Peer to peer (P2P) lending platform Lending Club is having a pretty good year. The company has just released data sharing the news they facilitated over $1 billion in lending this past quarter. Add that to the past couple of years and the innovative platform has now zoomed past the $5 billion mark in consumer and business loans since they launched way back in May of 2007. Lending Club has doubled annual loan volume each year and now claim the title of “America’s leading online credit marketplace”.
“This milestone brings us another step closer to our goal of transforming the banking system, one billion at a time,” said Lending Club founder and CEO Renaud Laplanche. “We believe we can make the system more cost efficient, more transparent and more customer friendly, and are committed to offering cost-efficient products that help people achieve their financial goals.”
- Over 288,000 loans to refinance credit cards or a different loan
- 31,886 loans for a big ticket purchase
- 6,462 loans for small businesses
- 4,603 loans for boats, cars etc.
- 3,724 for medical expenses
- 2,387 loans to help pay for weddings
- 2,416 for moving costs
- 2,054 to help pay for a vacation
- Lowered credit card interest rates an average of 29%
- Historical returns for investors range from approximately 5% to 8%
See the infographic below.