LendingClub launched LCX, a new digital marketplace platform - Business Insider

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.To get this story plus others to your inbox each day, hours before they're published on Business Insider, clickLendingClub, a marketplace lender that connects borrowers and investors, launched LCX, a new digital marketplace platform that connects institutional investors like banks, hedge funds, or asset managers, to its platform to fund loans.

Personal loans reached a record high of $138 billion in the US in 2018, per TransUnion. And there's increasing consumer demand: A record-high 19.1 million consumers took out personal loans in Q4 2018 — an increase of 2 million from a year earlier in Q4 2017. For its part, LendingClub sees around $1 billion in monthly loan volume.

Digital-first lenders also often have less restrictive loan approval criteria than banks do: They might take other factors into consideration like cash flow or employment history, whereas banks largely prioritize a prospective borrower's credit score. Further, to differentiate, lenders will offer concessions: Social Finance , for example, offers protection if a borrower becomes unemployed, allowing them to put their loan on hold while they look for a new job.

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