REDWOOD CITY, Calif., June 3 /PRNewswire/ -- Lending Club, the world's leading peer lending network, today announced it passed $10 million in monthly loan fundings for May 2010. This milestone marks the first time any U.S. peer lending company has funded that amount of loans in a single calendar month. Lending Club also announces the appointment of Scott Sanborn as chief marketing officer.
"Customers are getting back on their feet and looking to get rid of their high interest rate credit card debt. Banks still aren't helping, so an increasing number of customers are coming to us for an easy, lower interest option without the fine print," said Renaud Laplanche, CEO of Lending Club. "We are excited about our continued growth, and welcome Scott as our new head of marketing to expand our reach."
Lending Club reduces the cost and complexity of lending by cutting out banks. Bringing investors and credit worthy borrowers together enables Lending Club to offer borrowers some of the lowest rates around for personal unsecured loans while providing investors higher returns (currently investors are earning a 9.5% net annualized return on Lending Club notes).
Scott Sanborn was previously the chief marketing and revenue officer for eHealth, Inc., a publicly traded e-commerce company. While at eHealth, Scott led double digit growth in revenue and new customer acquisitions. Prior to his role at eHealth, Sanborn was the chief marketing officer and interim president of the popular e-commerce and catalog retailer, RedEnvelope, Inc., where he oversaw the sale of the business to Provide Commerce.
"I am thrilled to be joining the Lending Club team," said Sanborn. "Lending Club is on track to become a truly great financial services brand, and my experience growing online companies and creating strong brands is a perfect match."
Prior to joining RedEnvelope, Sanborn held several senior marketing positions at the Home Shopping Network, the television and Internet retailer of consumer products, including senior vice president of marketing. He was instrumental in growing Home Shopping Network's online business, led an award-winning creative team, and created a new brand position and identity for the company.
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.
About Lending Club
Lending Club is a peer lending network bringing together investors and creditworthy borrowers. Lending Club eliminates the high cost and complexity of traditional bank lending to offer borrowers better rates and investors better returns. Lending Club won the Webby Award in 2008 for the "Best Banking Website" and has been nominated for "Top 100 Innovators" by The Industry Standard. It was recently recognized as one of the 20 "Breakthrough Ideas for 2009" by Harvard Business Review. Founded in 2006, Lending Club is headquartered in Redwood City, CA. More information is available at: http://www.lendingclub.com.
Lending Club Notes are only offered by a prospectus filed with the SEC which contains the risks and uncertainties related to any investment in the Notes. 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.
Loans are not issued in IA, ID, IN, KS, ME, MS, NC, ND, NE, or TN. Loans are issued by WebBank, an FDIC insured Utah chartered industrial bank located in Salt Lake City, Utah. Borrowers must be US citizens or permanent residents and at least 18 years old. Valid bank account and social security numbers are required. All loans are subject to credit approval.
SOURCE Lending Club