100 times and a Million Dollars in Loans!

100 times and a Million Dollars in Loans!

Lending Club launched on Twitter roughly 100 days ago and it has just surpassed the $1 million dollar 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 granted 172 for $1,046,000
present loan requests 37 for $399,650
refused candidates 804
Verified lenders 683

Because the very first economic solution to ever introduce on a myspace and facebook, and another of a number of Day 1 Facebook applications, we have been very happy to observe that Facebook has a lot more than doubled its active user base to 40 million and that there are now actually 4,000 Facebook applications. We examined in with Facebook on our progress and so are appreciative of these continued help:

    “Facebook Platform ended up being made to allow revolutionary online business offerings for several application designers. We’re very happy to see Lending Club, among the facebook that is first, leveraging the social graph to create an 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 y our borrowers. Lending Club borrowers all have actually prime credit because of our dependence on the very least 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 and now we never have had any defaults on qualified loans.

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

We have been nevertheless seeing an amount that is considerable of activity, with Ca leading the lending states and Florida leading the borrowing states.

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