LendKey, a CUNA Strategic Services strategic alliance provider, announced it has reached the $1 billion milestone in providing lender capital to borrowers.
Private student loan and student refinancing opportunities contributed the lion's share of deployment; as borrowers accessed more than 300 LendKey's lenders through the LendKey online platform and network.
"For years, online lending has been lumped into the alternative financing category," said Vince Passione, LendKey founder/CEO. "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."
Topline numbers were driven by younger borrowers, and overall demand for LendKey's flagship student loan and student refinancing lender products. The average age of those borrowers were 22 and 27, respectively, at the time of origination.
LendKey's borrowers are an average of 28 years old, with varying FICO scores for particular lender thresholds, underwriting requirements, and diversification goals.