Posted by Renaud Laplanche :: July 22, 2009 @ 1:13 pmI'm pleased to share the news that Lending Club has officially reached half a billion dollars in loan demand. This means that people have applied for over $500 million dollars in loans at LendingClub.com. Given our selective credit criteria, we've approved only a portion of those loans, a little over $50 million, and have issued over $45 million in loans to date to creditworthy individuals.
As always, our focus is on offering better rates for creditworthy borrowers and better returns for investors because Lending Club eliminates the high cost and complexity of traditional banks. Many thanks to our growing member base--our financial community is fulfilling its mission, and growing bigger and better every day.
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My congratulations to Lending Club management on thier success. I consider myself only average on the topic of finance, but even so... I find it something to write about in my self deprecating blog.
Having attend the last LC webinar, I was struck first by the observation that LC would continue the myth that banks lend out money from deposits, and how in stark contrast Lending Club actually DOES (in a manner). The difference being that banks when loaning money contribute to inflation while Lending Club does not (contribute to inflation). Looking at it from that perspective... participating in LC isn't just good for your own pocketbook (it is!) it's good for the entire US economy!
Great job guys, keep up the good work.
Congratulations!
lending club you are the best, keep up the good work
Congratulations.
Great job guys, keep up the good work.
Great job Lendingclub! Keep up the great work, you guys are doing an amazing thing.
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