Wednesday, June 20, 2007

Facebook's Lending Club passes $100,000 mark

Just following the announcement that Prosper secured an additional $20 million in venture capital, Facebook's Lending Club made an announcement of their own - they just passed the $100,000 mark in loans to users. While not even close to the $70,000,000 that has exchanged hands on Prosper, it is significant considering Lending Club has only been live for one month. An additional $212,650 in loans is expected to close in the next 12 days.

Lending Club differs from Prosper in several ways. Most notably, they do not provide an auction format. Lenders and borrows can simply commit funds at pre-determined interest rates. Lending Club is also limited to Facebook members and hopes to leverage trust from established social networks.

3 comments:

Matt said...

It appears that they use TransUnion for their credit bureau partner. Prosper uses Experian for their credit data.

Rex said...

Thanks for the mention. Yes, we have been around for one month, but the entire p2p lending space is picking up good traction.

Rex
http://blog.lendingclub.com

tom said...

Rex - thanks for leaving a comment. We'll continue to watch Lending Club and keep our readers informed.