Lending Club Expands into Indiana after Reaching $1 Billion in Loans
After Reaching $1 Billion in loans issued in November 2012, Lending Club was excited to announce last week that they will be expanding into Indiana. Indiana will become the 43rd state that Lending Club is available in. Below is the December 6th press release issued by Lending Club:
“SAN FRANCISCO, CA – Dec. 6, 2012 – Lending Club (http://www.lendingclub.com) today announces that the leading platform for investing in and obtaining personal loans is now open to borrowers in Indiana. Applicants with good-to-excellent credit may apply for an unsecured personal loan for up to $35,000 to pay off high-interest credit cards, finance home improvements or achieve other financial goals.
Lending Club’s platform has enabled more than 90,000 loans, for a total of more than $1 billion since launching in 2007. With more than $87.6 million in loans issued through the platform in November 2012, the company is on a current annual run rate of $1 billion in issued loans.
“Lending Club leverages its low-cost structure to deliver a simple process featuring low, fixed rates” said Lending Club CEO Renaud Laplanche. “and we’re excited to extend those benefits to Indiana residents.”
Lending Club is now available to prospective borrowers in 43 states. With a population of 6.5 million people1, Indiana was the largest state not already served by Lending Club.
How are people outside of Indiana using Lending Club?
Nearly three-quarters of borrowers report using their lower-interest, fixed-rate loans to pay off higher-interest credit cards or consolidate debt, often saving thousands of dollars in interest costs. Loans can be used for practically anything, with borrowers reporting they have used their loans to pay for major purchases as varied as home improvements, weddings and even swimming pools.
What makes Lending Club different?
Lending Club reduces the cost of traditional banking to offer borrowers better rates and investors better returns. Lending Club enables dozens or even hundreds of people to seamlessly invest in each loan, resulting in lower costs for borrowers and solid returns for investors. Lending Club’s process is transparent and free of hidden fees or charges.
Is it easy to apply for a loan at Lending Club?
Yes. Indiana residents with a FICO score of at least 660 can be pre-approved for a loan via Lending Club instantly, with no impact to their credit score, by applying quickly and easily online at http://www.lendingclub.com. Monthly loan payments are automatically deducted from your account, making it simple to repay the personal loan.
About Lending Club
Lending Club utilizes technology and innovation to reduce the cost of traditional banking and offer borrowers better rates and investors better returns. Lending Club started operations in 2007 and has been recognized for its results and innovation by the Harvard Business Review and Dow Jones, was named one of Forbes’ America’s Most Promising Companies in 2011 and recognized as a 2012 World Economic Forum Technology Pioneer. Lending Club is based in San Francisco, California. More information is available at: http://www.lendingclub.com. Currently only residents of the following states may invest in Lending Club notes: CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors), LA, ME, MN, MO, MS, MT, NH, NV, NY, RI, SC, SD, UT, VA, WA, WI, WV, or WY.”