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We are pleased to roll out a few new features that will make our lenders' lives easier:

Monthly Statements

P2P lenders at Lending Club can now see a clear snapshot of their account each month. An account summary shows monthly interest earnings and variation in account value, as well as the asset allocation by loan grade. Detailed cash flow, loan payment and loan performance information is also provided as part of the statements. Monthly statements have been generated retroactively for the full fiscal year.

Account Activity

A new account activity page provides essentially the same information as the monthly statements, for any selected period of time. Lenders can select a beginning date and an end date and retrieve all account activity during that period. Account Activity also provides a full ledger of all transactions, including each and every payment made under each fraction of loan.

Retrieving and Sorting Loans

Lenders can now retrieve their loans by status, grade, portfolio and date, and re-order any subset of their loans based on amount, principal outstanding and payment dates.

Managing Loan Portfolios

Lenders can now create their own "view" of their account by grouping their loans into portfolios based on their own criteria: maturity, risk grade, performance, interest rate, etc. The previous notion of "portfolio" (i.e., a group of loans bought at the same exact time) has now been renamed "order". An order history is also made available to the lenders.

Please send us comments or feedback, or tell us which features we should be working on next. Send your thoughts our way at feedback@lendingclub.com.

Acceptance speech:

Lending Club has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future. Until we complete the registration process, we will not accept new lender registrations or allow new commitments from existing lenders. We will continue to service all previously funded loans during this period, and lenders will be able to access their accounts, monitor their portfolios, and withdraw available funds without changes.

The borrowing side of our site will remain generally unaffected by this registration process; borrowers can continue to apply for loans and new loans posted after April 7, 2008, will be funded and held only by Lending Club.

Until the registration process is completed, the company will undergo a quiet period and will not be able to respond to press and other inquiries about Lending Club or the registration process during that time.

Flexibility is a key ingredient of a successful financial plan. With all of the financial strategies out there, it can be hard to decide which one will work best for you. As a result, once we find a plan that works, we are often hesitant to make changes, even if our situation changes. Peer-to-peer loans are one of the great ways to bring flexibility to your financial plan, whether you are looking to consolidate debt or invest money.

Our financial situation can change in many different ways. From the loss of a job to the discovery of a false assumption, when our finances change so too must our plan. Even positive changes, such as reaching a savings goal, are reason to reflect on our plan. Financial plans tend to be time sensitive as well, so a periodic review makes sense even if things seem to be running smoothly. Reviewing your plan doesn’t necessarily mean that you’ll have to make changes. It just gives you the opportunity to analyze your situation, taking the new information into account, and make adjustments as needed.

Peer-to-peer loans bring flexibility to your financial plan because they themselves are so flexible. By taking out a P2P loan on Lending Club, you can consolidate high interest debt, cover an unexpected expense, or finance a planned purchase at a more affordable rate. Those who are looking to put their money to work for them can take advantage of the above average returns that P2P lending on Lending Club has to offer. The possibilities are endless.

Creating an account with Lending Club is the first step in adding the flexibility of peer-to-peer loans to your financial plan. The process is quick and easy. Joining today will allow you to be ready when changes in your financial life cause you to rethink your financial plan.

Being frugal is more than just giving up coffee, right? When someone is "being frugal," what exactly does that mean?

You'll be happy to know that you can be frugal without giving up coffee! I haven't given up my coffee yet, though I have given up trips to Starbucks.

My definition of being frugal is making the best use of your resources in accordance with your goals in life. Right now my goal is to get out of debt, so I try to cut my expenses, leaving more money available for debt repayment.

Other people may have different goals, but as long as they make the best use of their time, money, space, and other resources, they are being frugal.

You have a goal of getting out of debt by this summer – how close are you? What's your best single debt reduction tip?

Unfortunately I'm not even going to come close to getting out of debt by this summer. We've had one setback after another in the last year. My husband lost his job twice, we got some bad advice from an accountant and owe a large amount of taxes... and the list goes on.

Despite the setbacks, we've still managed to keep paying off debt. At this point it looks like we'll be out of credit card debt by September and hopefully the rest of our debt will be paid off by the end of 2009. That's the new goal.

My best debt reduction tip is never give up. Always keep your goal in mind. You will face setbacks. You might not come close to meeting your first goal. But if you are diligent, eventually you'll get there.

You just started Being Frugal last summer, and it's really taken off since then. What's your secret?

My secret is my great readers! They really keep me motivated, and I enjoy interacting with them. Beyond that, I'm just myself. What you see on my blog is exactly what you'd see if you were to meet me in person. I think readers like bloggers who are authentic and willing to admit making mistakes, and I've had to admit quite a few.

To tell you the truth, the growth of my blog blows me away! If I have a secret, I sure don't know what it is!

You don't seem to be a fan of debt at all (who really is?). What are the worst types of debt that should be avoided at all costs?

You're right. I'm not a fan of debt at all. But if I had to pick the worst kind of debt, it would be going into debt for something that decreases in value. It doesn't make sense to me to pay an inflated price (credit card interest) for something that isn't holding its value. I'm also not a fan of car loans, especially new car loans. I'd rather pay cash for a slightly older car than pay interest on a car that loses its value as soon as I drive it off the lot.

I'm on the fence about student loans. I realize it's difficult to get a college education without one these days, but I'm going to encourage my children to explore every other opportunity before taking out loans for college.

What are a few of your favorite posts? (I was a big fan of "7 Things Women Wish Men Knew About Money")

Thank you! I had a good time writing that post. And I have to thank Ron from the Wisdom Journal for suggesting I write 7 Things Women Wish Men Knew About Money.

Some of my other favorites are:
What Little House on the Prairie Taught Me About Debt
Things I’ve Learned About Money by Not Having a Lot of It
There’s No Shame in Renting

Peer-to-Peer Lending: good/bad/evil?

I'm not a big fan of peer-to-peer lending, because I'm not a big fan of debt. That being said, if I had to choose between dealing with peer-to-peer lending or dealing with a credit card company, I'd choose peer-to-peer lending. I really don't like credit card companies.

Being from Oregon, are you a Blazers fan?

I'm not a fan of basketball, so I can't say I'm a Blazers fan. Now if Oregon had a football team or a NASCAR track, we'd be talking!

Thanks for taking the time to interview me. I enjoy the Lending Club Blog, and it's been a privilege to participate in this interview!