Lending Club Blog

Lending Club Launches Business Loans

Today, Lending Club announced the launch of business loans to meet the needs of America’s small businesses, a topic that Lending Club CEO Renaud Laplanche discussed with members of the U.S. House of Representatives in December 2013. As our latest infographic shows, small businesses need access to capital to continue to be a driving force and foundation of the US economy.

This is a huge milestone for us. For the past seven years, Lending Club has been working hard to grow our first product. Today, we launched the first in what will be a series of new products, designed to address a variety of funding and credit needs in our quest to always be more useful to more people, and over time transform the banking industry to make it more transparent, cost efficient and customer friendly.  With this new product, small business owners will have access to customer-friendly, transparent and affordable financing options similar to those Lending Club has been providing on the consumer side since 2007.

Lending Club business loans will range from $15,000 to $100,000 initially, with plans to increase to $300,000 in the future. The loans carry affordable fixed interest rates starting at 5.9% with terms of one to five years, no hidden fees and no prepayment penalties. The application process is simple and available online.

LendingClub_SmallBusiness_Infographic

Thursday, March 20th, 2014 at 8:00 am

Comments (3)

  1. Plasticman:

    Hooray! Now that Lendingclub has partnered with small and medium
    sized banks to enable the mass-funding needs of the most Growth in
    the U.S. Economy – Small Businesses- All of our consumer Borrower
    and Lender members won’t have too Worry about “Anti-CROWD FUNDING”
    !Legislation that has been supported by the “Large Bailed Out
    Banks” to eliminate honest “LOW COST” competition that doesn’t have
    nor want a Government Subsidy at the Taxpayer’s Expense! If Lending
    Club can Provide its Cost Saving and Expert Collection Services to
    those Banks then these Banks will have LOWER COSTS and will be able
    compete without Expensive Advertising That BIG- Bailed Out- BANKS
    use. Available, Low Cost Lending will give them all the business
    that they can Handle! Q.E.D. Plasticman

    March 20th, 2014 at 3:26 pm

  2. Brian Narkinsky:

    Are business loans available to invest in? Do we just use the
    normal investor interface?

    March 20th, 2014 at 3:55 pm

  3. Because this program is new, we are working closely with a few
    investors as we establish the platform and assess how the asset
    class performs. Once the program is well grounded, with enough
    volume that we can more accurately predict credit losses, we hope
    to make it available to retail investors. (Notes by Prospectus -
    http://www.prospectus.lc)

    March 21st, 2014 at 12:39 am

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