September 9, 2015
Beginning with its first loan of $5000 that was used for home improvements, Lending Club has helped more than 880,500 customers to fulfill their financial goals.
The $11 billion loaned via Lending Club has helped its customers in m various ways such as for credit card refinancing, loan refinancing, big ticket purchases, home improvement projects, car financing, medical expenditures, vacations, weddings, moving, relocation, learning and training. Lending Club surveyed its personal loan borrowers and determined that their current interest rate is approximately 32% lower than what they previously paid for credit cards and other loans. Lending Club’s recent statistics can be viewed here: https://www.lendingclub.com/info/statistics.action.
LTP has been at the forefront of analyzing and reporting on this space. In January 2015, we analyzed 4m+ data points from Lending Club’s Loan data and summarized our findings in a 3-part series. GrowthPraxis also published the industry’s first report to assess the opportunity in Alternative Lending. LTP also recently interviewed Ron Suber, President of Prosper Marketplace, a close competitor of Lending Club, wherein he stressed on the importance of consumer education to grow the alternative lending industry.
Key points to note about Lending Club:
Here's the infographic: