Posted by Renaud Laplanche :: December 13, 2007 @ 5:21 amAnd here we are… Lending Club is finally available in California! Well, not just California. In fact we went National today, 6 months after the launch of our Facebook application and 3 months after the limited opening of our public website at www.lendingclub.com. In the last 6 months, Lending Club was not available to borrowers in California, Michigan, Illinois, Pennsylvania, Oregon and Nevada, and was only partially available in Texas and Ohio. We did the math: that’s about 108 million more Americans who can now borrow and lend directly among each other and get better rates.
So this is really good news…first, because my neighbor in the quaint town of Los Gatos, CA will finally stop asking “Dude, when can I use your site?” and second, arguably more importantly, because in the current climate of tightening lending practices from the banks, people in every community across America are looking for alternatives to help meet their financial needs, and being available nationwide will help us serve our community better.
As we pointed out last weekend, affinities and connections among Lending Club members get most of the credit for the remarkably low defaults recorded by Lending Club borrowers over the last 6 months. The ability for Facebook users and members of Lending Club’s partner alumni and professional associations to connect across all 50 states will make the Lending Club network even more efficient and help us deliver even more value to both lenders and borrowers.
Better Rates Nationwide. Together.
Renaud from Lending Club
9 Comments
[...] announced today that now users of all 50 states can borrow money through [...]
[...] If you're new here, you may want to subscribe to my RSS feed or via email. Thanks for visiting!LendingClub CTO Renaud Laplanche announced today via the LendingClub Blog that Lending Club is Going National. [...]
Congrats Lending Club - this is exciting growth!
[...] They went National! Congrats in beating the competition to the largest pool of ‘good’ [...]
It's great to see that Lending Club has gone national but when will it come up to Canada?
[...] Club tomorrow to select my next loans as promised. The good news is that there will likely be more loans to select from this time since Lending Club has extended ts [...]
[...] the second piece of news it released this week. Lending Club is now able to accept borrowers from the whole United States. Prior to this week, people in California were unable to borrow money from Prosper. By going [...]
Does going national include removing any state restrictions/caps on interest rates? So far, LendingClub is at the top of the P2P lending heap.
Yes Eric we are not bound by state interest rate limits any more. A lot more borrowers will now have access to p2p lending; it was
previously very hard for borrowers in Ohio for example to qualify for a loan when the maximum APR limit was 8%.
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