Fox Business News recently interviewed Lending Club CEO Renauld Laplanche to discuss the lack of consumer lending on behalf of traditional bricks and mortar banks and discussed how individual investors are taking the place of banks as a source for borrowing money through Lending Club’s service.
In the interview, Laplanche discussed Lending Club’s business model with the two fox business hosts. Lending Club’s underwriting model was also discussed. It appeared that the two hosts on Fox Business were relatively unfamiliar with Lending Club and the peer-to-peer lending industry in general. The interviewer mistakenly said that Lending Club investors had had a track record of positive returns since 1997.
Here’s the video clip from the interview via Fox Business:
