With 18 days to go until we reach the end of our 5% Cash Bonus program, we want to update everyone on our progress:
• Our growth has been fantastic! We have reached $6MM in issued loans, and have over $3MM of loans in funding today, so our loan volume is growing extremely well
• Our [...]
Update on the Thank You Program
January 17th, 2008 — Announcements, Lending Club, News, Update, bonus, growing, growth, incorporates, program, reach, special from Patrick Gannon @ Better Rates. Together.
Lending Club Performance Updates
January 7th, 2008 — Announcements, Features, Lending Club, Statistics, intent, pages, performance, projections, ranking, reliable, section from Patrick Gannon @ Better Rates. Together.
We are focused on making our person-to-person lending site as simple and reliable as possible. As Barron’s wrote this weekend, Lending Club and other P2P lending sites strive to be “highly automated, remarkably transparent, and employ Web 2.0-era ways of matching borrowers to lenders.” To that end, we are releasing a series of improved [...]
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December 18th, 2007 — Lending Club, News, week from Patrick Gannon @ Better Rates. Together.
This is a big week here at Lending Club.
We are now available nationwide and able to serve borrowers from redwood forests of California to the New York islands! With our new national availability, our pool of borrowers has doubled in size.
Now that the camera crews have left the building (more on that soon!), we thought [...]
Related StoresLending Club’s average portfolio return moving up
October 13th, 2007 — Financial Education, Lending Club, driven, modifiers, moving, portfolios, reflects, steadily, yield, yields from Patrick Gannon @ Better Rates. Together.
The average return on all loan portfolios created by Lending Club lenders since the opening of our public Beta on Facebook on May 24 has been steadily moving up. As you can see from our home page, the average portfolio yield is currently 12.10%. What is the reason for the steady increase?
We [...]
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Report from Finovate 2007: Next Generation Financial Services
October 6th, 2007 — Conferences, FINOVATE, Financial Education, Lending Club, Services, audience, bloggers, conference, demonstration, generation, mobile from Patrick Gannon @ Better Rates. Together.
Lending Club was privileged to present this week at Finovate, a one-day conference focused on innovative companies that are creating the next generation of financial services. Kudos to Jim Bruene and NetBanker for a meeting that let each company demonstrate its offering to an overflow audience of press, bloggers, bankers, techies, and beyond.
At a [...]
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Product Development and You
September 15th, 2007 — Announcements, Features, Lending Club, ahead, cheer, fanfare, ideas, input, revising, rolled, speculative from Patrick Gannon @ Better Rates. Together.
Building a p2p lending company from the ground up is a great challenge, and with each big release of features and functionality, our team takes a few minutes to cheer and then begins to look ahead.
Now that we have expanded beyond Facebook and can serve borrowers and lenders in (almost all of) the United States, [...]
Keeping credit flowing during the credit crunch
September 1st, 2007 — Financial Education, Lending Club, adjustable, crunch, effects, hedge, jumbo, mortgages, resetting, subprime from Patrick Gannon @ Lending Club
The credit crunch is just getting started. How long it will last and how big it will be in the final tally is anyone’s guess, but my personal forecast is: “a while” and “really big”. There will be first-order and second-order effects that the economy will need to handle.
The first order effects will [...]
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Update on the credit crunch
August 24th, 2007 — Lending Club, Subprime Meltdown, cnbc, crunch, deals, markets, meeting, september, subprime, tougher from Patrick Gannon @ Lending Club
These are tough times in the financial markets. As we discussed last Saturday in our post on subprime, borrowers are beginning to feel the pinch of higher interest rates and much tougher underwriting criteria. Even for borrowers with prime credit (FICO score above 620), it is difficult to qualify for a loan now. [...]
Related StoresThe Subprime Meltdown: What is the bottom line?
August 18th, 2007 — Financial Education, Lending Club, cdos, investors, liquidity, markets, mortgages, risky, subprime, yielding from Patrick Gannon @ Lending Club
By now, most people have noticed that something is going on in the financial markets. For those of us who follow the equity and debt markets as closely as I do, it has been a gut-wrenching few weeks. What exactly is going on? The financial press is calling it the Subprime Meltdown. [...]
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What’s 3% worth?
July 18th, 2007 — Financial Education, Lending Club, discount, pocket, reduction, sake, seamlessly, talk, worth, “buy” from Patrick Gannon @ Lending Club
We often talk about how person-to-person lending, and Lending Club in particular, helps borrowers obtain a 3% to 4% lower interest rate than they would get from a bank or a credit card company. These lower rates result from a more efficient process: bypassing the banks and making the money flow seamlessly between individuals (lenders [...]
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