Lending Club Blog

Dude, get a loan!

And here we are… Lending Club is finally available in California! Well, not just California. In fact we went National today, 6 months after the launch of our Facebook application and 3 months after the limited opening of our public website at www.lendingclub.com. In the last 6 months, Lending Club was not available to borrowers in California, Michigan, Illinois, Pennsylvania, Oregon and Nevada, and was only partially available in Texas and Ohio. We did the math: that’s about 108 million more Americans who can now borrow and lend directly among each other and get better rates.

So this is really good news…first, because my neighbor in the quaint town of Los Gatos, CA will finally stop asking “Dude, when can I use your site?” and second, arguably more importantly, because in the current climate of tightening lending practices from the banks, people in every community across America are looking for alternatives to help meet their financial needs, and being available nationwide will help us serve our community better.

As we pointed out last weekend, affinities and connections among Lending Club members get most of the credit for the remarkably low defaults recorded by Lending Club borrowers over the last 6 months. The ability for Facebook users and members of Lending Club’s partner alumni and professional associations to connect across all 50 states will make the Lending Club network even more efficient and help us deliver even more value to both lenders and borrowers.

Better Rates Nationwide. Together.

Renaud from Lending Club

Thursday, December 13th, 2007 at 5:21 am

Comments (9)

  1. […] If you’re new here, you may want to subscribe to my RSS feed
    or via email. Thanks for visiting!LendingClub CTO Renaud Laplanche
    announced today via the LendingClub Blog that Lending Club is Going
    National. […]

    December 13th, 2007 at 7:32 am

  2. […] announced today that now users of all 50 states can borrow
    money through […]

    December 13th, 2007 at 7:01 am

  3. Congrats Lending Club – this is exciting growth!

    December 13th, 2007 at 10:48 am

  4. […] They went National! Congrats in beating the competition to
    the largest pool of ‘good’ […]

    December 13th, 2007 at 3:05 pm

  5. It’s great to see that Lending Club has gone national but when will
    it come up to Canada?

    December 13th, 2007 at 7:29 pm

  6. […] Club tomorrow to select my next loans as promised. The good
    news is that there will likely be more loans to select from this
    time since Lending Club has extended ts […]

    December 13th, 2007 at 9:18 pm

  7. […] the second piece of news it released this week. Lending Club
    is now able to accept borrowers from the whole United States. Prior
    to this week, people in California were unable to borrow money from
    Prosper. By going […]

    December 14th, 2007 at 10:32 am

  8. Does going national include removing any state restrictions/caps on
    interest rates? So far, LendingClub is at the top of the P2P
    lending heap.

    December 15th, 2007 at 5:28 pm

  9. Yes Eric we are not bound by state interest rate limits any more. A
    lot more borrowers will now have access to p2p lending; it was
    previously very hard for borrowers in Ohio for example to qualify
    for a loan when the maximum APR limit was 8%.

    December 15th, 2007 at 8:59 pm

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