100 Days and a Million Dollars in Loans!

100 Days and a Million Dollars in Loans!

Lending Club launched on Twitter roughly 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 loan origination September 11, 2007
Loans given 172 for $1,046,000 loan that is current 37 for $399,650
refused candidates 804
Verified lenders 683

While the very very very first economic solution to ever introduce on a myspace and facebook, and something of a small number of Day 1 Facebook applications, our company is happy to observe that Facebook has a lot more than doubled its active individual base to 40 million and therefore there are actually 4,000 Facebook applications. We examined in with Facebook on our progress and tend to be appreciative of the continued help:

    “Facebook Platform ended up being made to allow revolutionary work at home opportunities for several application designers. We’re very happy to see Lending Club, one of many facebook that is first, leveraging the social graph to construct an effective company around Twitter system.”
    Dave Morin, Senior System Manager for Facebook

With this recession, we’ve gotten a questions that are few the credit quality of y our borrowers. Lending Club borrowers all have actually prime credit because of our requirement of the very least FICO score of 640. Our experience up to now shows the worthiness of prime borrowers, as our FICO that is average score released loans is 704 and now we never have had any defaults on qualified loans.

From mortgage loan viewpoint, our interest that is average rate simply over 11%.

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