LendingPoint announced the signing of a $100 million credit facility provided by funds managed by the Tradable Credit and Direct Lending groups of Ares Management. Ares Management is a publicly traded, global alternative asset manager with approximately $88 billion of assets under management as of June 30, 2015.
LendingPoint said it will be able to provide “enhanced loan options” for users of the direct lending platform to help consumers “unlock access to affordable loans”. LendingPoint provides consumer loans ranging from $3,500 to $20,000.
Tom Burnside, CEO of LendingPoint, explained that his company will allow them to provide more loans for “fair credit consumers”.
“We are thrilled that this additional debt capital will help even more fair credit consumers get better loans. With this credit facility, we will be able to make even more funds available to more people and grow with the demands of the market, as we continue our rollout across the U.S. By the end of the year, our loans will be available in states that reach more than 50 percent of the U.S. population,” said Burnside.
Atlanta-based LendingPoint holds multiple patents for its “unique modeling of data and credit scoring”.
Victor Pacheco, LendingPoint’s chief operating officer commented, “We are one of the most responsive companies in the direct lending space operating today. This infusion will not only allow us to provide more loans to fair credit consumers, but will also enhance our customer’s interactions with real advocates committed to helping consumers achieve better lives.”