Posted by Renaud Laplanche :: August 5, 2007 @ 6:57 am

Lending Club Members Speak Out Series

We have been receiving a fair number of comments from lenders and borrowers since June 6. This weekend we would like to share a few comments we received from borrowers. Their feedback tends to focus on two aspects of the Lending Club experience: ease of use and low rates.

“My sole purpose for borrowing the money was to consolidate my credit debt. I couldn't have asked for a better partner than Lending Club. You have created something unique and I expect you have started something of a revolution. Thank you for being there, and best regards in the years ahead. You're going to be helping a lot of people!”
-- Tim from New York, NY

“It was a great experience! I was able to get the money I needed in just about a week. I loved that I didn't have to deal with any banks and that my money was directly deposited. It's really cool to be able to lend/be lent to from people in the same social network as me. The interest rate on Lending Club was much better than the interest rates I was paying on my credit cards.”
-- Cody from Indianapolis, IN

“I never would've imagined getting a loan from a bank due to all the hassles associated with banks. Lending Club made it easy. Compared to other lending sites and banks, I will end up saving at least $500 with Lending Club's interest rates. That makes me one happy member! I have used my loan to completely consolidate my debt.”
-- Eric from Duluth, GA

“The loan request process was extremely simple and easy. My Lending Club rate was at least 4% lower than the lowest offer I received from a bank and at least 5% lower than I was paying toward credit cards.”
-- Marc from Cheyenne, WY

These testimonials and much more will soon be available on our secure site at https://secure.lendingclub.com. When asked, “What would you improve on our current web site?” borrowers generally responded they would like to be alerted more frequently as their loans get funded, and would also appreciate more options to manage their loans. We are already hard at work improving these and other aspects of the user experience.

We will soon be publishing lenders’ comments in future installments of this “Speak Out” series. If you are a lender or a borrower on Lending Club, we’d love to hear from you. Leave a comment on this blog or write directly to feedback@lendingclub.com!