The new Lender’s Club app, which launched earlier this week, is designed to streamline the process of lending, making it easier for borrowers to find a financial adviser.
But while it has the potential to be a major boon for consumers, it’s also likely to attract criticism from some regulators.
The new app is currently available only to users in the U.S., Canada and Mexico, and not in the United Kingdom.
While the new app has been described as “fully compatible” with existing LendingClub banking, some regulators have expressed concerns about how it will work in the rest of the world.
For example, the International Monetary Fund has called the new platform “an important step toward ensuring that people are not left behind when they seek financing for their homes, businesses and other assets.”
Lending.com, a company that is reportedly the developer of the new mobile app, did not immediately respond to Ars’ request for comment.
It’s possible that regulators are wary of the company’s ability to work with a new mobile application that relies on a third-party platform, such as the popular Paypal mobile wallet.
According to Reuters, the new iOS app will allow customers to send money to another customer who uses a third party payment service.
In a statement, the company said that it is working with regulators to help it comply with applicable laws.
“Lending.net will continue to work closely with regulators on matters related to compliance,” it said.
Lendingclub.com will also offer a number of other features, including the ability to manage loans and collections with a centralized user-interface.
It will also integrate a “sales tool,” which allows borrowers to buy goods or services from a lender.
But some regulators are worried about how this will work for borrowers who are unable to use PayPal.
In May, for example, regulators in the UK and Germany called for a review of the “pension benefit” payments made to borrowers, which were seen as “inappropriate for a modern society.”
In addition to concerns about the new loan apps, regulators are also concerned about the potential for fraud.
Lender.com is reportedly one of the companies that have been working with FinCEN, the U and U.K. governments’ financial crime agency, to ensure that the new system does not allow users to transfer funds from accounts that are not in their names to accounts they control.
This includes accounts that belong to their clients.
However, the bank has also acknowledged that the platform may allow fraudsters to use its platform to launder money.
While banks have long offered tools to manage the collection of customer debts, they’ve also been criticized for not doing more to prevent this type of theft.
A spokesperson for the U, UK and U-S.
Financial Crimes Enforcement Network (FinCEN), the two main agencies that investigate fraud, said that the Lender app is one of a number that FinCEC is currently reviewing.
“FinCEC takes fraud very seriously, and we will continue our work with all our partners to ensure the safety of the financial services that our consumers rely on,” the spokesperson told Ars.
“We are also working closely with the banking industry to improve the way we detect, investigate and prosecute crimes and take action to ensure these crimes don’t occur.”
The Lender platform is still in beta.
In order to get the new version to work properly, users will need to download the app from the Apple App Store.
In the meantime, users can access the app through a link on the Lenders site, and a message from the Lending Team tells users that it has been downloaded.