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17

Online Loan Pioneer Stops Lending Money as Industry Losses Mount

By Tony Seruga

CircleBack Lending Inc., a pioneer in peer-to-peer lending, has stopped making new loans, according to its chief executive officer.

The three-year-old company, which had been selling its loans to Jefferies Group LLC and Pine River Capital Management, saw funding dry up as more of its borrowers failed to repay their debt.

CircleBack CEO and co-founder Michael Solomon said that if the lender can’t raise money, it will transfer existing loans to another company to handle collections and payments. “We are not originating new loans at this time,” he said…

Online Loan Pioneer Stops Lending Money as Industry Losses Mount

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