LendingClub Slumps on Credit Deterioration, Higher Rates
- Changes could reduce borrower demand, Compass Point says
- Stock is trading for one-third of price from 2014 IPO
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LendingClub Corp., the arranger of online consumer loans, declined in New York trading after citing higher delinquencies by borrowers.
LendingClub dropped 7.2 percent to $4.99 at 4:15 p.m. in New York, the steepest fall since June. The company late Friday announced that it was raising interest rates that it charges and tightening credit standards.