Posted by Lending Club :: July 22, 2010 @ 9:35 am
It was during the first week of June in 2007, when the Lending Club team was huddled around a screen watching our first loan originate. Thanks to an amazing team, participative users, and rapid adoption of the peer lending concept in the US, we have come a long way since our days as a the top Facebook financial app.
But let's have the numbers talk for themselves:
- Currently issuing more than $10 million in loans per month to prime borrowers
- Lending Club has captured 80% of the U.S. peer lending market based on monthly volume
- Rates start at 7.93% APR, which is 53% lower than the overall national credit card APR of 14.9%
- Investors have received solid returns of 9.64% net annualized returns since inception
- Over $1.5 billion in loan requests
- Nearly $136 million in more than 14,000 loans
- $9.6 million paid in interest to investors
I remember hearing skeptical comments early on around the level of quality of borrowers and a short track record of positive returns while in the midst of economic uncertainty. Three years later, we have proven there is great demand for peer loans from credit-worthy borrowers, while showing solid returns to our investors.
In a short 3 years, Lending Club has transformed peer lending from a feel-good web-based money lending application to a proven concept that creates great value for both borrowers and investors.
Read the complete press release here.
Image courtesy of Arena Flowers.
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12 Comments
Congrats Rob & Lending Club. Everyone is going to be skeptical,
even after a few years.. but keep hanging in there. People won't
help to notice even more and Lending Club will continue to grow.
That's great news, you're doing it right! I wouldn't be surprised
to see you reach $15 million per month by the end of the year.
Everyone is going to be skeptical, even after a few years.. but
keep hanging in there because it makes sense.
Incredible! I only can imagine if my efforts can achieve what you
have accomplished. Good work and never stop trying to be better.
Happy Birthday Lending Club. Hoping there will be hundreds more and
each one better than the year before.
Congratulations on a job well done thus far. You guys have been
doing a great job with the loans. Here is to another 3 years
despite the future economic outlook.
Congrats on 3 successful years. As both an investor and a borrower,
I feel like the platform is great, and provides a much needed
service. I hope it continues to grow for many years to come!
Happy Birthday Lending Club. Thanks for giving us little guys the
opportunity to horn in on the big guys profits and giving borrowers
a fair shake.
Thanks for 3 great years. The good news is you're still standing...
strong.
Congrats Rob and Lending Club, Happy Birthday Lending Club!!!
From morning till night May your birthday be bright And nicer than
ever before! And as years come and go May your happiness grow And
your dreams be fulfilled Even more.
Congrats guys - keep up the good work. Find your site very
innovative, user friendly and informative.
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