100 times and a Million Dollars in Loans!

100 times and a Million Dollars in Loans!

Lending Club launched on Twitter more or less 100 times ago and it has simply surpassed the $1 million buck loan mark.

Lending Club Statistics
Twitter launch might 24, 2007
First loan closed June 6, 2007
Passed $1,000,000 in lending club borrower reviews loan origination September 11, 2007
Loans released 172 for $1,046,000 loan that is current 37 for $399,650
refused candidates 804
Verified lenders 683

Whilst the very very first monetary solution to ever introduce on a myspace and facebook, plus one of a number of Day 1 Facebook applications, we’re very happy to observe that Facebook has significantly more than doubled its active individual base to 40 million and that nowadays there are 4,000 Facebook applications. We examined in with Facebook on our progress and therefore are appreciative of these continued help:

    “Facebook Platform had been made to enable revolutionary online business offerings for several application designers. We’re very happy to see Lending Club, among the very first Facebook applications, leveraging the social graph to construct a effective company around Twitter system.”
    Dave Morin, Senior System Manager for Facebook

With this market meltdown, we now have gotten a couple of questions regarding the credit quality of our borrowers. Lending Club borrowers all have actually prime credit as a result of our dependence on the absolute minimum FICO score of 640. Our experience up to now shows the worth of prime borrowers, as our FICO that is average score granted loans is 704 so we never have had any defaults on qualified loans.

From mortgage loan viewpoint, our normal rate of interest is simply over 11%.

We have been nevertheless seeing a substantial level of bicoastal activity, with Ca leading the financing states and Florida leading the borrowing states.

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