Lending Club Review: Surpassing $13 Billion in Loans
Lending Club was founded in 2007 with the mission of creating a more efficient alternative to the traditional banking system and provide borrowers with lower rates and provide investors with solid returns. Lending Club has now facilitated loans for over 1.1 million borrowers, surpassing $13 billion in loans!
Borrowers report savings of 33% compared to the interest rates they were paying on their credit cards1. Personal loans were used for a variety of purposes including paying off high interest credit cards, home improvement projects, medical procedures, even vacations and weddings2. Business loans were commonly used for expanding small business, including hiring new employees, purchasing new equipment, and renting new office or store space2.
Check out our infographic to see what a difference $13 billion can make!
*Lending Club releases platform metrics every quarter. This infographic was based on the latest metrics up to Q3 2015 (September 30, 2015).
1. Based on responses from 9,874 borrowers in a survey of 48, 885 randomly selected borrowers conducted from October 2014 – October 1, 2015, borrowers who received a loan to consolidate existing debt or pay off their credit card balance reported that the interest rate on outstanding debt or credit cards was 22.1% and average interest rate on loans via Lending Club is 14.7%.
2. Statistics compiled from borrower stated purpose of loan.
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