SAN FRANCISCO, March 20, 2014 /PRNewswire/ -- With the launch of a new business loan platform (apply at www.lendingclub.com/business), Lending Club (https://www.lendingclub.com), the nation's leading peer-to-peer lender, has officially entered the business lending arena.
"Everyone recognizes that small businesses are an engine of job creation and economic growth, yet their access to capital has been constrained," said Lending Club CEO Renaud Laplanche. "We look forward to delivering the same customer-friendly, transparent and affordable financing options to small business owners as we have been providing on the consumer side."
Lending Club has facilitated over $3.8 billion in consumer loans since inception, growing at a pace of over $750 million a quarter. Lending Club business loans will range from $15,000 to $100,000 initially, increasing to $300,000 in the future. The loans carry affordable fixed interest rates starting at 5.9% with terms of one to five years, no hidden fees and no prepayment penalties. The application process is simple and available online.
"We designed this product to fit the needs of small business owners," continued Laplanche. "Bigger businesses can get large loans from banks, but smaller businesses are not well served by existing banking products from traditional banks. We believe our technology-driven solution can bring costs down and make credit more available and more affordable to small businesses in America."
Since facilitating its first loan in June 2007, Lending Club has more than doubled annual loan volume each year. By using technology and automating processes online, Lending Club's platform is able to offer more affordable credit to borrowers and attractive yields to investors.
About Lending Club
Lending Club utilizes technology and innovation to reduce costs and offer borrowers better rates and investors better returns. Over $3.8 billion in personal loans have been issued through the Lending Club platform, which has more than doubled annual loan volume each year since launching in 2007. The Company has been prominently recognized as a leader for its growth and innovation, including being named one of Forbes' America's Most Promising Companies three years in a row, a 2012 World Economic Forum Technology Pioneer, and one of The World's 10 Most Innovative Companies in Finance by Fast Company in 2013. Lending Club is based in San Francisco, California. More information is available at: https://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, MN, MO, MS, MT, NH, NV, NY, RI, SD, UT, VA, WA, WI, WV, or WY.
Some of the statements in this above are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Information in this press release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's website at https://www.lendingclub.com/info/prospectus.action.
SOURCE Lending Club