Tuesday, September 1, 2009

Lending Club Reaches Another Milestone

Lending Club began issuing loans in September 2007, and has just reached the $50 million loaned mark. Loan demand has surpassed $500 million (yes, folks, that’s half a billion—we’re almost talking government sized dollars here!).

Underwriting has kept Lending Club to issuing just the $50 million in loans, and investors have received a 9.64% net annualized returns (that’s doing the math after fees and bad loans are taken out).

This does make Lending Club the “biggest fish” in the P2P sea right now.

So far in August, Lending Club has issued $3.1 million in loans.

Author's note: This post replaces a post from yesterday which included a factual error. Apologies for the duplication.

3 comments:

Anonymous said...

Curious...I see the same verbiage repeated in multiple place. Is this other guy copying YOU, or are you copying HIM - or do you guys both get content from elsewhere? Your original post here pre-dated his, but it seems nobody credits their sources anymore. :(

Example:
http://www.finetunedfinances.com/2009/08/lending-club-scam/

By the way, what are your thoughts on the SEC/Prosper correspondence now being unearthed?

JessicaW said...

I'm unframiliar with the site that you mentioned, so my guess is that it's content that's being "lifted" from here. Sadly, I've had this problem with a number of my stories from here and elsewhere.

I was surprised recently to learn that an article I wrote for BusinessWeek had appeared in two newspapers in India without my knowledge. I started getting email about how it wasn't relevant to India. (Well of course it wasn't relevant to India, I didn't write it for an audience there!)

Alas, the perils of illegal publishers!

Rest assured, I cite sources whenever appropriate. I follow guidelines for quoting other sources too.

I'm also a full-time professional writer and don't appreciate when others use my copy without permission. Thanks for alerting us to this problem.

I haven't taken a look at the SEC/Prosper correspondence. I have a big pile of recent "Prosper stuff" to review but sadly, I haven't read it yet. I've got a few other deadlines looming and then I'll be on it.

I may withhold comments regarding Prosper, Tom and Matt have the best backgrounds on Prosper, and may be better suited to respond. I have covered Prosper very little in my time writing with PLR.

Thanks for reading and thanks for bringing that URL to our attention.

Jessica

Anonymous said...

Thanks for answering my question. I enjoy reading your blog.