Lending Club Blog

Lending Club: Built and Maintained for Safety

Every site and service online can be compromised unless there are precautions taken and vigilance is ongoing. Lending Club has undertaken heavy self-scrutiny and testing before launching our service publicly. We are taking every precaution to harbor a safe and private environment in which to conduct transactions of money.

So how do we currently protect you, the Lending Club member, from having your data compromised?

All sensitive data is stored off-site in a PCI-compliant location. Bankserv is our PCI-Compliant partner. Once the data is delivered to them, the data is electronically shredded on our end. If by chance something would happen, they would find only a list of member names, which is available on Facebook anyway.

What is PCI-compliant? Simply put, it is a standard that banks, credit card companies, and other consumer financial organizations such as credit card companies must follow. The data we receive from your application with us is only used to calculate interest rates. Once we are done processing that information, the sensitive data is passed over to Bankserv.

Additionally, all of our off-site servers located at our partner site are being guarded by AK-47 armed guards. Did I catch you sleeping? We are only kidding about the guards with Russian assault rifles — they really have American guns.

All jokes aside, your data is safe here at Lending Club. Just like everything else we do, we bring you all the advantages of big corporate lenders without the cost and hassle.

Rex from Lending Club

Monday, May 28th, 2007 at 8:25 am

Comments (6)

  1. When I read about your new venture, I went to your web site
    (www.lendingclub.com) and it points to your blog. I don’t see, and
    can’t get to, the page displayed in the netbanker article. "http://www.netbanker.com/WindowsLiveWriter/NewPersontoPersonLenderLendingClubHopesF_844C/image%7B0%7D_thumb%5B2%5D.png">
    netbanker.com
    Is this intended?

    May 29th, 2007 at 5:08 am

  2. Brett, You have to be a member of Facebook in order to use the
    service. Facebook is the way to go currently for Lending Club. Add
    the application to your FB profile. Thanks for the feedback. Rex

    May 29th, 2007 at 5:41 am

  3. Renaud Laplanche:

    Brett, Just to expand on Rex’ comment, Lending Club is open
    exclusively to Facebook users at this point. If you are not a
    Facebook user and do not wish to open a Facebook account, we will
    soon offer alternative ways to use our service through other online
    communities, social networks and associations. We will also open
    http://www.lendingclub.com to the general public very soon. Thank you for
    your interest! Renaud from Lending Club

    May 29th, 2007 at 6:34 am

  4. That’s helpful, thanks – I’ll check it out. How do you guys compare
    to, say, Zopa, Prosper, or CircleLending? Your blog doesn’t tell me
    that.

    May 29th, 2007 at 9:18 am

  5. Brett, You bring up a really good question. From my perspective at
    least, we feel we should be showing what Lending Club has to offer.
    It isn’t fair to the 3 sites you mention, or to LC to start doing
    comparison’s at this stage. We are a new company.Let us show you
    how we run first. I believe Renaud or John may address this
    further. Rex

    May 29th, 2007 at 10:48 am

  6. Brett, We believe that the entire person-to-person lending space is
    better off by having a variety of solutions. Each company is
    expanding the space and helping consumers get better interest rates
    than would otherwise be available. We are tying with pre-existing
    communities to offer a solution based on the trust that already
    exists within that community. We provide rates directly to
    borrowers, and we offer a portfolio tool to lenders, called
    LendingMatch, which allows lenders to fund a diversified set of
    loans. What do we do? Lending Club is an online lending community
    where people can borrow and lend money, bypass banks and get better
    rates. By working together, members can borrow money more easily
    and at a better rate than they would get from a bank, or invest in
    a portfolio of loans at higher rates than those served by savings
    accounts or CDs. A proprietary technology called LendingMatch™
    helps match lenders with borrowers using connections established
    through social networks, associations and online communities, and
    build diversified portfolios based on lender preferences. "http://www.facebook.com/profile.php?id=557287311">John

    May 29th, 2007 at 11:36 am

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