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There is concern that the rapidly growing area of online consumer credit is hitting a rough patch. The CEOs of three large providers of online consumer credit all pointed out in this WSJ article that they continue to see underlying performance in their loans and that they are delivering on investors expectations.
A Prosper spokeswoman said after the March deal that “we continue to see underlying [loan] performance that delivers on investors’ expectations.” Other fintech lenders speaking at the conference Monday included LendingClub CEO Renaud Laplanche and Avant Inc. CEO Al Goldstein. Mr. Goldstein said that Avant, which serves middle-class consumers, is “trying to fill a gap no one else is.” While some investors “are afraid of potential risk, I believe it’s a misnomer,” he said, arguing that middle-income borrowers were more resilient than many wealthier borrowers during times of economic stress.
http://www.wsj.com/articles/fintech-fix-prosper-outlines-response-to-slowdown-concerns-1460417790
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