Peer-to-peer lending company Lending Club has met regulatory requirements in the state of North Carolina and is now issuing loans to borrowers in the state.
The California-based lender said in a statement that North Carolina borrowers have the opportunity to get unsecured personal loans with APRs as low as 6.78%, less than half of the starting APR offered on most credit cards.
The company already does business with Virginia, South Carolina and George and has issued more than $14 million in loans to borrowers in those states. More than $172 million has been issued in personal loans to 17,800 borrowers through the service.
“Interest rates on credit cards continue to be extremely high, and savvy borrowers are starting to clue in to the fact that personal loans can provide a less expensive way to finance their debt,” said Lending Club CEO, Renaud Laplanche. “Over $12 million in unsecured loans are being issued through Lending Club to prime borrowers each month. Over the past three-and-a-half years we’ve been working hard to quickly and strategically add new services and new states like North Carolina. As an organization, we’re looking forward to helping residents of North Carolina find loans they can afford with fixed rates and payments, clear terms and no hidden fees.”
Lending Club is an online platform that enables the issuance of and investment in consumer loans. Lending Club brings together investors and creditworthy borrowers — eliminating the cost and complexity of traditional bank lending — to offer borrowers better rates and investors better returns. Lending Club was recently recognized as one of the 20 “Breakthrough Ideas for 2009” by Harvard Business Review, has been nominated for “Top 100 Innovators” by The Industry Standard, is on the JMP Hot 100 list, and the Always On Global 250 Top Private Companies list. In addition, Lending Club won the Webby Award in 2008 for the “Best Banking Website”. Founded in 2006, Lending Club is headquartered in Redwood City, CA. More information is available at: http://www.lendingclub.com.
