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One week on Facebook: Thank you!

One week after a successful launch on Facebook, we thought it’d be a good time to pause for a moment and look back at the last 8 days. First and foremost, we’d like to extend a big THANK YOU to the Facebook community which gave us a very warm welcome and provided tremendously valuable (and candid) feedback in these early days. Also a big thank you to the Facebook team for choosing us as a launch partner and selecting us as one of 5 case studies, available at:

More than 4,000 users have installed Lending Club into their profile in the last 8 days; that’s an average of more than 500 new users a day; quite frankly just as much as we could handle in our first week!

We’ve had our fair share of glitches too:

1. It took us on average 5 days to verify the first bank accounts, instead of the “normal” 2 to 3 days. The issues leading to these delays have now been solved, and new members’ accounts are now being verified within 2-3 days.

2. Our knowledge-base authentication (i.e. the service that asks questions such as “In which of the following streets did you live?” in order to verify your identity) acted up all week, and failed hundreds of applicants who should have passed. Our most sincere apologies go out to all of the members who were turned down as a result. We have tried to contact each one of you individually and are setting up a process to authenticate you manually.

Despite these issues, we received more than 140 loan applications, 42 of which have already been approved. We are processing 126 lender registrations, and the amount of funds available already reached $150,000. Not bad for a first week!

Now that most glitches have been ironed out, we are going through the list of requests for enhancements, possible new features and general feedback we received during this first week. Please keep it coming; we are building the platform together. Please send any other suggestions or comments directly to me on Facebook.

Better rates. Together.

Renaud from Lending Club

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