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