Lending Club Blog

Happy New Lender Features 2009!

We decided to ring in the New Year the best way we know: releasing a few features I trust you’ll find useful:

  • Reinvesting Monthly Payments: until now, it took some efforts to keep your money invested. We have made it a lot easier by offering the ability to schedule a search that runs automatically when your cash balance equals or exceeds a given amount. This feature currently uses LendingMatch; we will be adding the ability to use the more granular credit criteria soon. To find this feature, log into your lender account and go to Invest > Reinvest
  • Notes Already Invested in: many of you have asked for this feature in the last few months: you will now be able to see which series of notes you have already invested in and avoid investing a second time. You can also exclude them altogether when browsing and searching for notes to invest in, by selecting a check box at the top of the search page.
  • Give your friends $50: you can now pass the word out to your friends and family and give them $50 to try Lending Club. Simply log into your lender account, click on the “Invite” tab, and fire up emails to your connections.
  • Charged off loans and notes: we have added a “charged off” status to your account, so that you can now differentiate defaults from charge-offs. While “default” occurs automatically when a loan is 120 days past due, a loan or note only gets charged off when Lending Club considers it unrecoverable after a review of the collections activities (which can happen before or after 120 days). These charge-offs will appear in your end of year statement so that you can report them as losses for tax purposes.

Let us know how useful you find these new features, and feel free to tell us in the comments below which new features we should be working on.

Happy New Year!

Saturday, January 3rd, 2009 at 9:39 am

Comments (9)

  1. The “Notes Already Invested in” feature was the one I was asking
    for. The “Reinvesting Monthly Payments” looks like I can use it as
    a simple notification when I have $25 or more available for
    investing. All are very handy features, thank you.

    January 3rd, 2009 at 11:04 am

  2. I asked for the ability to reinvest monthly payments a long time
    ago, so I am very glad to see the beginning of it implemented. It
    currently appears to only be an alert and not an actual automatic
    reinvestment, which would be even more fantastic. Hands-off
    reinvestment is great for the set-it-and-forget folks like myself.
    Prosper had a feature like this. The last feature I am still
    waiting for is the ability to set up automatic deposits on a
    regular basis and possibly some sort of “instant funding” to cut
    down on the many days delay for transferring funds in. Prosper also
    had these features. With these two together I could setup automatic
    transfers in that would automatically find loans to invest in and I
    would be on the way to out-of-sight out-of-mind investing. Keep up
    the great work.

    January 3rd, 2009 at 12:05 pm

  3. […] Lending Club blog announced four new features […]

    January 3rd, 2009 at 1:24 pm

  4. Andrew:

    I agree with the previous. I would love to see the automatic
    investing feature. I believe a lot of people would use it.

    January 4th, 2009 at 2:19 pm

  5. Dorin:

    Great features. Well done. I would also like to see a few other
    options added on to the versatile platform that you provide the
    lenders with. The ability to link more than one checking account to
    the LC account and also to see an automated funds transfer feature
    (weekly, monthly etc). Thank you for the great job.

    January 4th, 2009 at 4:46 pm

  6. Wendy:

    Great way to start the year! All very good features. I’m excited
    about $50 for friends and family. Thanks Lending Club!

    January 4th, 2009 at 6:32 pm

  7. Joyo:

    I was happy and then sad because Lending Match still does not
    support the ability to exclude notes that I have already invested
    when it runs the logic.

    January 7th, 2009 at 10:50 pm

  8. […] and 2) Empower borrowers to manage their loan applications
    and repayment process. In fact, we just pusblished some new
    features a few days back. You’ll see more features aimed at
    addressing these 2 areas being released within […]

    January 14th, 2009 at 3:40 am

  9. Rob, The $50 bonus for opening a new account is proving to be very
    popular with my friends and family. They actually follow through
    and open an account. Some are even adding to their balances. Great
    idea, thanks for offering it.

    January 26th, 2009 at 7:12 pm

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