Lending Club, a company which operates a peer to peer lending website, said that it passed more than $10 million in monthly loan findings during May 2010, marking the first time that any U.S. based peer to peer lending company has funded that amount of loans in a single month.
“Customers are getting back on their feet and looking to get rid of their high interest rate credit card debt. Banks still aren’t helping, so an increasing number of customers are coming to us for an easy, lower interest option without the fine print,” said Renaud Laplanche, CEO of Lending Club. ”
Lending Club’s loan origination numbers have been steadily climbing during the last year and a half as the company has refined its marketing efforts, which include a Google AdWords campaign as well as an affiliate program.
Lending Club works by connecting members on its website that want to make an investment by loaning people money and others that want to borrow money through a personal loan. Using the website, borrowers post a listing as to how much they want to borrow and why they want to borrow it, then members with investor accounts can opt to fund part of the loan and earn the interest that the borrower is being charged.
