LendingClub connects investors with borrows over the web, passing the savings of a branchless bank on to its customers. LendingClub has funded roughly $27B in loans since its inception, but despite their ongoing success, CFO Tom Casey predicts loses in 2017 to be between $69 - $84 million.
Central to LendingClub’s success is approving the right loans for the right people at the right rates. But loans issued in 2016 have already resulted in $157 million in charge-offs. Reducing charge-offs benefits both investors and borrows; well designed predictive model could help to significantly reduce charge-offs and losses.
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Purpose of the Loan
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Debt to income ratio
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Annual Income
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Number of credit accounts
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Average age of credit account
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Term
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Interest Rate
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