Lending Club Blog

Lending Club Passes $1 Billion in Loan Demand, Hits Monthly Recordin Loan Applications

The last few weeks have been full of exciting milestones for Lending Club and our financial community. Not only did we roll out our new brand identity and web site, but we also surpassed $1,000,000,000 in loan demand, while hitting a monthly record in loan applications in February.

In addition, we issued our 10,000th loan, surpassing more than $95,000,000 in loans this morning.

Lending Club Statistics as of March 17, 2010

Borrowers are increasingly turning to Lending Club as an alternative to traditional lending institutions. Better rates, a simple on-line loan application process, and a secure and confidential platform are some of the reasons that make Lending Club a smart choice for creditworthy borrowers looking for a personal loan that rewards their great credit.

Our borrowers are showing a responsible approach to credit:

  • Average interest rate is 11.95%, which is lower than most personal loans and credit card offers
  • 60% of the borrowers have taken the loan to pay off credit card balances or consolidate other debts
  • The average credit score is 716, and only prime borrowers are able to enjoy better rates with Lending Club

We are building on the successes of 2009 and setting the stage for yet another important milestone coming up soon: sometime in the next 3-4 weeks we’ll reach $100,000,000 in loans issued.  Stay tuned.

For the latest Lending Club numbers visit our statistics page.

@RobGarciaSJ
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Wednesday, March 17th, 2010 at 2:26 pm

Comments (8)

  1. Wow, nice job guys! I love the new blog design as well, very clean,
    very nice.

    March 17th, 2010 at 3:54 pm

  2. Mohinder:

    This is awesome. Lending Club is doing an amazing job growing
    peer-to-peer lending in the US. I probably speak for most investors
    when I say: please don’t relax your high credit standards!

    March 18th, 2010 at 7:36 pm

  3. [...] this week, Lending Club Sr. Director, Product Strategy Rob
    Garcia posted an update on the company’s progress. Rob noted the
    following [...]

    March 19th, 2010 at 2:26 pm

  4. Chris:

    I see Lending Club has just gone over $100,000,00.00. Great job,
    keep it up! Chris

    March 31st, 2010 at 12:36 pm

  5. [...] company recently announced that it had surpassed $1 billion
    in loan demand, hit a monthly record in loan applications in
    February [...]

    April 14th, 2010 at 6:22 am

  6. [...] company recently announced that it had surpassed $1 billion
    in loan demand, hit a monthly record in loan applications in
    February [...]

    April 14th, 2010 at 12:50 pm

  7. ewriter:

    Astonishing progress! My congrats guys! You are certainly able to
    make your great credit job.

    May 17th, 2010 at 2:28 am

  8. Congratulations! Proving that Lending Club is providing an
    outstanding service.

    November 21st, 2010 at 6:17 am

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