Joining Lending Club is easy and convenient. The whole process can be done in minutes. Borrowers can apply for loans quickly and instantly get rate quotes. Investors can use Lending Club to build an investment portfolio that can earn more than other investments that have comparable risks. Everything is done through the online platform. The process is secured and safe, confidential and private, and really fast.
When Lending Club was established in 2007, founder Ronaud Laplanche was inspired to create a better alternative to bank loans and investments. Being a respected entrepreneur, Laplanche formed a solid team consisting of top innovators from allied industries such as financial services, consumer products and technology. The company is run by directors and advisors composed of outstanding executives that are at the top of their respective fields.
Just eight years into its operations, Lending Club was cited as one of Forbes’ America’s Most Promising Companies for two consecutive years (2011 and 2012), one of Fast Company’s The World’s 10 Most Innovative Companies in Finance (2013), and 2012 World Economic Forum Technology Pioneer.
As of the end of the first quarter of 2013, Lending Club has already facilitated over 100,000 loans, or equivalent to $1.5 billion. Google acquired stakes in Lending Club in May 2013 which raised the company’s capitalization to $1.55 billion; an amount three times more than the company’s valuation in June 2012. After Google’s investment, Lending Club has facilitated over $1.9 billion in loans.
Lending Club moved to partnerships with small banks to streamline the company’s operations on small loans. For instance, Lending Club has just completed its partnership agreement with Texas’ Titan Bank and Maryland’s Congressional Bank in June 2013.