Growing MLA Shows True Nature of the Expanding Digital Lending Ecosystem

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Investors Take Seat at the Table with Originators and Tech

The MarketPlace Lending Association (MLA) announced in May 2018 the addition of nine new members, including SoFi, the student lending behemoth and eOriginal client.

LendingPoint and College Ave, also online lenders, also joined the MLA. Other new associate members of the MLA include Laurel Road, Education Loan Finance (ELFI), Arcadia Funds, Victory Park Capital, PricewaterhouseCoopers, and First Associates.

As an existing member of MLA, eOriginal is excited to see these significant additions to the organization. which has grown to a total of 24 active members. This is largely due to MLA and their Executive Director Nat Hoopes.

Growth and Responsible Lending

As Hoopes stated: “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. 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.”

What stood out to me was the addition of Arcadia Funds and Victory Park Capital. These are the first investor members and will lead the new investors counsel. They represent the continuing maturity of the marketplace lending industry that has – in an incredibly short period of time – become a true ecosystem which is pushing lending and financing to evolve.

That evolution is not just technological, but also an evolution of mindset and inclusiveness for all the different elements that are fueling the growth of marketplace lending and helping to drive its impact on traditional lending and all financial services.

We also suspect this is just the beginning for the MLA as it continues to expand on investor memberships along with digging deeper into the financing side of marketplace lending. eOriginal is excited to see what the future holds for the MLA and the impact it will have as a rapidly growing association.

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