Lending Club, a California-based peer to peer lending company, has now setup more than $180 million in loans between investors and borrowers on its website.
As of November 13th, 2010, Lending Club has setup $180,723,825 in loans between borrowers on its website and has paid out more than $13.5 million in interest to investors that have made loans to borrowers on its website.
If you’re not familiar with Lending Club, it’s a website which aims to disintermediate banks from the lending process by allowing borrowers to take out loans directly from other individuals. The company makes its money by charging borrowers an origination fee and by taking part of the interest that’s paid to investors.
About Lending Club:
Lending Club is an online platform that enables the issuance of and investment in consumer loans. Lending Club brings together investors and creditworthy borrowers — eliminating the cost and complexity of traditional bank lending — to offer borrowers better rates and investors better returns. Lending Club was recently recognized as one of the 20 “Breakthrough Ideas for 2009” by Harvard Business Review, has been nominated for “Top 100 Innovators” by The Industry Standard, is on the JMP Hot 100 list, and the Always On Global 250 Top Private Companies list. In addition Lending Club won the Webby Award in 2008 for the “Best Banking Website”. Founded in 2006, Lending Club is headquartered in Redwood City, CA. More information is available at: http://www.lendingclub.com.
Loans are not issued in IA, ID, IN, ME, MS, NC, ND, NE, or TN. Loans are issued by WebBank, an FDIC insured Utah chartered industrial bank located in Salt Lake City, Utah. Borrowers must be US citizens or permanent residents and at least 18 years old. Valid bank account and social security numbers are required. All loans are subject to credit approval.
