Alibaba enlists Lending Club to facilitate loans for smaller US buyers

Alibaba’s (BABA.NYSE) eponymous online trading platform will allow small US-based companies to apply for sales financing provided by US peer-to-peer loan facilitator Lending Club (LC.NYSE), with credit lines ranging from US$5,000-300,000, The Wall Street Journal reported, citing a statement from the companies. The companies said Lending Club would offer financing over one to six months in terms based on the borrower’s cash flow, with monthly interest rates from 0.5% to 2.4%. Lending Club, which connects borrowers and lenders online for a fee, does not lend any money itself; in this it much resembles Alibaba.com, which connects buyers and suppliers but doesn’t actually sell anything.