Posted by Renaud Laplanche :: June 21, 2007 @ 8:38 amIt has been less than a month since we launched Lending Club exclusively on Facebook, and it feels like a decade! As TechCrunch reported last night, it took us two weeks to pass our first significant milestone of $100,000 in loan origination (since we closed our first loan on June 6). We’d like to take this opportunity to share other numbers:
| Lending Club Statistics | ||
| Facebook launch | May 24, 2007 | |
| First loan closed | June 6, 2007 | |
| Passed $100,000 in loan origination | June 20, 2007 | |
| Loans issued | 27 ($101,250) | |
| Active loan applications | 38 ($212,650) | |
| Total loan applications (incl. non approved and expired) | 265 | |
| Verified lenders | 291 | |
| Basic members | 1,661 | |
| Installs | 9,070 |
Lending Club is now the #1 most popular “Money” application on Facebook (by number of installs). As much as we like numbers, there is one thing that we like even more: these 3 stories right here are exactly the reason why we founded Lending Club:
When I discovered LendingClub.com, I felt so lucky. I was just about to graduate from college, and the money I'd been able to save from my part-time job wasn't enough to pay for the deposit on a new apartment. I was this close to being homeless! But in a few days, LendingClub.com found some people willing to lend me the money and got me a great rate, too. Thanks, LendingClub.com!
-Michael from Missouri
Lending Club helped me out when I was in a bind. I needed a bridge loan in between finishing school and starting work. Nothing is free in the real world, but Lending Club made it possible for me to get the money I needed without a ridiculous rate. With credit cards, you'll bury yourself with service fees and cash advance fees. Glad I chose the better route. Thanks Lending Club!
-Jim from Texas
I had an outstanding experience with Lending Club. I found the process to be very easy and customer service was extremely helpful when I had questions. Before I became a borrower with Lending Club, I was paying three times the interest rate on my credit cards. I was able to pay off those credit cards using my loan.
-Diane from New Jersey
2 Comments
Great job! One step closer to enabling credit union for all Facebook members...
Thanks!
As Renaud had previously stated - quote - "So mainstream that ten years from now, carrying a credit card balance or taking a personal loan from a bank will seem like an odd thing to do." - http://blog.lendingclub.com/2007/06/20/low-approval-rate-should-we-be-concerned/ - we hope that picks up traction really quick!
Rex
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