Yesterday morning our CEO, Renaud Laplanche, appeared on Fox Business News and discussed how Lending Club is leading the charge in a rapidly growing peer-to-peer lending space.
Check out Renaud on Fox Business News >>
We all know peer-to-peer lending is a fast growing alternative for those looking for a personal loan. Lending Club offers an easy, confidential and secure way of getting a loan without involving your bank.
On the investors side, Lending Club notes average 9.66% net annualized returns. Lending Club notes are offered by prospectus filed with the SEC.
My favorite part of the interview was when Renaud points out that Lending Club is not an option for those with weak credit histories, but instead, Lending Club is an alternative for creditworthy borrowers. That is, smart borrowers looking to get rates that are often lower than those offered by banks or credit card companies.
Enjoy the interview!
Rob
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We’re thrilled to share the news that, as of this morning, Lending Club has officially issued more than $50 million in personal loans to creditworthy individuals.
As always, our focus is on offering better rates, rewarding responsible and creditworthy borrowers. This has translated in better returns for investors because Lending Club eliminates the high cost and complexity of traditional banks: 9.64% net annualized returns since inception. Notes offered by prospectus.
Reaching this milestone could not have happened without our fantastic investor and borrower community. We thought we’d take this opportunity to share a few other interesting numbers with you. As of this morning, Lending Club has:
- 22,226 investor members,
- processed 46,800 payments from borrowers,
- distributed 2,627,146 payments to investors, and
- paid $3,470,391 in interest to investors.
Oh! And by the way, we will be welcoming our 25,000th investor sometime during the month of September. We are working on a promotion to celebrate this momentous milestone. Stay tuned!
Rob
Today, we're honored to accept a Best in Peer-to-Peer Lending award from Wisebread, among the blogosphere's leading personal finance and frugality publications! Check it out, as along with announcing awards across a range of categories they've also released a new book, 10,001 Ways to Live Large on a Small Budget wherein Lending Club and other winners are featured:
We are happy to report that our offering was cleared by the State of New Hampshire yesterday morning. Lenders who are New Hampshire residents can now buy notes from Lending Club. We have set up a big map in our office that shows weekly progress as state approvals trickle in - here is the smaller version of it:
Other states already cleared include Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Louisiana, Minnesota, Mississippi, Montana, Nevada, New York, Rhode Island, South Dakota, Utah, West Virginia, Wisconsin and Wyoming. We are hoping to keep adding a few states each week for the next few weeks as we get clearance from state authorities, and will post regular updates and notify members directly as the list grows longer.
Keep in mind that state limitations do not apply to the Note Trading Platform operated by FOLIOfn, and all lenders can buy or sell Notes among themselves irrespective of their state of residence.
The Notes are offered by Prospectus.
For some of the latest details on Lending Club including on the reactivated growth we’ve seen since reopening our platform last week (offering Notes by Prospectus), and thoughts on how our new secondary market now empowers people with even more ways to do things that previously only banks and other corporate financial entities could do, check out recent discussions Renaud’s had with Yahoo! Finance, The Wall Street Journal, NuWire Investor and Fox Business.
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