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Online Lending’s Ugly Quarter Stretched Far Beyond LendingClub

  • Internet lending to U.S. consumers fell 34% in second quarter
  • ‘Everyone had to hit a reset,’ says CEO of firm tracking data

LendingClub Corp. wasn’t alone in its suffering during the second quarter.

Online lending to U.S. consumers tumbled 34 percent industrywide from the first quarter as investors pulled back from funding loans, according to a report Wednesday from Orchard Platform, a data provider tracking the sector. That’s even worse than the 29 percent drop at LendingClub, where the surprise resignation of its leader in May rattled confidence.