Posted by Rex Dixon :: May 28, 2007 @ 8:25 amEvery site and service online can be compromised unless there are precautions taken and vigilance is ongoing. Lending Club has undertaken heavy self-scrutiny and testing before launching our service publicly. We are taking every precaution to harbor a safe and private environment in which to conduct transactions of money.
So how do we currently protect you, the Lending Club member, from having your data compromised?
All sensitive data is stored off-site in a PCI-compliant location. Bankserv is our PCI-Compliant partner. Once the data is delivered to them, the data is electronically shredded on our end. If by chance something would happen, they would find only a list of member names, which is available on Facebook anyway.
What is PCI-compliant? Simply put, it is a standard that banks, credit card companies, and other consumer financial organizations such as credit card companies must follow. The data we receive from your application with us is only used to calculate interest rates. Once we are done processing that information, the sensitive data is passed over to Bankserv.
Additionally, all of our off-site servers located at our partner site are being guarded by AK-47 armed guards. Did I catch you sleeping? We are only kidding about the guards with Russian assault rifles -- they really have American guns.
All jokes aside, your data is safe here at Lending Club. Just like everything else we do, we bring you all the advantages of big corporate lenders without the cost and hassle.
Rex from Lending Club
6 Comments
When I read about your new venture, I went to your web site (www.lendingclub.com) and it points to your blog. I don't see, and can't get to, the page displayed in the netbanker article.
netbanker.com
Is this intended?
Brett,
You have to be a member of Facebook in order to use the service. Facebook is the way to go currently for Lending Club. Add the application to your FB profile. Thanks for the feedback.
Rex
Brett,
Just to expand on Rex' comment, Lending Club is open exclusively to Facebook users at this point. If you are not a Facebook user and do not wish to open a Facebook account, we will soon offer alternative ways to use our service through other online communities, social networks and associations. We will also open www.lendingclub.com to the general public very soon. Thank you for your interest!
Renaud from Lending Club
That's helpful, thanks - I'll check it out.
How do you guys compare to, say, Zopa, Prosper, or CircleLending? Your blog doesn't tell me that.
Brett,
You bring up a really good question.
From my perspective at least, we feel we should be showing what Lending Club has to offer. It isn't fair to the 3 sites you mention, or to LC to start doing comparison's at this stage. We are a new company.Let us show you how we run first.
I believe Renaud or John may address this further.
Rex
Brett,
We believe that the entire person-to-person lending space is better off by having a variety of solutions. Each company is expanding the space and helping consumers get better interest rates than would otherwise be available. We are tying with pre-existing communities to offer a solution based on the trust that already exists within that community. We provide rates directly to borrowers, and we offer a portfolio tool to lenders, called LendingMatch, which allows lenders to fund a diversified set of loans.
What do we do?
Lending Club is an online lending community where people can borrow and lend money, bypass banks and get better rates. By working together, members can borrow money more easily and at a better rate than they would get from a bank, or invest in a portfolio of loans at higher rates than those served by savings accounts or CDs. A proprietary technology called LendingMatch™ helps match lenders with borrowers using connections established through social networks, associations and online communities, and build diversified portfolios based on lender preferences.
John
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