Posted by Rob Garcia :: October 14, 2009 @ 5:39 pmYesterday morning our CEO, Renaud Laplanche, appeared on Fox Business News and discussed how Lending Club is leading the charge in a rapidly growing peer-to-peer lending space.
Check out Renaud on Fox Business News >>
We all know peer-to-peer lending is a fast growing alternative for those looking for a personal loan. Lending Club offers an easy, confidential and secure way of getting a loan without involving your bank.
On the investors side, Lending Club notes average 9.66% net annualized returns. Lending Club notes are offered by prospectus filed with the SEC.
My favorite part of the interview was when Renaud points out that Lending Club is not an option for those with weak credit histories, but instead, Lending Club is an alternative for creditworthy borrowers. That is, smart borrowers looking to get rates that are often lower than those offered by banks or credit card companies.
Enjoy the interview!
Rob
7 Comments
WOW, what a great idea, really is. We work with a lot of people in debt and they would sure love another resource to get a loan and this is it.
The only potential pitfall I see is the use of the term credit worthy. As we are about to find out there is a large percentage of people hiding balances on cards that do not report to the major credit reporting agencies which in turn inflates their credit worth. In essence their sheets may report that they owe 10k out of 150k in total limits but in reality there is 100k sitting on small business cards that are just now starting to appear on personal credit reports. Banks are finally realizing they were only fooling themselves. Capital One just started reporting this data last week and others will likely follow suit.
I thought Mr. Laplanche did an admirable job, though I must admit I am not a Fan of Fox (Entertainment). I have yet to have seen Fox, utilize truly knowledgeable "experts" to give an opinion on the current topic. This was, very much par for the course. Never-the-less, we can only continue to educate and prove the model of PvP lending by continuing our success.
I missed the live broadcast of this interview, but I'll definitely check it out -- thanks for the link. I also agree that peer-to-peer loans should be provided to credit-worthy borrows as an alternative to conventional financing, and I really enjoy being able to extend loans to individuals, making a difference in their lives. It's a great service, both to the borrower and to the lender.
It's nice to see that there's a company out there that is looking to help people get some quick cash at affordable rates. Exploiting people will only get you customers for the short term.
Great interview! Especially given that it was Fox, where that's not always a given.
This site is so very nice and so good for any user
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