Let’s be real. Thinking about bank accounts while actively involved in school is something that very few college students do on a regular basis. So what happens is that most of them end up overdrawing their accounts – not just once, but many times.
Most students that are new to banking are not informed about [...]

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Continue reading → Students: One Tip That Will Save You Thousands

Sound money advice has no sense of irony.
Spending money in order to save money seems contradictory, inconsistent, and just plain wrong. Saving and spending are opposites. How could they ever be complementary?
Though it may seem impossible, practicing sound spending can save money in the long run. Skimping on purchases or decisions today can lead to [...]

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Continue reading → 5 Places Where Spending Money = Saving Money

Most people earn the majority of their money through their primary job. To improve our cash flow each month, we can cut expenses or increase income. Just as we can only cut expenses to a limited degree, our jobs can only take us so far in trying to increase our income.
As you can imagine, working [...]

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Continue reading → Making Money from Non-Job Sources

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

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

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!

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