Marketplace lending platform Lending Club is celebrating $11 billion in loans – an accomplishment that took about 8 years to accomplish. From the very first borrower who raised just $5000 for a home improvement project, Lending Club has grown to the largest direct lender in the US having helped over 880,000 borrowers get credit. Along the way, Lending Club decided to do an IPO becoming the first marketplace lending platform to go public. Lending Club estimates they may have saved borrowers about a billion dollars by shifting many people out of high interest rate debt into something more manageable.
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