LendingPoint Secures $600 Million Credit Facility

Consumer credit platform LendingPoint closed a $600 million committed credit facility arranged by Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners.

According to the company, LendingPoint has developed proprietary risk models that use APIs to gather data points on applicants, providing a complete financial picture and allowing them to approve more people who otherwise may be overlooked by traditional FICO results. While the company lends to individuals across the credit-score spectrum, from 580 to 850, it focuses on NearPrime borrowers, and it processed 850,000 applications requesting $9.2 billion in loans during 2018. In January 2018, LendingPoint acquired a point-of-sale lender’s technology platform which formed the basis of LendingPoint Merchant Solutions.