Lending Club, the rapidly growing affinity-based social lending network that launched its people-to-people lending services six months ago to facilitate personal loans based on affinities or an individual’s social connections, today announced its availability to lenders and borrowers in all 50 states. For the first time, everyone nationwide can use Lending Club’s P2P lending services and enjoy better interest rates than those offered by traditional banks or credit cards.
Caught in the wake of the credit crisis, people in every community across America are looking for alternatives to traditional banks and credit institutions to help meet their financial needs. Over the course of the last six months, lenders have earned an average 12.2 percent annualized return after fees and losses.
Members of Lending Club have loaned and borrowed more than $3.5 million within the network, growing 100 percent monthly since it launched six months ago. To help people identify lending and borrowing opportunities, Lending Club uses its proprietary affinity-matching technology, LendingMatch (TM). See these statistics for more information.
Open to individual borrowers with credit scores at or above 640 and a debt-to-income ratio of 30 percent or less. Borrowers can apply for personal loans of $500 to $25,000 to be funded by one or many individual lenders.
Lending Club is headquartered in Sunnyvale, CA and was funded back in August by Norwest Venture Partners and Canaan Partners.
Technically Speaking, Full Disclosure: Rex Dixon is the Director of Social Media Content for Lending Club. Lending Club blog is here.
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