Author Archive

After my last post soliciting feedback, comments and ideas last week, we received over 40 comments via emails and Facebook posts. We value your input immensely. Please keep it coming and expect more new features to be released in the next few weeks based on your feedback and the existing product roadmap.

In the meantime, we would like to offer an update on the new features released this week:

How we set interest rates. Many of you requested this information to be disclosed and we agree it was long overdue. It is now available at https://secure.lendingclub.com/info/how-we-set-interest-rates.action. Renaud will write a separate post on this later this week.

Relist a loan request. If a loan request is not fully fulfilled at the expiration of a 14-day period after the listing date, borrowers now have the ability to relist their loan. In that case, the funding is reset to 0 and lenders’ committed funds become available again.

The loan ID remains identical so that lenders can track relisted loans and commit funds again for another 14-day period if they wish to do so. When relisting a loan request, borrowers can modify title and update of expand the loan description.

Time left before closing. Loan listings and search results now include an extra column showing time left before closing or expiration. Many lenders have asked for this information to be made available in the listings and search results to gain the ability to quickly compare loans and include the “time” factor in their decision to fund a loan.

Note: LendingMatch also factors in time (and amount) left to close.

Issued loans. Now you can browse completed loans that have been issued to the borrowers. We will keep on giving updates on origination amounts, and will make more information, data and statistics available on https://secure.lendingclub.com in the next few weeks. Displaying issued loans is a first step in this direction.

Thank you again for your feedback. Feel free to comment on new, existing, and missing features by posting comments on this blog, on the Facebook application page or by email at feedback@lendingclub.com. Happy borrowing and lending!

Better rates. Together.

Rob from Lending Club

We are now entering our 4th week helping borrowers and lenders bypass the banks and get better rates. Most of our borrowers can register and apply for a loan in less than 10 minutes. Lenders have been telling us how simple, easy, and fast LendingMatch is.

We are very far from perfection at this point, and are excited to be working on many improvements. You will see a number of new features and enhancements coming up in the next few weeks. Over the last three weeks, we have received feedback from Facebook's forums, our Lending Club group on Facebook, this blog, our customer service line and directly by email to various members of our team. We appreciate all feedback, good or bad.

In addition to all existing channels, we added on Wednesday a “feedback” link on every single page of https://secure.lendingclub.com and would love to gather even more feedback at feedback@lendingclub.com.

We are making all efforts to be responsive to your inquiries, analyze your behavior on https://secure.lendingclub.com, understand common trends and patterns and adjust our development priorities based on these trends. We truly believe in building up our platform with you as well as for you.

We look forward to your comments, thoughts, and ideas. We will build a better platform together.