Yesterday, in reaction to Lending Club’s post 100 Days and a Million Dollars in Loans! I did a straight comparison on loan volume during the first 100 days.  A reader pointed out, Lending Club loans are in a smaller credit band than Prosper and wondered how the 2 compared when that is factored. 

Lending Club only has scoreX scores of > 640 (I couldn’t find this documented on Lending Club website, but it was referenced in a wall street journal article here.)  This corresponds to a credit grade of C or higher on Prosper (documented on Prosper here).

As a reminder Lending Clubs claims for the 1st 100 days…

Loans issued

172 for $1,046,000

Here is Prosper’s loan volume for AA-C credit grades from 2/16/2006 through 5/27/2006 (1st 100 days)…

CreditGrade	LoanCount	LoanAmount	AvgRate
AA	105	$739,549	8.86%
A	109	$810,660	11.20%
B	121	$850,591	13.72%
C	185	$830,927	16.35%
	520	$3,231,727

Here is the sql you can use on ProProsper to verify the Prosper numbers…

select CreditGrade, count(loanid) LoanCount, sum(amountborrowed) LoanAmount, avg(borrowerrate) AvgRate
from loan
where originationdate>=’02/16/2006′ and originationdate<(cast('02/16/2006' as datetime)+100)
group by creditgrade

Update… Here I compare loan volume with identical credit score bands and DTI:  Lending Club vs Prosper — The First 100 Days Take 3

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Categories:

Lending Club, Prosper.com