Lending Club originated a total of $6.3 million in new loans during the month of October, making it the fastest growing peer-to-peer lending firm in the United States.
The company has seen significant growth in the number of loans that it has originated during the last several months. In fact, the amount of loans that the company is originating on a monthly basis has been growing at an astonishing 10% per month.
Prosper Marketplace, Lending Club’s primary competitor, originated about $2 million in loans during October. Prosper, which had been originating over $7 million in new loans a month at its peak, has struggled to get back on its feet after settling with the SEC over selling unlicensed securities. Now that Prosper.com is originating loans again, the company has yet to regain the moment it once had.
Prosper.com has recently launched a major ad campaign online and on cable television in hopes of sparking renewed interest in the company, but unless the company gets a new round of venture capital in the near future, Lending Club may be the only real option for peer-to-peer lending in the United States.
Lending Club is originating loans at a much faster pace than its competitor Prosper Marketplace, but in terms of the total dollar amount of loans that each company has originated, Prosper is still number one. Prosper Marketplace has originated over $182 million in loans since 2005 and Lending Club has originated over $67 million since the company launched in 2007.
