Lending Club, a U.S. based peer-to-peer lending company, originated $7.5 million in new loans during the month of February and now has funded more than $91 million worth of peer-to-peer loans to consumers.
Lending Club’s loan growth rate has increased every month since the peer to peer lending industry came under fire from the Securities and Exchange Commission in fall of 2008. During the month of January 2010, Lending Club originated about $7.4 million in loans and during the month of December 2009, Lending Club originated about $7.2 million in new loans.
$92.4 million in total loans have been funded by Lending Club investors since the company started offering its peer-to-peer lending service in May of 2007.
Meanwhile, Lending Club’s primary competitor, Prosper Marketplace, issued $1.7 million in new loans during the month of February and $1.9 million in new loans during the month of January 2010. Prosper Marketplace has had trouble originating a significant amount of new loans since the company re-launched its service during the summer of 2009.
Prosper originated just over $2 million in loans during its best month in the last year, a far cry from the $9 million in loans it was originating at its peak before the Securities and Exchange Commission filed a cease and desist order against the company in 2008.
