100 Days and a Million Dollars in Loans!
Lending Club launched on Facebook approximately 100 days ago and has just surpassed the $1 million dollar loan mark.
|Lending Club Statistics|
|Facebook launch||May 24, 2007|
|First loan closed||June 6, 2007|
|Passed $1,000,000 in loan origination||September 11, 2007|
|Loans issued||172 for $1,046,000|
|Current loan applications||37 for $399,650|
As the first financial service to ever launch on a social network, and one of a handful of Day 1 Facebook applications, we are pleased to see that Facebook has more than doubled its active user base to 40 million and that there are now 4,000 Facebook applications. We checked in with Facebook on our progress and are appreciative of their continued support:
“Facebook Platform was designed to enable innovative business opportunities for all application developers. We’re pleased to see Lending Club, one of the first Facebook applications, leveraging the social graph to build a successful business around Facebook Platform.”
Dave Morin, Senior Platform Manager for Facebook
During this credit crunch, we have received a few questions about the credit quality of our borrowers. Lending Club borrowers all have prime credit due to our requirement for a minimum FICO score of 640. Our experience to date shows the value of prime borrowers, as our average FICO score on issued loans is 704 and we have not had any defaults on qualified loans.