4 Reasons This Growth Stock Could Be a Monster
The stock of LendingClub (NYSE: LC) was cast off years ago, but with the economy recovering from Covid, it's a fintech to put on your buy list.
LendingClub was one of the first fintech stocks, based on the idea that a tech-forward, branchless lender could underwrite loans more accurately while offering lower rates to customers than traditional bank-based credit cards. LendingClub was also initially a marketplace model, which would sell its loans to outside investors and banks.
In 2016, a scandal caused its CEO and founder to depart, and loan performance took a dip. The stock crashed and never fully recovered. But after cost-cutting, tightened credit, and an improved lending algorithm under current management, LendingClub is now up a whopping 350% over the past year.
Source Fool.com
