Posted by Renaud Laplanche :: June 7, 2007 @ 4:03 pmToday is an important day that we want to celebrate with the entire Lending Club community: we closed our first loan last night!
This is the reason that we started Lending Club, to help consumer’s contract better rates by being a part of a community. I am very pleased that we were able to help out. Our first “club” loan was made to a happy borrower who filed her $3,000 loan application on Sunday May 27. She had her loan fully funded by 3 lenders yesterday at a 9.33% interest rate. This member of our community will have her Lending Club loan money transferred into her bank account today. That’s an 8-day funding time.
We are planning for the average funding time to decrease significantly as volume ramps up. We did acknowledge this fact a few days ago. It took us more time than expected to authenticate the first few accounts. The issue has now been resolved, and many new lenders were authenticated in the last couple of days and are funding loans now.
We have contacted Borrower #1 and hope she will be sharing her story with the community in the next few days. You will be seeing more of these testimonials, and additional pertinent information. This will be made available on https://secure.lendingclub.com over the next few weeks.
Our company will also be tracking advancement towards a first milestone of helping the community borrow $1,000,000 worth of loans at lower rates than bank loans and credit cards. We will be reporting progress on the way to that goal on a regular basis. Improvements are forthcoming with additional new features to https://secure.lendingclub.com based on your feedback. Stay tuned for upcoming announcements. Please continue sending feedback and comments. We’re better together.
Better Rates. Together.
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