Lending Club Announces The DebtBuster Challenge

Sunnyvale, CA - December 22, 2009 - LendingClub.com, the world leader in peer-to-peer lending (based on the dollar amount of loans issued each month throughout 2009), announced today that it has kicked off The DebtBuster Challenge for borrowers.

"Millions of Americans spend more than they earn (or should), which is even more true during the holiday season," said Rob Garcia, Lending Club's Senior Director of Product Strategy. "Through this challenge, we are encouraging those carrying credit card or other consumer debt to get a fixed rate personal loan through Lending Club and use it to pay their debt off.  Generally, our loans carry lower interest rates than banks' personal loans or credit cards and are hassle free" 

LendingClub and its partners are challenging consumers to make the commitment to be debt free in three-years or less by finding out their credit card or personal loan balances and rates and then getting a free rate quote for that balance at Lending Club.

In connection with the challenge, Lending Club has partnered with five "DebtBuster" bloggers who will offer advice and encouragement to individuals trying to gain control of their credit card and personal debt.  The participating bloggers are Flexo at Consumerism Commentary, Matt at DebtFreeAdventure, DebtKid, Steve the GetOutOfDebtGuy and Silicon Valley Blogger of TheDigeratiLife. Please visit their respective blogs for related articles and advice on personal finance.

For more details and information on The DebtBuster Challenge please go to: http://blog.lendingclub.com/2009/12/22/take-the-lending-club-debtbuster-challenge-this-holiday-season/

Lending Club brings together investors and creditworthy borrowers and eliminates the high-cost and complexity of traditional banks, offering borrowers better rates and investors higher returns.

About Lending Club

LendingClub.com is the world leader in peer-to-peer lending (based on dollar amount of loans issued each month throughout 2009), bringing together investors and creditworthy borrowers.  Lending Club eliminates the high cost and complexity of traditional banks to offer borrowers better rates and investors better returns. Lending Club won the Webby Award in 2008 for the "Best Banking Website" and has been nominated for "Top 100 Innovators" by The Industry Standard. It was recently recognized as one of the 20 "Breakthrough Ideas for 2009" by Harvard Business Review. Founded in 2006, Lending Club is headquartered in Redwood City, CA. More information is available at: http://www.lendingclub.com.

Loans are not issued in IA, ID, IN, KS, ME, MS, NC, ND, NE, or TN. Loans are issued by WebBank, an FDIC insured Utah chartered industrial bank located in Salt Lake City, Utah. Borrower must be a US citizen or permanent resident and at least 18 years old. Valid bank account and social security number are required. All Loans are subject to credit approval.

Lending Club Notes are only offered by a prospectus filed with the SEC which contains the risks and uncertainties related to any investment in Notes.  Currently only residents of the following states may invest in Lending Club notes: CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors), LA, ME, MN, MO, MS, MT, NH, NV, NY, RI, SC, SD, UT, VA, WA, WI, WV, or WY.


Financial Innovation

Lending Club doesn’t have physical branches, or several other layers of costs that weigh down traditional banks. But Lending Club also seems to exploit a market inefficiency that is really quite shocking, given the supposed sophistication of the big Wall Street firms.

The Atlantic

Featured Borrower


"My loan was 100% funded within 12 hours, and I had funds in my account within 4 days. It was ridiculously fast..."