updated 3/21/2011 4:47:26 PM ET 2011-03-21T20:47:26

COVINGTON, La., March 21, 2011 (GLOBE NEWSWIRE) -- Pool Corporation (Nasdaq:POOL) will invest up to $2 million in consumer loans in 2011 through Lending Club, the world's leading platform for investing in and obtaining personal loans (also known as "unsecured loans" and "signature loans").

"With less capital available for consumer loans in the current economic climate, we see a significant opportunity with Lending Club to help our customers secure business with homeowners," commented Mark Joslin, Vice President and Chief Financial Officer at POOLCORP.  "Lending Club leads a new category of financial institutions that fill a gap created by traditional lending institutions scaling back on their consumer loan businesses.  By providing creditworthy borrowers unsecured, fixed-term loans with attractive interest rates in amounts from $1,000 to $35,000, homeowners interested in renovating their pools or pool equipment, purchasing new in ground or above ground pools, spas and irrigation systems or looking for other backyard living enhancements, have a potential funding source at their disposal."

Lending Club is an online platform that enables the issuance of and investment in consumer loans. Personal loans obtained through Lending Club are available with flexible terms and fixed interest rates that range from 6.78% to 25.41% APR for creditworthy borrowers.  Lending Club currently lists loans for applicants residing in 42 states, including all the largest swimming pool and irrigation markets.  Investors, like POOLCORP, evaluate and fund approved loans while all loans are issued by WebBank, an FDIC insured Utah chartered industrial bank. On the investment side, Lending Club notes have provided an attractive return to investors.  You can learn more about Lending Club at www.lendingclub.com .

"We view this opportunity with Lending Club as an investment in our customers, who are generally small pool, irrigation and landscape contractors and specialty pool retail stores.   By creating awareness about the Lending Club platform and backing that up with direct investments through their platform, we hope to help our customers grow their businesses, just as consumer confidence and spending is on the rise," said Joslin.  "We have also arranged for rebates of up to $350 to consumers who secure financing through any customers of POOLCORP's SCP, Superior or Horizon operating divisions.  POOLCORP customers interested in participating in this program should contact their respective Business Development Representative for more information."

Pool Corporation is the largest wholesale distributor of swimming pool and related backyard products. Currently, POOLCORP operates 291 sales centers in North America and Europe, through which it distributes more than 160,000 national brand and private label products to roughly 80,000 wholesale customers. For more information about POOLCORP, please visit www.poolcorp.com.

The Pool Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4853

CONTACT: Craig K. Hubbard
         Investor Relations

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com