Lending Club Passes $1 Billion in Loan Demand, Hits Monthly Recordin Loan Applications
The last few weeks have been full of exciting milestones for Lending Club and our financial community. Not only did we roll out our new brand identity and web site, but we also surpassed $1,000,000,000 in loan demand, while hitting a monthly record in loan applications in February.
In addition, we issued our 10,000th loan, surpassing more than $95,000,000 in loans this morning.
Borrowers are increasingly turning to Lending Club as an alternative to traditional lending institutions. Better rates, a simple on-line loan application process, and a secure and confidential platform are some of the reasons that make Lending Club a smart choice for creditworthy borrowers looking for a personal loan that rewards their great credit.
Our borrowers are showing a responsible approach to credit:
- Average interest rate is 11.95%, which is lower than most personal loans and credit card offers
- 60% of the borrowers have taken the loan to pay off credit card balances or consolidate other debts
- The average credit score is 716, and only prime borrowers are able to enjoy better rates with Lending Club
We are building on the successes of 2009 and setting the stage for yet another important milestone coming up soon: sometime in the next 3-4 weeks we’ll reach $100,000,000 in loans issued. Stay tuned.
For the latest Lending Club numbers visit our statistics page.