Peer-to-Peer lending company, Lending Club, has made a big splash in the world of person-to-person lending by providing consistently good interest rates to its lenders over the last few years. Here are ten facts you may not know about the company.
(1) Loans in the “C” credit score bracket have performed the better than loans in other credit score brackets after considering all fees and delinquency rates.
(2) The average debt-to-income ratio of Lending Club’s borrowers is 10%.
(4) Email communication is Lending Club’s most successful means of bringing delinquent borrowers current.
(5) Lending Club has an “investor services” department to provide customer service to its investors.
(6) Lending Club only requires certain borrowers to verify their income based on internal risk models that the company uses.
(7) The most common reason that borrowers become delinquent is because they have switched bank accounts and not updated their ACH electronic transfer information.
(8) Lending Club will be releasing a new set of statistics and loan finding tools later this year or early next year.
(9) The average credit score of Lending Club borrowers is 713.
(10) Lending Club has a non-advertised “click-free” investment program for borrowers with $10,000 or more to invest that will automatically invest borrower’s funds.
