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Lending Club’s Newest Features: Increasing Simplicity and Functionality

What a busy couple of months it’s been! Everyone at Lending Club is thrilled to have grown our community so fast since our public launch slightly over two months ago.

I always mention how important your feedback and comments are to us, but the last couple of months have been particularly helpful to Lending Club and your fellow members. We have met several lenders in person, as well as communicated with others via their blogs, email and through member support. In addition, many happy borrowers have spontaneously provided testimonials and feedback on their Lending Club experiences.

Here are some of the functionality enhancements you have been requesting that are now available at www.lendingclub.com:

Multiple Accounts: You can now open several accounts and enjoy the following benefits:

Both a Borrower and a Lender Be: It is now possible to be both a lender and a borrower, either concurrently or consecutively.

Apply for Multiple Loans: You can now submit multiple loan requests if your credit profile allows it and if your total indebtedness (including loans that are still “in funding”) remains within our credit policy guidelines.

Note that your borrower/lender accounts are considered separate, thus you will need to use a different email address for each account you open, and for the protection of your account, you will need to go through the verification and authentication process each time you open a new account.

Check out our Performance Statistics: In an effort to be as open as possible about the performance of the Lending Club community, we are committing to publish performance data weekly. You can see the first edition of this page here. Congratulations to Lending Club borrowers for their outstanding on-time payment record thus far, with no defaults and only 2 late payments (although less than 30 days late) currently after 6 months of operation.

Ask the Borrower a Question: How many times have you had a burning question you’d like to ask before lending to a particular borrower? Now you can ask any borrower a question regarding an active listing. Borrowers will see your question privately and, if answered, both your question and the borrower’s response will be published on the borrower’s loan details page for the benefit of all lenders.

Make Yourself and Your Friends $25 Richer: Many of you have taken advantage of our $5 referral bonus to date. To sweeten the deal, we have increased this to $25 for both you and your friend for each loan application or funded lender’s account resulting from a referral. In addition, if your friend transfers an initial deposit of more than $1,000 to start lending, we will increase the bounty to $50 for both parties. Moreover, we have made inviting friends easier: you can now type in your friends’ email addresses manually in addition to being able to import your webmail contacts. If you prefer, you can send a referral link around, or publish it on your site. Here it is:
https://secure.lendingclub.com/refer.action?referrer=YourScreenName

Just remember to replace YourScreenName with… well…. your Lending Club screen name. 😉

Update Your Profile: You can now update your personal profile information (name, address, email, etc.), as well as your affiliations (add, delete, etc.).

Change Your Bank Account: It is now possible to change your bank account. To protect the security of your account, you will need to provide your old account number and password.

Continue sending us your comments, questions and recommendations. We love to hear them.

Better Site. Together.

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