to deliver POS finance to retail and services companies, from orthodontics to auto repair. Guggenheim Securities acted as a brine structure consultant for this credit line and as a brine bookrunner. for this credit line. LendingPoint's on-line credit directly to consumers ranges from $2,000 to $26,500 with maturities of 24 to 48 month.
Point of sales credit ranges from $500 to $15,000, with maturities of 12 to 60 month. LendingPoint has provided more than 50,000 credits with a total value of more than $500 million since its first lending in 2015.