Santander sold its portfolio of LendingClub loans to J.P. Morgan. The loans were sold for a premium to the outstanding balance on the loans. Santander's portfolio, was worth just over $900m. The sale is a positive indicator of demand for online personal loans.
J.P. Morgan Chase & Co. has agreed to acquire nearly $1 billion worth of personal loans arranged by LendingClub Corp., according to people familiar with the deal. The portfolio, worth just over $900 million and comprising loans made to consumers with an average FICO score of about 700, was sold for a premium to the outstanding balance on...
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