Loan for the holidays: Lending Club loans out more during holiday shopping months
This year was a record-breaking season for holiday shopping, as online spending surged 23.6% according to Adobe Analytics.
But where is all that money coming from? While some consumers saved up for the season, others might have turned to loans, such as ones offered at Lending Club ($NYSE:LC), to pay down huge gifts or refinance debt from credit card spending.
Outside of March 2016 — a month during an unusual stretch of time right before its chief executive Renaud Laplanche stepped down and a federal subpoena came in — Lending Club typically has the most loans issued by dollar amount in the months before the holiday season, according to data tracked since 2013.
Last year, Lending Club issued over $1.26 billion in loans during October and November, the most out of any two-month stretch of that year.
This year, the peer-to-peer lending company gave out over $1.24 billion with one week left to go in November.
While this year's holiday season might come in under tax season, another busy loan season, for money loaned out, data indicates that this year will most likely see more money loaned out during October and November than any other year outside an enigmatic 2015.