Fintech company LendKey has surpassed the $1 billion mark in capital lent to borrowers.
Most of that is from private student loan and student refinancing opportunities. The average student loan borrower is 22 while the average student loan refinancer is 27.
“Younger borrowers are the key to long-term viability for any financial institution,” COO and Co-Founder Mike Stallmeyer said. “As we continue to gain momentum and deploy more capital for our lenders, it’s clear that online lending is part of the experience that borrowers want and need—even when they first jump into credit products on their own, or to better match their goals and wallets down the line.”
“For years, online lending has been lumped into the alternative financing category,” LendKey CEO and Founder Vince Passione said. “This was done, and rightly so, to cover a host of new entrants delivering credit products in environments where traditional lenders were not as active.
“But as we break the billion-dollar watermark on deployment for our bank and credit union clients, it’s clear that online lending is no longer ‘alternative’—it’s simply what borrowers have come to expect at any stage of their credit journey—access, speed, and transparency.”