Lending Company, a firm which operates a peer to peer lending marketplace, set another record in the amount of loans which were setup during the month of September, arranging more than $12 million worth of loans between borrowers and lenders on its platform.
During the month of September, Lending Club investors issued another $12,039,675 across 1189 loans to different borrowers, up slightly from the month of August when $12,021,775 was issued in loans to borrowers across 1204 loans. Lending Club also announced on its blog that it has paid out more than $12 million in interest to investors since beginning operations in 2007.
Lending Club Senior Director of Product Strategy, Rob Garcia, wrote on the company’s blog, “Looking at these numbers, our members seem to confirm Lending Club delivers on its promise: lower rates to borrowers, better returns to investors.”
Lending Club is a peer lending network bringing together investors and creditworthy borrowers. Lending Club eliminates the high 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 AlwaysOn 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.
Loans are not issued in IA, ID, IN, KS, ME, MS, NC, ND, NE, or TN. Loans are issued by WebBank, an FDIC insured Utah chartered industrial bank located in Salt Lake City, Utah. Borrowers must be US citizens or permanent residents and at least 18 years old. Valid bank account and social security numbers are required. All loans are subject to credit approval.
Additional information about Lending Club is available in the prospectus for Lending Club’s notes, which can be obtained on Lending Club’s website at https://www.lendingclub.com/info/prospectus.action.
