We strive to make the loan approval and investor funding processes as streamlined as possible for our borrowers and investors. To do so, we conduct these two processes on parallel paths – investors can commit funds to Notes listed on the Lending Club platform while our credit team reviews and verifies facets of underlying borrowers’ pre-approved loan applications. If an investor commits funds to a Note and our credit team later declines the underlying loan application, the committed funds become available again within the investor’s account.
By using our “Approved” Review Status filter you may be able to put your money to work faster by selecting only loans that have already been approved by our credit team. These Notes may fund more quickly and generally are less likely to be removed from the Lending Club platform.
Setting up the filter is simple:
1) When you’re logged in, go to the “Browse Notes” section and select the “More Filters>>” option on the left sidebar.
2) An overlay will appear on screen with various filter options. Check the “Review Status” filter and select “Close”.
3) Within the “Filter Notes” section a new “Review Status” option will appear at the bottom of the filter criteria list. Click “Review Status” to expand the menu and check the “Approved” box.
4) Click on “Update Results”.
Voila! Now you’ll only see Notes that have already been approved by our credit team. This filter will be displayed on the left sidebar of your Browse Notes view, and you can turn it on or off at any time. These loans will issue once their funding commitments reach 100% of the requested amount, which may be faster than for loans that have not yet been approved (keep in mind that a loan may still not issue if it fails to attract adequate funding* or if the applicant withdraws their loan request).
Using the “Approved” Review Status filter will potentially allow you to put your money to work faster, but be aware that by using this filter you’ll likely reduce the total pool of loans displayed for investment (since “Approved” loans are fewer in number), and there may also be increased competition to fund these loans.
* Loans that do not attract funding commitments for 100% of the requested amount will issue after 14 days if funding commitments total at least 60% of the requested amount. This currently occurs in less than 1% of issued loans.
We strive to provide a comprehensive set of information to assist you in your investment analysis and be responsive to your feedback to continuously improve your experience with our platform. Recently, we’ve received requests to augment and improve our Browse Notes downloadable file, which led us to create the new version we have now made available.
The additional data includes loan details and status, third-party reported credit attributes, and information reported by the borrower. This detailed information can be downloaded by logged in users from any page of our Browse Notes section by clicking on the “Download All” link on the bottom right corner of the page.
Clicking this link will automatically create a CSV file, which you can view with Microsoft Excel or other spreadsheet applications to help you in quickly identify Notes that meet your investment criteria.
Changes to the file include the addition of the following twelve credit attributes:
|Browse Notes Column Header
||Number of accounts opened in past 24 months
||Total open to buy on revolving bankcards
||Percentage of all bankcard accounts > 75% of limit
||Ratio of total current balance of high credit/credit limit for all bankcard accounts
||Months since most recent inquiry
||Months since most recent personal finance delinquency
||Months since most recent revolving delinquency
||Months since most recent bankcard account opened
||Number of mortgage accounts
||Number of public record and account line derogatory items greater than $100
||Total current balance of all accounts, excluding mortgage
||Total bankcard high credit/credit limit
Other attributes we’ve added to the file are the loans’ APR, loan listing URL, loan description, loan title, expected default rate, and service fee rate.
We also did some spring cleaning on the downloadable file, removing data fields that were redundant, deprecated, or just simple calculations of existing fields.
Lastly, the layout of the file has changed – so to ease the transition we’re making the previous file format available via this link until June 15, 2012, after which we will retire it.
As always, we welcome your feedback and questions at email@example.com.
In an era of social networks and blissful sharing over open platforms like Twitter, Facebook and Yelp, we have grown accustomed to sharing more about ourselves. At Lending Club we embrace new technologies and open communication, but also provide a financial service that calls for a higher level of privacy and identity protection.
Lending Club investors have the ability to ask questions of potential borrowers before committing investments into their loans. This ability has raised concerns in terms of protecting the privacy and identity of both borrowers and investors. These concerns led us to adjust our Q&A mechanism for the benefit of both borrowers and investors.
Starting tomorrow, investors will only be able to ask questions from a predefined set that was created based on the most frequently asked questions logs over the last 2 years and reviewed and edited by our compliance team. As an investor, feel free to submit additional questions that you would like to see added to list to firstname.lastname@example.org.
As always, your comments are welcome as we continue to make improvements to our platform.
Image courtesy of Sean MacEntee.
Lending Club continues to be a leading financial innovator.
This time, we are pleased to present a completely new investor experience, giving you the tools that make it fast and easy for you to create diversified portfolios of Notes. You can now create an investment order in seconds without sacrificing control, in 3 different ways:
1) Follow a predefined investment strategy
2) Target a specific interest rate
3) Filter, review and select notes individually
You now have the ability to use more than 25 filters to help you refine your investment strategy. You can also save these filters, corresponding to your investment strategies, to reuse in the future.
Interested in learning more about these new tools?
Watch a video overview here>>>
We hope you enjoy using the new tools at Lending Club. Lending Club notes are offered by prospectus filed with the SEC. If you have any questions call Investor Services at 1-866-811-9225, or send an email to email@example.com.
Last week, Patrick Gannon, SVP Investor Services, and I had the great pleasure of unveiling Lending Club’s new Statistics page. During the presentation we covered topics such as returns by loan grade, returns by amount invested, and defaults by loan type. After the presentation we opened the floor to questions.
If you missed the webinar check out the replay here >>.
Lending Club’s new statistics page let’s you slice and dice data like never before. You can analyze returns by credit grade, loan amount and purpose across various time periods. For all you datum fans – you can download historical data on declined loans, loans in funding, as well as issued loans. Lending Club notes are offered by prospectus filed with the SEC.
Cheers to data!