Lending Club Blog

Lending Club’s New Site Features: Did You Notice Them?

Over the weekend, we added several improvements to our site. Our team worked hard to get the new features out, and we’ve enjoyed hearing from many of you who noticed them.

We were particularly pleased that our blogger friends at Personal Loan Portfolio, Lazy Man and Money, RateLadder, and My Microfinance covered our new release, in some cases practically in real time!

So, what’s in this release?

Credit-criteria based search: Our search engine has been seriously upgraded. In addition to searching loans by keyword, % funded and loan grade, lenders can also search by number of delinquencies in the last 2 years (0, 1-3, 4+), DTI (<10%, 10-20%, >20%), and FICO range (714+, 640-659, etc.). More advanced search features are still to come, but these new capabilities will help lenders better zero in on loans that match their specific criteria.

Search results navigation: After you have identified the loans you are interested in, you can review each one in turn before adding it to your portfolio. Open the first loan and then use the new navigation to scroll through the rest without having to go back to your search results using the controls.

My Account revamp: Lenders will now be able to have a clearer picture of their account performance with these new features:

o Overall Loans Status: Track your overall performance easier by viewing your loans grouped by status.

o Indicators: Monitor your overall weighted average rate, expected monthly payments, and received payments (broken down by principal, interest and adjustments).

o Account Total: View and understand your total holdings in an easier format. Three sections (Cash + In Funding Loans + Remaining Principal) roll up to your total account value. A Cash detail reconciles money that flows in and out of your account by breaking out such transactions as added/withdrawn funds, earned interest, bonuses, service fees, etc. A Remaining Principal detail shows how much money you’ve invested vs. how much of it has been paid back.

New All Loans view: As it turns out, many users prefer to view their funded loans without having to open up each portfolio. We now offer you an All Loans View and a Portfolios View. Enjoy!

Rejected Loans data: Because we strive to make Lending Club as transparent as possible, we now are showing loans that were rejected for credit reasons in addition to loans that have been funded. We are committed to a rigid credit policy both to protect the lender community and to reward the highest quality borrowers. Not only do we make sure that our borrowers have FICO scores of 640+ while keeping a pre-loan DTI lower than 30%, but now we also ensure that borrowers have no current delinquencies at the time their loans are submitted.

LendingMatch improvements: Our secret sauce recipe gets some tasty tweaks every now and then. This time, LendingMatch has been modified to let you spread your money over a larger number of loans if you wish to do so.

Wire funds to your account: And finally, we are pleased to offer lenders something they’ve been clamoring for: the ability to wire funds into their Lending Club accounts so that they can start lending faster without the need to verify their bank account.

Tell us what you think, and continue sharing your views on what else we can be doing to improve your experience on Lending Club. We are listening!

Better Site. Together.

Thursday, January 24th, 2008 at 5:17 am

Comments (1)

  1. J:

    Monthly Statements …. Now!!!!

    January 30th, 2008 at 1:20 pm

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