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Lending Club Recent Changes

Today Lending Club announced new features on their blog.

To summarize…

  1. Be both a borrower and a lender
  2. Multiple loans
  3. Weekly performance statistics
  4. Ask the borrower a question
  5. $25 both way referral program
  6. Update your profile
  7. Change bank account

I like the changes, but forgive me for yawning…

My biggest gripe as a lender (lack of an advanced credit search) has not yet been addressed… It is very hard to get you money into play on LC. (-4)

My next biggest gripe performance statistics has been minimally addressed. (+3)

My 3rd biggest gripe lack of an automatic Lending Match investment portfolio with advanced credit filtering. (-2)

(+3) for the referral program.  (+2) for the $50 bounty on $1000 lenders. (-1) for only being able to link to the signup page…  I would much rather be able to link to any LC page (like prosper), for example the statistics page would make an excellent referral link…  But then you would have to track the cookie and there would need to be an expiration of that cookie. That being said if you want $25 for signing up at LC use this link… https://secure.lendingclub.com/refer.action?referrer=RateLadder

Overall LC upgrade score (+1).


November 21, 2007 | Filed Under Lending Club 

Useful Info:
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Prosper vs Lending Club — The First 100 Days
Lending Club Recharicterzation
Lending Club Referral Program Expanded to Affiliates

← Lending Club Referral Program Expanded to Affiliates

Lending Club Clarifies Referral Program at P2P No Bank Forum →



comments

4 Responses to “Lending Club Recent Changes”

  1. Rob on November 21st, 2007

    RateLadder:

    Thanks for the comments. Well, at least we are on the positive ;-)

    I wanted to address some of your comments:

    1. We are well aware of the needs for Advance Credit search options as well as tying those into LendingMatch, and we are working on ways to improve this part of our product. I hope to have some improvements included in the next couple of upgrades.

    2. We also have a data API in the road map, but in the meantime, we wanted to make sure the information was available through our site. We will be updating this data weekly.

    3. Regarding the referral program, you can also link to our home page:
    http://www.lendingclub.com/landing.action?referrer=RateLadder

    Thanks again for your review, and feel free to send me any other comments directly.

    Best regards,

    Rob Garcia
    Director, Web Production
    Lending Club

  2. Chrisfs on November 21st, 2007

    hmmm sounds like they are trying to be like, I don’t know…. Prosper.

    Interesting late spreads on the weekly stats you linked to. The lowest grade and a mid grade, with none on the 2nd to lowest grade. Reality is never quite like theory

  3. Kevin on November 21st, 2007

    lol…

    p2p lending is so great any upgrade has to be positive… Cut me in on the bank’s action.

  4. Kevin on November 21st, 2007

    Chris… data is thin… in the long run the law of large numbers and theory wins… the risk free rate of return plus the risk premium will level out across all credit slices.

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