Lending Club Hits $500 Million in Loan Demand
I’m pleased to share the news that Lending Club has officially reached half a billion dollars in loan demand. This means that people have applied for over $500 million dollars in loans at LendingClub.com. Given our selective credit criteria, we’ve approved only a portion of those loans, a little over $50 million, and have issued over $45 million in loans to date to creditworthy individuals.
As always, our focus is on offering better rates for creditworthy borrowers and better returns for investors because Lending Club eliminates the high cost and complexity of traditional banks. Many thanks to our growing member base–our financial community is fulfilling its mission, and growing bigger and better every day.