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Lending Club Unveils Low-Cost Business Line of Credit

SAN FRANCISCO, Oct. 15, 2015 /PRNewswire/ -- Lending Club LC, -0.14% the world's largest online marketplace connecting borrowers and investors, has rolled out a new multi-draw line of credit product, giving small businesses convenient and flexible access to affordable credit.

"Small business owners continue to experience insufficient access to affordable and transparent credit that can give them the confidence to make investments and create jobs," said Lending Club founder and CEO Renaud Laplanche. "Our platform's new multi-draw line of credit product gives them a predictable, flexible, low cost way to access credit 'on demand' if and when they need it."

"Small businesses are starved for capital, and we welcome new products that offer more options in the marketplace as credit cards may be too small, cash advances too expensive and not transparent, and bank lines can be very hard to get," said John Arensmeyer, founder and CEO of Small Business Majority. "It's especially important these options offer reasonable terms and transparency so business owners can obtain lines of credit without worrying about hidden costs or exploitative provisions. Lines of credit provided through companies like Lending Club that are committed to transparency and responsibility are greatly needed."

Lending Club had been beta-testing a multi-draw line of credit product over the last few months with a short list of select business partners including...