LendingClub CEO Renaud Laplanche announced today via the LendingClub Blog that Lending Club is Going National.
Lending Club launched on Facebook just 6 months ago and opened their public website 3 months ago.
By going national they are able to lend to 108 million more American than yesterday. The states that were without lending are…
California, Michigan, Illinois, Pennsylvania, Oregon and Nevada, and was only partially available in Texas and Ohio.
Now everyone can be both a borrower and a lender… To accomplish this they partnered with a national bank…
Is Lending Club regulated?
Lending Club has partnered with WebBank, a FDIC-insured, state-chartered Industrial Bank organized under the laws of the State of Utah to originate the loans in a consistent manner across all 50 states. Lending Club loans are regulated under WebBank’s Industrial Loan Charter.
If you are interested in trying LendingClub, be sure to get the signup bonus… Click the banner in the top right and signup without closing your browser or use this link and signup without closing your browser: LendingClub Signup.
They have also added a data download… GoTo this page: http://www.lendingclub.com/info/statistics.action there is a csv and xml download at the bottom of the page. For those of you initiaated in the ways of SQL I have imported the data into ProProsper. If you log into ProProsper and use the query analyzer the LendingClub data has been imported and can be accessed…
select * from LendingClubLoanStats
I did 3 quick data pivots to prove it is there… 1 late with 106 removed… What is removed?
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Thanks for posting about our news today.
To answer your question, loans with status “removed” are those that were taken down by us from active listing status (In funding) because of a variety of reasons, primarily related to credit policy non compliance, inability to confirm identity or income off-line or content policy.
Here are the definition of all the states as described on the statistics page on Lending Club:
In Review: Loan requests that are pending a final review by our Credit Department to ensure the applications are in good standing before they are issued.
Expired: Loan requests that did not receive full funding and were not issued.
Removed: Loans removed from active listings based on credit decisions, inability to verify identity/income of the borrower, or based on content policies.
In Funding: Loan requests that are listed on the site and receiving funding.
Current: Loans that are being repaid in a timely fashion including loans within the 15-day grace period.
Late (16-30): Loans having at least one payment that is more than 15 days past due.
Late (31-120): Loans having at least one payment that is between 31 and 120 days past due.
Fully paid: Loans that have been fully repaid, either at the expiration of their 3-year term or as a result of a prepayment.
Default: Loans having at least one payment that is more than 121 days late.
Charged off: Loans that are considered written off (losses).
Partially Funded: Loans that did not get full funding and are pending partial funding acceptance by the Borrower
Best
Rob Garcia
Director, Web Production
Lending Club
What does partnering with WebBank mean?
Zopa has credit union “partners” and it has become basically a marketing arm for those institutions. It issues 5.1% CD 8% loans and Zopa and it’s partners keep the spread, there’s not much P2P in that. Has Lendingclub made the same deal ?
partnering with a national bank gives them access to a national charter. Meaning that they are licensed nationally and no longer have to play by each state’s licensing requirements… I might be over simplifying, but that is my understanding.
Fair enough, but what does WebBank get out of the deal ?
I am going to go out on a limb and say money…
I am sure terms are private but there really is only 2 options. Upfront or Ongoing as a portion revenue. Or some combination of the 2.
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