Lending Club and PerkStreet Financial Encourage Consumers to Quit Credit Cards for Good, Launch 'Shred Your Credit Card' Contest

REDWOOD CITY, Calif., Jan. 3, 2011 /PRNewswire/ -- Lending Club (http://www.lendingclub.com), the world's leading platform for investing in and obtaining personal loans, and PerkStreet Financial, the progressive online financial services company with the best checking account rewards in the U.S., today announced the launch of the first-ever Shred Your Credit Card contest. The contest inspires consumers to end the cycle of credit card debt once and for all by destroying their credit cards. Rewards of up to $1,000* will go to the contestants who devise the most creative way to destroy their credit cards and share the video. Entries can be submitted and viewed at www.shredyourcreditcard.com.

"Get out the blowtorch, pop it in the microwave, or drop it in the shredder: just get rid of it," said Rob Garcia, Senior Director, Product Strategy for Lending Club. "The average credit card debt per U.S. household with credit card debt is calculated to be $15,788**, and we want to change that. Committing to free yourself from credit card debt can be an overwhelming prospect, but options like a lower-interest personal loan through Lending Club and PerkStreet's rewards debit card make it easier. The start of the New Year is a great time to begin, and we want to get people excited about shredding their credit cards in 2011."

"We want to help people dump their debt in 2011, and what better way to make sure you stick to your New Year's resolution than to destroy that piece of plastic altogether," said PerkStreet CEO Dan O'Malley. "Taking dramatic action like literally shredding your credit card is a big step toward really making a change in your financial situation. With options like our cash back debit card and a lower-interest personal loan through Lending Club, it's easier than ever to end your reliance on credit cards once and for all."

Contestants can submit their best video to www.shredyourcreditcard.com through January 28, 2011. Public voting will be open throughout the contest, so entrants can encourage their friends and family to cast their votes at www.shredyourcreditcard.com. On Shred Your Credit Card Day, January 31, 2011, winners will be announced, with the top vote-getter receiving a $1,000 prize*, and the two contestants with the most creative card destruction videos, as chosen by Lending Club and PerkStreet Financial, receiving $300* each. Weekly prizes of $50* will also be awarded throughout the contest to each week's top video as determined by popular vote.

Lending Club and PerkStreet created the Shred Your Credit Card contest to encourage consumers to improve their financial health by ending reliance on credit cards.  Fixed-rate, lower-interest personal loans through Lending Club have helped thousands of people save money on interest and fees while they pay down their debt, and PerkStreet's debit cards give consumers the best cash rewards in the country at 2% cash back on all purchases.

Full terms and conditions for the Shred Your Credit Card contest www.shredyourcreditcard.com.

* All prizes will be paid with Visa Gift Cards, terms and conditions apply.

** CreditCards.com data as of March 2010 - http://tinyurl.com/36yj9br

About Lending Club

Lending Club is an online platform that enables the issuance of and investment in consumer loans.  Lending Club brings together investors and creditworthy borrowers -- eliminating the cost and complexity of traditional bank lending -- to offer borrowers better rates and investors better returns.  Lending Club was recently recognized as one of the 20 "Breakthrough Ideas for 2009" by Harvard Business Review, has been nominated for "Top 100 Innovators" by The Industry Standard, is on the JMP Hot 100 list, and the Always On Global 250 Top Private Companies list.  In addition Lending Club won the Webby Award in 2008 for the "Best Banking Website". Founded in 2006, Lending Club is headquartered in Redwood City, CA. More information is available at: http://www.lendingclub.com.

Loans are not issued in IA, ID, IN, ME, MS, 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.

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 PerkStreet Financial

PerkStreet Financial is the progressive online financial services company that offers the most valuable online checking account and debit card rewards combination in the U.S. PerkStreet sets itself apart from other online banks by taking the $80 billion that the big branch banks spend on building and maintaining branches every year and passing that savings on to their customers in the form of better rewards. PerkStreet offers a fully featured checking account, a debit card with the most rewards and access to the largest network of FREE ATMs in the country. For more information about PerkStreet Financial, visit http://www.perkstreet.com/.

The PerkStreetFinancial(SM) Visa^® Debit Card is issued by The Bancorp Bank, Member FDIC.  

SOURCE Lending Club