Lending Club Blog

Half a Million Dollars in Facebook Loans

On Thursday July 26, the Facebook community passed the mark of half a million dollars lent and borrowed! This milestone was passed 7 weeks after we announced the first loan on June 6, which is certainly faster than we anticipated.

We continue to be impressed with the rapid adoption. The Facebook F8 launch has helped spread the word about our company. The community members have generated a tremendous amount of feedback to help improve our product. These improvements are preparing us well for our expansion beyond Facebook.

To date, there has not been any default or late payments, though it is still very early. The close ratio on the site went up to 84%: this statistic means that more than 4 out of every 5 loans obtain funding. A borrower always has the ability to relist a loan if the individual didn’t receive funding the first time.

Lending Club Statistics
First loan closed June 6, 2007
Passed $250,000 in loan origination July 5, 2007
Passed $500,000 in loan origination July 26, 2007
Loans issued 104 ($528,200)
Verified lenders 524
Total members 3,061
Facebook Installs 11,935
Top Facebook group Apple Students (102 users)
Fastest growing network New York, NY (82 users)
Average Interest Rate 10.71%
    Lending Club was recently reported by Netbanker as the top “Money” application on Facebook.

The average interest rate continued to go up to 10.71% partially due to larger loans, which usually carry higher interest rates. For more details on interest rates calculations, please visit https://secure.lendingclub.com/info/how-we-set-interest-rates.action. The average loan size went up from $4,700 to $5,250 in the last 4 weeks.

All this information and more will soon be available directly from the secure site https://secure.lendingclub.com.

Renaud from Lending Club

[ RWW coverage ]

Monday, July 30th, 2007 at 7:25 am

Comments (3)

  1. Congratulations!

    July 30th, 2007 at 9:06 am

  2. [...] Lejer in Articles Articles Facebook half million Lending club
    loans netbankerAccording their own blog article Lending Club,
    that’s using Facebook for their operations, passed 500.000 Dollars
    on loans. [...]

    July 30th, 2007 at 4:17 pm

  3. Great work! Thanks for all the stats.

    July 30th, 2007 at 6:08 pm

  • Archives z

Recent Posts

We filed to go public today

We filed a registration statement with the SEC today… Read More »
August 27, 2014

Our Billion Dollar Quarter

We’re excited to announce  that we’ve facilitated over $5… Read More »
July 8, 2014

Is Lending Club Available in My State?

Is Lending Club available in my state? That is… Read More »
July 7, 2014

5 Things Everyone Should Do Before a First Interview

After spending hours drafting your… Read More »
June 24, 2014

Lending Club Joins Senator Cory Booker to Discuss Improving Access to Capital for Small Businesses

Read More »
June 20, 2014

Lending Club Named a CNBC Top 50 Disruptor for a Second Year

For the second year in… Read More »
June 17, 2014

PRIME is now Automated Investing

Lending Club is excited to announce that PRIME has… Read More »
May 14, 2014

Why Dana joined Lending Club, or, four things you should look for when you make your next move

Read More »
May 14, 2014

LendIt 2014

LendIt 2014 opened with a bang on Sunday night… Read More »
May 5, 2014

We’ve acquired a company!

Today we’re excited to share the news that we… Read More »
April 17, 2014