SAN FRANCISCO, Nov. 19, 2014 /PRNewswire/ -- Lending Club (https://www.lendingclub.com), the world's largest online marketplace connecting borrowers and investors, announced today the launch of a new "Super Prime" loan product offering that expands the options available to borrowers with the highest credit quality.
This new product line provides a two-year AA term loan for $10,000 or less (with a $1,000 minimum) with a starting interest rate of 3.99% (4.97% APR (Annual Percentage Rate)) to address market demand for a shorter, smaller size term loan, and a three- or seven-year AA term loan for $10,000 up to $50,000 with respective starting interest rates of 4.99% or 5.38% (5.70% APR or 5.99% APR), ideal for larger expenditures such as home improvement projects or energy efficiency upgrades.
"Our goal is to become more useful to more people over time, and expanding the parameters of our marketplace's core product to make it more appealing to the very top end of the credit spectrum allows us to do exactly that," said Lending Club's founder and CEO Renaud Laplanche. "Our marketplace model allows us to offer a wide range of loan products to borrowers at affordable rates."
Lending Club's online marketplace is designed to provide a more efficient mechanism to allocate capital between borrowers and investors than the traditional banking system. Consumers and small business owners borrow through Lending Club to lower the cost of their credit and enjoy a better experience than traditional bank lending. Since launching in 2007 the platform has facilitated over $6 billion in loans, including nearly $1.2 billion in the third quarter of 2014, and the company has built a trusted brand with a track record of delivering exceptional value and satisfaction to both borrowers and investors.
All loans made by WebBank, a Utah-chartered Industrial Bank, Member FDIC. An applicant's actual rate depends upon credit score, loan amount, loan term, and credit usage & history.
About Lending Club
Lending Club's mission is to transform the banking system to make credit more affordable and investing more rewarding. The company's technology platform enables it to deliver innovative solutions to borrowers and investors. Lending Club 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 CNBC Disruptor two 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. 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, ME, MN, MS, MT, NH, NV, NY, RI, SD, UT, VA, VT, 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