Under this partnership, members of BancAlliance will be able to provide access to co-branded personal loans to their customers via the Lending Club platform, as well as purchase certain of these consumer loans and others for their portfolios.
BancAlliance was founded in 2011 as a collaborative solution for community banks to enable them to access lending markets that are typically dominated by larger banks. It comprises community banks in 39 states, ranging from USD 200 million to USD 10 billion in assets.
Lending Club connects borrowers with lenders in an online marketplace for a fee, it doesn’t actually lend any money itself.
In recent news, Alibaba Group’s wholesale marketplace has joined forces with Lending Club to provide sales financing to small US businesses buying from Chinese suppliers.
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