P2P No Bank

Four weeks after completing our federal registration with the SEC, we are ecstatic to announce that the wonderfully creative and sunny state of California has decided to promote financial innovation at the time the country and the state need it the most, and cleared our securities filing this morning. As residents of the state dubbed [...]

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Continue reading → Welcome back, fellow Californians!

We are happy to report 2 more state clearances came through last week, with South Carolina and Idaho joining the ranks of the “Orange Nation” (i.e., states where Lending Club’s offering has been cleared).
What a perfect opportunity to mention that Idaho is home of the deepest river gorge in North America (Hells Canyon [...]

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Continue reading → Welcome South Carolina and Idaho!

Another week, another state. We are glad to announce that our new program has been cleared by the State of Washington this week. This is a wonderful opportunity to remind ourselves that Washington state produces more apples than any other state in the union, and has more glaciers than the other 47 contiguous states [...]

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Continue reading → Welcome Washington!!

We are happy to report that our offering was cleared by the State of New Hampshire yesterday morning. Lenders who are New Hampshire residents can now buy notes from Lending Club. We have set up a big map in our office that shows weekly progress as state approvals trickle in - here is the [...]

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Continue reading → Welcome New Hampshire!!

We were delighted to open our doors to lenders again on Tuesday this week and see hundreds of lenders signing up for the new program in just a few days. In addition to the federal filing with the SEC, we have made a coordinated “blue sky” filing in all 50 states, and state clearances have [...]

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Continue reading → Lending Club Welcomes Lenders from Hawaii, Nevada, Utah and Wyoming

We announced back in April that we were starting a registration process with the U.S. Securities and Exchange Commission (SEC) that required us to go into a quiet period. Thank you all for your feedback and support during that period.
Today, we’re delighted to announce that we have completed this process and are now available [...]

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Continue reading → Lending Club Completes $600 Million SEC Registration and Offers New Alternative for Consumer Credit

Lending Club has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future. Until we complete the registration process, we will not accept new lender registrations or allow new commitments from existing lenders. We will continue to service all [...]

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Continue reading → Lending Club goes quiet

Free markets are characterized by prices that vary as a function of supply and demand, and Lending Club is no exception. Demand for loans within the Lending Club community has increased 3-fold in the last 30 days, soaring from 100 active listings in December to 300 active listings today. All loan requests are posted by [...]

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Continue reading → Base rate increases by 25 bps on Monday, January 21

In free markets, prices vary with supply and demand, and Lending Club is no exception. Until now, the Lending Club social lending community has enjoyed a near-perfect equilibrium of supply and demand, with funds available to lend slightly exceeding qualified loan applications.
The relaunch of our Facebook application and the addition of other online communities [...]

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Continue reading → Base rate increases by 50 bps on Monday, December 24

And here we are… Lending Club is finally available in California! Well, not just California. In fact we went National today, 6 months after the launch of our Facebook application and 3 months after the limited opening of our public website at www.lendingclub.com. In the last 6 months, Lending Club was not available to [...]

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Continue reading → Dude, get a loan!

With the relaunch of our Facebook application and more alumni associations and other communities joining the Lending Club network, the number of active loan listings on LendingClub.com has jumped from 60 a couple of weeks ago to 115 this morning, totaling more than $1.35 million. Lending Club borrowers with loan requests on the site enjoy [...]

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Continue reading → Responsible lending, better returns

We would like to extend a very warm welcome to Zopa, which launched in the US this past week. The Zopa team did a great job with the new US site, which looks great and contains lots of informative content. Borrowers can apply for a loan at interest rates ranging from 8.75% to 16.99% and [...]

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Continue reading → Welcome, Zopa!

When a group of major social networks - pretty much all those that matter other than Facebook - announces the adoption of open standards, that is effectively good news for all parties involved: good news for users, for developers and for the networks themselves.
We can debate how “open” the standard really is in [...]

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Continue reading → Lending Club and OpenSocial: Striving to Make Social Networks more Useful

“It’s only when the tide goes out that you discover who’s been swimming naked.”
– Warren Buffett
Disciplined lending is about adopting credit standards and enforcing them with very little or no exceptions. Disciplined lending is hard. Lenders are businesses, and businesses need to grow. There is often pressure, and temptation, on lenders to make all kinds [...]

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Continue reading → Disciplined Lending

This is it. The great moment we have been working towards: expanding Lending Club beyond Facebook and making it available to anyone out there looking for better rates. We continue to enhance and support our Lending Club application in Facebook, but now, users don’t have to be in Facebook to use our site. [...]

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Continue reading → Introducing…The new public Lending Club website

Lending Club launched on Facebook approximately 100 days ago and has just surpassed the $1 million dollar loan mark.

Lending Club Statistics

Facebook launch

May 24, 2007

First loan closed

June 6, 2007

Passed $1,000,000 in loan origination

September 11, 2007

Loans issued

172 for $1,046,000

Current loan applications

37 for $399,650

Rejected applicants

804

Verified lenders

683

As the first financial service to ever launch on a social [...]

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Continue reading → 100 Days and a Million Dollars in Loans!

As announced yesterday, we will be performing routine maintenance and upgrade on the secure site http://secure.lendingclub.com tonight at 8pm Pacific time. The site will be available again by 9pm Pacific.
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Continue reading → Secure Site Under Maintenance

Lending Club Members Speak Out Series
We continue to receive many comments from our members. This weekend, we would like to share a few more comments from Lending Club borrowers, who often focus their remarks on Lending Club’s better interest rates, convenience, and more responsible approach to credit.
“It was very easy and straightforward, and [...]

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Continue reading → Lending Club Borrowers Praise Low Rates, Responsible Credit

Prior to Norwest, Jeff served as President, COO and board member of DoveBid, Inc., a privately held business auction firm, which expanded during his tenure via internal growth and acquisition from a $10M revenue run rate to a $120M revenue run rate with 400 employees. From 1990 to 1999, Jeff was co-founder, President, CEO and [...]

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Continue reading → Three questions to Jeff Crowe, General Partner at Norwest Venture Partner

Prior to joining Canaan Partners, Dan Ciporin was CEO of Shopping.com, where he oversaw the company’s growth from zero to over $100 million in revenues in just 5 years, culminating in the company’s initial public offering in October 2004. Shopping.com was was the third largest ecommerce site on the web before it was acquired by [...]

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Continue reading → Three Questions to Daniel T. Ciporin, Venture Partner at Canaan Partners

As reported earlier yesterday afternoon, we are thrilled to announce that Norwest Venture Partners and Canaan Partners invested in the Company as part of a total $10.26MM investment round. Jeff Crowe from NVP and Dan Ciporin from Canaan Partners are joining the Company’s board of directors.
We launched the company as part of the Facebook [...]

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Continue reading → Welcome NVP and Canaan Partners

18 competitors, 4 winners, $8,000 in prizes, 100,000+ views
We have just announced on Facebook® the names of the 4 winners in the first Lending Club Video Contest. The Contest took place simultaneously on Facebook® and YouTube® from July 18th through August 10th and the Lending Club videos have been watched a combined 100,000 [...]

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Continue reading → Lending Club Video Contest Awards

Lending Club Members Speak Out Series
We have been receiving a fair number of comments from lenders and borrowers since June 6. This weekend we would like to share a few comments we received from borrowers. Their feedback tends to focus on two aspects of the Lending Club experience: ease of use and low rates. [...]

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Continue reading → Lending Club borrowers enjoy easy application, low interest rates

We are about half-way through the first person-to-person lending YouTube Video Contest announced by Centernetwork, Prosperlendingreview and on this blog on July 19. The contest will be running for another 8 days until August 10.
The goal of this contest is to invite Lending Club users (and just about everyone) to think of entertaining or [...]

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Continue reading → Lending Club Video Contest Update: 12 videos, 12,000 views

On Thursday July 26, the Facebook community passed the mark of half a million dollars lent and borrowed! This milestone was passed 7 weeks after we announced the first loan on June 6, which is certainly faster than we anticipated.
We continue to be impressed with the rapid adoption. The Facebook F8 launch has helped spread [...]

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Continue reading → Half a Million Dollars in Facebook Loans

We are closing our 8th week on Facebook since the May 24th launch and continue to gather valuable user feedback and data. We are in process of setting up our site to make most of the data available in identifiable format, directly from the secure site.
In the meantime, we thought we would share a [...]

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Continue reading → Statistics: Facebook and Lending Club users are smart borrowers

As recently reported by CenterNetworks and Prosperlending (we can’t seem to keep up with our own news). We just launched a contest on Facebook for the best video about person-to-person lending.
Anyone with a Facebook account can participate by making a short video and posting it in this Facebook group and on YouTube. The [...]

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Continue reading → Lending Club $5,000 Video Contest on Facebook

Independence day meant a lot more to some people this year as Lending Club, as reported by Mashable, passed the quarter million dollar loan mark in Facebook. It happened yesterday July 5 at 3:30pm Pacific time.
Here are a few other interesting stats:

Lending Club Statistics

Facebook launch

May 24, 2007

First loan closed

June 6, 2007

Passed $100,000 in [...]

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Continue reading → Quarter Million Dollars in Facebook Loans

We shared on June 20 our concerns about our low approval rate, with only about one third of all loan applications being approved. The low approval rate is mostly due to our minimum requirement of 640 FICO score for borrowers. We believe person-to-person lending is not only about getting better rates and better returns: it [...]

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Continue reading → Close rate: 71%