Lending Club Accelerates its Growth, Breaks Monthly Origination Record and Passes $200 Million in Personal Loans
A true measure of a company’s success is not only how big it becomes, but how efficiently and rapidly it grows while continuing to deliver value to its customers.
Lending Club passed the $200 million in personal loans mark in December of 2010 (December 30th to be exact), thus doubling the $100 million mark reached in March of the same year. In other words, it only took 9 months to double the volume of loan originations reached after 34 months of operations.
In addition, with our investors working together, a new record was set in monthly originations with $14.8 million in issued loans in January 2011 alone, doubling the $7.39 million from January 2010.
The next few weeks will prove to bring forth another milestone, when more than half a billion in personal loans should have been issued through Lending Club and Prosper together. As of this morning, real time statistics from both Lending Club and Prosper sites showed $223,807,850 and $219,490,725 in funded loans respectively. Check out other Lending Club real time statistics here.
Who has benefited from this success? Our customers. They are regular Americans seeking alternatives for their borrowing and investing needs, and our simple, transparent platform has proven to be a winning proposition for all.
Creditworthy borrowers seeking personal loans can obtain low-rate, fixed-term loans often at rates lower than those offered by traditional banking and credit card institutions for similarly situated borrowers, while investors have consistently gotten access to an investment opportunity that has delivered a platform net annualized return of over 9.5% *.
Need more proof? Since 2007, investors on Lending Club’s platform have received nearly $17.5 million in interest** and borrowers have saved as much as $5 million in annual interest*** on the more than 22,500 loans issued.
No doubt 2010 was a great year for Lending Club and its customers, and 2011 has already started with a bang. We look forward with unrestrained optimism for an even better 2011.
* NAR calculated as of January 18, 2011, and is based on the return of the entire platform since inception, your returns may vary. Currently only residents of the following states may invest in notes: CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors only), LA, ME, MN, MO, MS, MT, NH, NV, NY, RI, SC, SD, UT, VA, WA, WI, WV, or WY.
** Total interest paid to investors calculated as of February 16, 2011.
*** Based on Lending Club two week average interest rate of 11.36% for 36 month loans as of February 10, 2011 vs. 13.67% for “all accounts assessed interest” as reported in the FRB G19 release of February 7, 2011 on all loans issued since inception to February 10 2001.
All loans issued by WebBank, a Utah industrial bank.