After my last post soliciting feedback, comments and ideas last week, we received over 40 comments via emails and Facebook posts. We value your input immensely. Please keep it coming and expect more new features to be released in the next few weeks based on your feedback and the existing product roadmap.
In the meantime, we would like to offer an update on the new features released this week:
How we set interest rates. Many of you requested this information to be disclosed and we agree it was long overdue. It is now available at https://secure.lendingclub.com/info/how-we-set-interest-rates.action. Renaud will write a separate post on this later this week.
Relist a loan request. If a loan request is not fully fulfilled at the expiration of a 14-day period after the listing date, borrowers now have the ability to relist their loan. In that case, the funding is reset to 0 and lenders’ committed funds become available again.
The loan ID remains identical so that lenders can track relisted loans and commit funds again for another 14-day period if they wish to do so. When relisting a loan request, borrowers can modify title and update of expand the loan description.
Time left before closing. Loan listings and search results now include an extra column showing time left before closing or expiration. Many lenders have asked for this information to be made available in the listings and search results to gain the ability to quickly compare loans and include the “time” factor in their decision to fund a loan.
Note: LendingMatch also factors in time (and amount) left to close.
Issued loans. Now you can browse completed loans that have been issued to the borrowers. We will keep on giving updates on origination amounts, and will make more information, data and statistics available on https://secure.lendingclub.com in the next few weeks. Displaying issued loans is a first step in this direction.
Thank you again for your feedback. Feel free to comment on new, existing, and missing features by posting comments on this blog, on the Facebook application page or by email at email@example.com. Happy borrowing and lending!
Better rates. Together.