Lendingpoint, a fintech specializing in online personal loans, said it closed a $250 million credit facility from Guggenheim Securities, according to a company release. 

The agreement has an accordion facility that can double the size of the credit facility up to $500 million, according to the company. 

Lendingpoint plans to to use the facility to grow its consumer lending platform, which allows consumers to apply online for loans from $500 up to $26,500 and get responses by the next day. 

"From the beginning, our team has understood that building the commerce platform we envision requires offering stable, predictable performance for investors," Tom Burnside, CEO of Lendingpoint, said in the announcement. "Today's announcement demonstrates investor confidence in our ability to predict risk both online direct to consumer and at the point of sale."

The company said growth in the lending platform is up 64% through July, compared with year ago numbers. 

Image courtesy of LendingPoint.