Lending Club Blog

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.

Wednesday, July 22nd, 2009 at 1:13 pm

Comments (7)

  1. My congratulations to Lending Club management on thier success. I
    consider myself only average on the topic of finance, but even
    so… I find it something to write about in my self deprecating
    blog. Having attend the last LC webinar, I was struck first by the
    observation that LC would continue the myth that banks lend out
    money from deposits, and how in stark contrast Lending Club
    actually DOES (in a manner). The difference being that banks when
    loaning money contribute to inflation while Lending Club does not
    (contribute to inflation). Looking at it from that perspective…
    participating in LC isn’t just good for your own pocketbook (it
    is!) it’s good for the entire US economy!

    July 24th, 2009 at 1:50 pm

  2. lina:

    Great job guys, keep up the good work.

    July 25th, 2009 at 6:27 am

  3. Paula:

    Congratulations!

    July 27th, 2009 at 2:30 pm

  4. o.eniola:

    lending club you are the best, keep up the good work

    August 4th, 2009 at 5:16 am

  5. Congratulations.

    August 4th, 2009 at 7:31 am

  6. Great job guys, keep up the good work.

    August 21st, 2009 at 9:43 am

  7. Great job Lendingclub! Keep up the great work, you guys are doing
    an amazing thing.

    August 25th, 2009 at 7:50 am

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