VICTORY Park Capital (VPC) has joined US industry body the Marketplace Lending Association (MLA).
VPC, which manages the London-listed alternative finance fund VPC Specialty Lending, has joined as an associate and investor council member along with Laurel Road, Education Loan Finance, Arcadia Funds, PricewaterhouseCoopers and First Associates.
The MLA, which represents the interests of peer-to-peer – or marketplace – lenders in the US, has also announced three new member firms, Social Finance(SoFi), LendingPoint and College Ave, taking total membership to 24 including big names in the US such as LendingClub, Prosper and Funding Circle.
“MLA members are playing a critical and growing role in our communities, and as more responsible lending companies unite around the MLA, we can increase our impact at both the state and federal level,” Nat Hoopes, executive director of the MLA, said.
“Whether it is providing more mortgages online, better student loan options to those who are in school and to recent graduates, or helping thin-credit-file borrowers who often struggle to find affordable financing, these new member companies are helping borrowers get access to better financial products so they can pursue their dreams.”
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Similar to the Peer-to-Peer Finance Association in the UK, MLA members must meet certain criteria.
They must have one year of operating history, disclose transparent pricing, not offer payday or high cost loans and adhere to responsible lending standards.
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