Personal Loans from Lending Club Now Available in Kansas

Redwood City, CA — October 22, 2010 — Today, Lending Club (http://www.LendingClub.com),the world’s leading platform for investing in personal loans, is now available to residents in the state of Kansas. Creditworthy borrowers in Kansas now have the opportunity to obtain unsecured loans with fixed rates with an annual percentage rate (APR) starting at 6.78 percent at www.LendingClub.com.

Lending Club’s starting APR of 6.78 percent on 36-month1 loans is nearly half the average starting APR of 13.15 percent offered on credit cards to borrowers with comparable credit scores2. Over 17,500 unsecured personal loans have been issued through Lending Club totaling more than $169,000,000 in the past three plus years.  Loans are issued to consumers who need to refinance their debt, make major purchases, cover medical expenses or invest in their small business.

“American families are waking up to the fact that they don’t have to pay astronomical interest rates on credit cards - which are nearing an all-time high,” said Lending Club CEO, Renaud Laplanche. “After more than three years in business, we’re very proud to say that more than $12 million per month in unsecured loans to prime borrowers are being issued through Lending Club. We’re excited to be offering loans to the residents of Kansas with low fixed rates and fixed payments, clear terms and no hidden fees.”

What’s Lending Club’s impact in neighboring states?
In Missouri, over $2.7 million in personal loans have been issued through Lending Club.
In Colorado, over $3.7 million in personal loans have been issued through Lending Club.
In Oklahoma, over $1.1 million in personal loans have been issued through Lending Club.

How are people outside of Kansas using Lending Club?
Over $169 million in personal loans have been issued to borrowers through the Lending Club platform for needs ranging from debt consolidation to special events. Thousands of Lending Club borrowers across the country have taken advantage of Lending Club’s fixed-rate loans to pay down credit card debt, fund home improvements and green loans, plan their dream vacations and weddings, buy cars and boats, or re-invest in their businesses.

How many loans has Lending Club issued?
Lending Club has issued over 17,500 unsecured personal loans to meet the following borrower needs:

  • Pay-off high-interest debt & credit cards: 62.4% of issued loans
  • Home Improvement: 7.21% of issued loans
  • Business: 6.36% of issued loans
  • Major Purchase: 4.38% of issued loans
  • Wedding Expenses: 2.33% of issued loans
  • Car Financing: 2.24% of issued loans
  • Medical Expenses: 1.23% of issued loans
  • Home Purchase: 1.09% of issued loans
  • Moving Expenses: 0.97% of issued loans
  • Green Loan: 0.19% of issued loans
  • Vacation: 0.37% of issued loans
  • Other: 9.63% of issued loans

What makes Lending Club different?
Lending Club is open and transparent. Creditworthy Lending Club borrowers benefit from operational efficiencies, risked-based pricing and transparent underwriting criteria so they understand how the rules apply to their personal loan request. All Lending Club borrowers must have a minimum Credit Score of 660 to apply for 361- or 603 -month fixed-rate loans of up to $25,000. Individual investors use the Lending Club platform to indirectly invest in these loan requests at a minimum of $25 dollars per investment.

Is it easy to apply for a loan at Lending Club?
Yes. Creditworthy borrowers in Kansas can apply for a loan at Lending Club using a simple online form, which removes the inconvenience of applying for a loan in-person at a bank. Lending Club’s application process is free, confidential and secure, and there are no hidden fees or charges. On average, loans are fully funded in five days. Once the loan is funded and issued, the money is deposited in the borrower’s bank account in two-to-four days. Monthly loan payments are automated, making it easy to repay a Lending Club loan.

How does Lending Club provide low interest rates to people of Kansas?
Lending Club uses the power of the internet to remove the cost and complexities that exist in the traditional bank lending process. By providing an internet platform that brings investors and creditworthy borrowers together, Lending Club eliminates these costs and complexities and passes the savings on to borrowers and can provide investors a better return.

Instant rate quotes to qualified borrowers and more information are available at www.lendingclub.com.

Sources:
1 36 month loan of $1,000 to the highest rated borrower for 36 month loans (Grade A1), $20 origination fee, 5.47% interest rate, $980 net proceeds, 36 payments of $30.16, a 6.78% APR. APRs for 36 month loans range from 6.78%-24.95%.
2 Source for average starting credit card APR for consumers with “Good to Excellent Credit” calculated using headline rates on Credit Cards offered to borrowers with “Good to Excellent Credit” at www.creditcards.com as of 9/30/10
3 60 month loan of $1,000 to the highest rated borrower for 60 month loans (Grade A2), $20 origination fee, 5.79% interest rate, $980 net proceeds, 60 payments of $19.24, a 6.63% APR.  APRs for 60 month loans range from 6.63%-23.64%.

All loans made by WebBank, a Utah-chartered Industrial Bank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history.

About Lending Club
Lending Club is an online platform that enables the issuance of and investment in consumer loans.  Lending Club brings together investors and creditworthy borrowers -- eliminating the cost and complexity of traditional bank lending -- to offer borrowers better rates and investors better returns.  Lending Club was recently recognized as one of the 20 "Breakthrough Ideas for 2009" by Harvard Business Review, has been nominated for "Top 100 Innovators" by The Industry Standard, is on the JMP Hot 100 list, and the Always On Global 250 Top Private Companies list.  In addition Lending Club won the Webby Award in 2008 for the "Best Banking Website". 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, 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. Borrowers must be US citizens or permanent residents and at least 18 years old. Valid bank account and social security numbers are required. All loans are subject to credit approval.

Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's website at https://www.lendingclub.com/info/prospectus.action.

Press Contact:
Nate Purpura
Lending Club
650-482-5205
npurpura@lendingclub.com

Katherine Madariaga
Atomic PR
415-593-1400
Katherine@atomicpr.com


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