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General Information

Websitelendingclub.com
CategoryConsumer Web
Employees
Descriptionpeer lending site

Offices

People

Founder & CEO
COO
CTO
Senior VP
VP Business Development
VP Operations
Investor

Funding

Total$30.3M
Angel, 5/07
$2M
Series A, 8/07
Canaan Partners
Norwest Venture Partners
$10.3M
Series A, 9/08
$6M
Series B, 3/09
Morgenthaler Ventures
Norwest Venture Partners
Canaan Partners
$12M

Competitors

Tags

lendingclub, p2plending, facebookapp, prosper

Lending Club

Lending Club is a peer lending site that brings together lenders and borrowers. They started in May 2007 as a Facebook application, but have since expanded to other social networks. The loans are aimed at good-credit borrowers, and are primarily used for credit card refinancing and small business loans.

Lending Club loans have fixed interest rates with average loan durations of three years. Borrowers must go through a credit check and grading process before they can post their loan requests.

Lending Club lenders have been experiencing a 9.05% average annual return since May 2007.

Other p2p lending sites include Zopa, Prosper and Kiva.

Products

Lending Club

Websitelendingclub.com
Blogblog.lendingclub.com
StageLive
Launch DateMay 24, 2007
Tags p2p-lending, peer-to-peer-lending, social-lending, person-to-person-lending, people-to-people-lending

Lending Club makes borrowers go through a credit assessment and hand out credit grades ranging from A-G. Lenders can browse borrowers’ profiles and find someone they want to lend to depending on the amount of risk they are willing to take or depending on who the borrower is (like a friend).

Borrowers can use anonymous screen names to post their loan requests on the Lending Club Facebook application. Most of the loan requests are for consolidating debt so most borrowers probably don’t want their credit histories to be public information. On the other hand, being open with potential lenders can increase the chance of landing a loan.

According to Lending Club, average loan sizes clock in around $5,500, with $1,000 being the minimum loan size and $25,000 the max. Borrowers with low credit grades have higher average interest rates than borrowers with high credit grades.

Lending Club screenshot
Above: Lending Club Screenshot -- #1
Uploaded: 3/22/08

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Lendingclub

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Comments

yujine - June 25, 2008 at 5:45pm
We can't prosper-ize the lending process due to the tight regulation of our government. Further, government shall apply the ceiling for the interest rate per anum shortly. The cieling shall be 18% for over 1 mil JPY, which roughlly equals to us$10K and 20% for less than that. How do you make money under this circumstances? I need advice.

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Sources

  1. venturebeat.com [edit]
  2. Citation Needed [add]
  3. TechCrunch (techcrunch.com) [edit]
  4. Lending Club Gets A $12 Million Credibility Boost (techcrunch.com) [edit]
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Last Edited 4/1/09

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