Peer-to-peer lending network Lending Club this morning announced it passed $10 million in monthly loan fundings for May 2010. The company claims that the milestone marks the first time any U.S. peer lending company has funded that amount of loans in a single calendar month.
Main rival Prosper is closing in on $200 million in personal loans funded in total – last time it has broken out the monthly statistics was for February 2010, when the company announced it had reached roughly $1.7 million in loan volume for that month.
In related news, Lending Club has appointed Scott Sanborn as chief marketing officer. The new CMO comes from publicly traded ecommerce company eHealth, where he served as chief marketing and revenue officer. Prior to his role at eHealth, Sanborn was the CMO and interim president of e-commerce and catalog retailer RedEnvelope, where he oversaw the sale of the business to Provide Commerce.
Lending Club, which originally started out as a Facebook app, recently secured a $24.5 million Series C financing round led by Foundation Capital. In total, the amount of capital raised by the company exceeds $52 million.
Lending Club brings together investors with creditworthy borrowers, reducing the cost and complexity of traditional lending to offer borrowers better rates and investors better returns. Focusing on prime and super-prime quality borrowers enables Lending Club to provide investors with steady returns, even during the economic downturn. Lending Club Notes have provided investors with a Net Annualized Return by grade between 5.73% for A grade Notes and 11.56% for G grade Notes. Creditworthy borrowers can borrow up to $35,000 with...
Prosper is a people-to-people lending marketplace that attempts to make consumer lending more financially and socially rewarding. Prosper allows people to invest in each other in a way that is financially and socially rewarding. On Prosper, borrowers list loan requests between $2,000 and $25,000 and individual lenders invest as little as $25 in each loan listing they select. In addition to criteria commonly used by institutional lenders, such as credit scores, people who lend can consider borrowers’ group affiliations. Groups...
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