Alibaba and Lending Club have formed a partnership that will see the world’s biggest peer-to-peer lender provide small business loans for US customers of the Chinese ecommerce giant.
While Lending Club has traditionally focused on making small consumer loans to high-quality borrowers, it is experimenting with new types of lending and striking partnerships with companies as it seeks to maintain its rapid growth.
As part of the Alibaba deal, Lending Club will provide financing for small US businesses seeking to buy inventory from the ecommerce company’s Chinese-based suppliers. The financing, dubbed “e-credit” by Alibaba, will be for as much as $300,000 with an application process that takes fewer than five minutes.
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