Lending Club Blog

Privacy: We all want it

Privacy is something that everyone wants, but we all know that privacy is how you employ your security measures. We talked about security by using a bit of humor, but we do take it very seriously. Privacy and security go hand in hand, but let’s take the time to go over how we protect your privacy.

From the very beginning of starting the process with Lending Club you will be logging into a SSL (secure sockets layer) server. This uses 128-bit encryption which banks use. According to this article on 40-bit encryption vs. 128-bit encryption, the standard should be good for internet browser security for at least another 10 years. We will of course keep an eye on this, and make sure we are up to date on security issues. This all goes hand in hand with keeping your data and your privacy all private.

Safeguarding your personal information and privacy is of the utmost importance to us. Borrowers and lenders remain anonymous on the site and are identified only by their chosen screen names. Lending Club employs strict procedures for protecting the financial data and other sensitive information we collect from members.

As a borrower, you can share as much or as little information about yourself as you deem necessary to secure funding. Regarding the information we do request, we always tell you which information is required and which information is optional, which information will be displayed publicly on the site and which will remain private. There are no guessing games, and there is no fine print. When information is displayed publicly, it is only tied in to your screen name and not your actual identity, unless yourself decide to make your identity publicly available (by choosing your full name as a screen name for example).

Lending Club will never sell, rent or otherwise distribute your information to other parties for marketing purposes. We only share information about you to credit bureaus for the purpose of obtaining your credit file and reporting payments back to the bureaus and, when necessary, collection agencies.. Read more about privacy here: privacy policy.

Wednesday, May 30th, 2007 at 9:03 am

Comments (2)

  1. Fergus:

    I have an enquiry…. please get back to me.

    May 30th, 2007 at 12:33 pm

  2. Jonathan:

    It’s always good to hear that lending club take our security
    seriously, and 128 bit encryption whilst still breakable, is an
    exceptionally good standard. It is never possible to offer a 100%
    gaurantee that any online transactions are safe, but the fact that
    lending club uses this level of security is very positive

    September 26th, 2010 at 12:01 pm

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