Archivefor the "Press" Category Posted by Scott Reynolds, Feb 3
Today, we're excited to receive a nod from Harvard Business Review, which has highlighted social lending as a Breakthrough idea for 2009.
Hit up the full read at HarvardBusiness.org. Posted by Scott Reynolds, Oct 28
Yesterday on ABC, Renaud was interviewed by Jackie Hyland on "Money Matters". To check out the discussion of how social lending can be part of solving the current economic crisis, watch the video here.
Posted by Scott Reynolds, Oct 21
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. Posted by Merry Richter, Feb 14
Social lending is getting increasingly mainstream media coverage. As Rate Ladder reported yesterday, peer to peer lending received prominent placement in Forbes Magazine and CNBC over the last few days. Our CEO, Renaud Laplanche, was interviewed on CNBC’s Power Lunch program earlier this week to explain how social lending is helping people across America lend and borrow money at better rates. A week earlier, CNBC’s The Big Idea with Donny Deutsch had a segment that highlighted person-to-person lending as a great financing alternative. You can read about that segment on The Big Idea Blog to get their take on social lending, and on Lending Club in particular. To round up the week, we were pleasantly surprised to find that Lending Club was mentioned in the cover story of last week’s issue of BusinessWeek. Social lending is rapidly gaining mainstream adoption, and this is excellent news for the Lending Club community. Better Rates. Together. Posted by Lending Club, Dec 13
LendingClub.com Leads Industry with Better Rates for BorrowersSUNNYVALE, CA – December 13, 2007 – Caught in the wake of the credit crisis, people in every community across America are looking for alternatives to traditional banks and credit institutions to help meet their financial needs. Lending Club, the rapidly growing affinity-based social lending network that launched its people-to-people lending services six months ago to facilitate personal loans based on affinities or an individual's social connections, today announced its availability to lenders and borrowers in all 50 states. For the first time, everyone nationwide can use Lending Club's P2P lending services and enjoy better interest rates than those offered by traditional banks or credit cards. "We believe an affinity-based model enables people to get better rates by leveraging their existing associations and social connections. All early indicators suggest that this approach is succeeding: We have the lowest rates available to borrowers and the best average returns for lenders in the industry, which is made possible by lower defaults" said Renaud Laplanche, founder and CEO of Lending Club. "Today, we're extending this model across all 50 states, so people can connect online, build trust and gain financial benefit on both sides of the lending and borrowing equation." Over the course of the last six months, LendingClub.com lenders have earned an average 12.2 percent annualized return after fees and losses, and defaults on the loans have remained under one percent, which is attributed to the sense of community and trust inherent in the existing connections between members, such as their online social networks, alumni associations, organizations, geography and credit profiles. LendingClub.com members have loaned and borrowed more than $3.5 million within the network, growing 100 percent monthly since it launched six months ago. In response to this rapidly increasing demand, Lending Club is expanding today to all 50 states and is now available at www.lendingclub.com, on social networking site Facebook and through partnerships with top university alumni associations. To help people identify lending and borrowing opportunities, Lending Club uses its proprietary affinity-matching technology, LendingMatch™, which looks at factors such as where people went to school, where they grew up, what they do for a living and their network associations. LendingMatch is the fastest way to build diversified portfolios based on these affinities and ensure the creditworthiness of each borrower. LendingClub.com is open to individual borrowers with credit scores at or above 640 and a debt-to-income ratio of 30 percent or less. Using LendingClub.com, borrowers can apply for personal loans of $500 to $25,000 to be funded by one or many individual lenders. Lending Club handles user authentication, bank account verification, credit checking, credit reporting, funds transfers and collections. About Lending Club™LendingClub.com is an online social lending network where people can borrow and lend money among themselves based upon their affinities and/or social connections. Across all 50 states, members can borrow money at a better interest rate than they would get from a bank or credit card and invest in a diversified portfolio of loans with higher rates of return than those served by savings accounts, CDs or other online lending services. LendingMatch™ technology helps match lenders and borrowers by using connections established through social networks, associations and online communities, and build diversified portfolios based on lender preferences. Lending Club is headquartered in Sunnyvale, CA. More information is available at www.lendingclub.com. Press Contact:
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