Week 10: New Features!

Posted by Rob Garcia :: August 9, 2007 @ 12:15 pm

We are blessed with a very vocal user base and have received many valuable comments since we launched. Your feedback continues to guide our ongoing efforts to improve the site. Here are some of the features we have recently added to further improve user experience on Lending Club.

Minimum loan request has been lowered to $500
It is now possible for borrowers to request a loan in the amount of $500 to $25,000. We hope this added flexibility will meet your needs.

LendingMatch™ minimum is now $500
Great news for lenders! You can now use LendingMatch™ to generate portfolio recommendations with as little as $500. It is necessary to lend at least $500 to use LendingMatch™ because the algorithm tries to allocate your investment into at least 20 fractions of loans, for diversification purposes. Since the minimum investment in each loan is $25, you need at least $500 in total. The minimum amount you can lend without using LendingMatch™ remains unchanged at $25.

Invite your Facebook friends and earn referral bonuses
It is now easier to invite your Facebook friends to join Lending Club. When you register for an account, you can choose up to 10 friends to invite at that time. You can then invite 10 Facebook friends per day (in accordance with Facebook's privacy policy) to Lending Club and receive $5 for each person who becomes a member. Let all of your friends know that you that have money to lend them or get them to join so that they can lend to you!

Improvements to My Account, Portfolio Summary
We have revamped the My Account area for lenders. This section now contains more detailed portfolio analysis and individual loan performance information, such as payments received to date, loan status, expected payments, remaining payments, and more.

Adjustments to Expected Monthly Payment amount
We improved and made more accurate the way we represent rounding issues. The system internally keeps track of 12 decimals, but payments from the borrowers’ external bank accounts are being rounded up or down to the second decimal. As a result, lenders will see a minor difference in the “Expected Monthly Payment” column on their Account Summary.

….and a big welcome to Arizona borrowers!
As we mentioned in an earlier post, we are now welcoming Arizona borrowers. Stay tuned for updates on our quest to serve every single state.

We hope these new features will improve your experience on the site. We will post updates about new features every few weeks. In the meantime, please keep your feedback coming! We take your opinions very seriously! Although some of them are funny, too!