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How can Lending Club offer better rates to borrowers?
We cut the cost and complexity of bank lending and pass the savings on to borrowers. For example, banks have high administrative, marketing, and infrastructure costs—adding to what they need to charge in order to make a profit. Credit card companies send tens of millions of pieces of mail...
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| 24 Feb, 2010 | |
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What happens if Lending Club goes out of business?
Lending Club is a financially sound, well-funded, established company led by a seasoned management team. Notwithstanding, to protect investors and borrowers we have taken steps to ensure continuity in the unlikely case Lending Club stops servicing the loans for any reason. Specifically, we...
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| 21 Feb, 2010 | |
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What is Lending Club?
We’re an online financial community bringing together investors and creditworthy borrowers so that both can benefit financially. By removing the bank from the lending process, we make it possible for investors to earn a higher return and for borrowers to get a lower rate on personal loans. ...
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| 21 Feb, 2010 | |
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How can Lending Club deliver better returns to investors?
We are streamlining a centuries-old concept: banking. By allowing our members to directly invest in and borrow from each other, we avoid the cost and complexity of the banking system and pass the savings on to you. Lending Club approves the most creditworthy borrowers (we have historically...
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| 05 Oct, 2012 | |
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How does Lending Club make money?
We collect nominal fees from both borrowers and investors.
If you are a borrower, you will pay a one-time processing fee that ranges from 1.11% to 5.00% of the loan amount, depending on your loan grade (A-G) and term.
The service fee for investors is one percent (1%) of each payment...
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| 18 Apr, 2013 | |
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How long has Lending Club been in business?
We were founded in 2006 with one simple goal: make it possible for investors to earn higher returns and for borrowers to pay lower rates. We launched the Lending Club Website in June 2007.
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| 21 Feb, 2010 | |
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What’s the evidence that the model works?
Since 2007, investors have earned an average net annualized return of over 9.5% and borrowers have reported great savings. You can see the latest facts and figures on our Statistics page. The greater efficiency of our model has been acknowledged and publicized by the most respected...
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| 21 Feb, 2010 | |
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What exactly is Lending Club offering investors?
You are investing in 3 or 5-year Notes with straight amortization. Each Note represents a portion of a loan made to a borrower member, and gives you the right to receive payments under that loan as they are collected by Lending Club. If Lending Club does not receive a payment from a borrower...
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| 11 May, 2010 | |
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Who is servicing the loans?
Lending Club is. We securely transfer funds electronically and allocate them from investors to borrowers and vice versa. We also work with collections agencies to manage any defaults.
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| 21 Feb, 2010 | |
