Based on data as of June 2015, Lending Club recently announced that it had reached $11 billion in loans on its platform. Lending Club, which is America’s No. 1 peer-to-peer credit marketplace, achieved this milestone over the past 8 years since its inception in June 2007. Lending Club celebrated this accomplishment with its audience in the form of an infographic that explains how the $11 billion is being used by its customers.
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:
- Lending Club was first launched as a Facebook application
- Lending Club is the first peer-to-peer lending company to register with the Securities and Exchange Commission (SEC) and complete an IPO
- It is not only America’s but also the world’s largest online credit marketplace
- Google purchased a stake in Lending Club in 2013
Here's the infographic: