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Lending Club Continues To Make Power Moves, Partners With BancAlliance

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BancAlliance was founded in 2011 as a collaborative solution for community banks to enable them to access attractive lending markets that are typically dominated by larger banks.

It comprises community banks in 39 states, ranging from $200 million to $10 billion in assets. In aggregate, BancAlliance would rank fourth in branch count among all U.S. banks and 14th in assets.

Renaud Laplanche, founder and CEO of Lending Club, said, "Community banks are the lifeblood of American communities. This program will help them level the playing field with national banks by offering affordable, consumer-friendly loans to their customers. We're excited to make Lending Club's low cost of operations available to community banks, for the greater benefit of their customers."

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Editor’s Notes:

  • The BancAlliance network is a union of community banks in 39 states formed to compete against the big business banks for quality loans in the lending market.
  • This partnership was created in order to give community banks and their loyal customers access to Lending Club's peer-to-peer platform combined with the community banks' low cost of capital to help drive down the cost of credit for people in need of non-predatory loans.
  • Lending Club can only be applauded for their aggressive advancements in the lending market, peer-to-peer lending is growing up right before our eyes. The entire P2P lending community stands to benefit from these power moves, strategic maneuvers such as these will ultimately thrust P2P lending into the mainstream conversation when seeking debt consolidation loans and such.

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