Bad news continues to hit the online lending sector. Chicago-based prime and near-prime online lender, Avant, announced this week its plan to lay off 60 people (7% of its workforce). Given the industry's uncertainty, the company is also delaying plans to expand into credit cards, refinanced car loans, and opening operations in Australia.
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Avant Cuts Jobs Amid Online Lending Industry's Struggles
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Avant focuses on lending up to $35,000 at a time in two to five years loans to consumers with low credit scores at interest rates of up to 36%. The company had grown quickly for the past few years, reaching $3.5 billion in total loan volume. But with less access to capital, business has slowed recently, and loan volume declined 27% in the first quarter from the fourth quarter, the first such quarter-to-quarter drop since Avant started in 2012.
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