Quarter Million Dollars in Facebook Loans

Posted by Renaud Laplanche :: July 6, 2007 @ 8:47 am

Independence day meant a lot more to some people this year as Lending Club, as reported by Mashable, passed the quarter million dollar loan mark in Facebook. It happened yesterday July 5 at 3:30pm Pacific time.

Here are a few other interesting stats:

(Click below graphic to enlarge)

Lending Club is the most popular “Money” application (out of 41) on Facebook by number of installs. The top lending state was California and the top borrowing state Florida, so we moved quite a bit of money coast to coast.

More than 20,000 Facebook groups now have members in Lending Club, the top group being an Apple-sponsored group. Let us know if you financed your iPhone with a Lending Club loan!

We believe that person-to-person lending will gain faster adoption in an environment where people feel connected to one another. Some Facebook groups certainly do not carry much affinity among members, but Apple enthusiasts certainly do. Some school networks (which will be the subject of a later post) definitely do.

The average rate went up quite a bit from 9.93% to 10.28% mostly due to a few larger loans, which usually carry higher interest rates. For more details on interest rates calculations, please visit:
https://secure.lendingclub.com/info/how-we-set-interest-rates.action.

All this information and more will soon be available directly from https://secure.lendingclub.com. Have a wonderful weekend, and enjoy your financial independence!

Renaud from Lending Club