07 Feb, 2013, 08:00 ET
SAN FRANCISCO, Feb. 7, 2013 /PRNewswire/ -- Lending Club (http://www.lendingclub.com) today announces that the leading platform for investing in and obtaining personal loans is now open to borrowers in Tennessee. Applicants with good-to-excellent credit may apply for an unsecured personal loan for up to $35,000 to pay off high-interest credit cards, finance home improvements or achieve other financial goals.
More than 98,000 loans have been funded via Lending Club's platform for a total of more than $1.2 billion, since launching in 2007. The company has doubled its monthly loan volume over the last eight months, reaching an annual run rate of $1 billion in issued loans, and prominent economist and former U.S. Secretary of the Treasury Lawrence Summers joined Lending Club's board of directors last month. Lending Club is now available to prospective borrowers in 44 states.
"Lending Club offers prime and super-prime borrowers an alternative to high-interest credit cards, with low, fixed rates on personal loans," said Lending Club CEO Renaud Laplanche. "As a new year begins, we're excited to give Tennessee residents a better way to reach their financial resolutions."
How are people outside of Tennessee using Lending Club?
Three-quarters of borrowers report using their lower-interest, fixed-rate loans to pay off higher-interest credit cards or consolidate debt, often saving thousands of dollars in interest costs. Loans can be used for practically anything, with borrowers reporting they have used their loans to pay for major purchases as varied as home improvements, weddings, solar installations and even swimming pools.
What makes Lending Club different?
Lending Club reduces the cost of traditional banking to offer borrowers better rates and investors better returns. Lending Club enables dozens or even hundreds of people to seamlessly invest in each loan, resulting in lower costs for borrowers and solid returns for investors. Lending Club's process is transparent and free of hidden fees or charges.
Is it easy to apply for a loan at Lending Club?
Yes. Tennessee residents with a FICO score of at least 660 can be pre-approved for a loan via Lending Club instantly, with no impact to their credit score, by applying quickly and easily online at http://www.lendingclub.com. Monthly loan payments are automatically deducted from your account, making it simple to repay the personal loan.
About Lending Club
Lending Club utilizes technology and innovation to reduce the cost of traditional banking and offer borrowers better rates and investors better returns. Lending Club started operations in 2007 and has been recognized for its results and innovation by the Harvard Business Review and Dow Jones, was named one of Forbes' America's Most Promising Companies in 2011 and recognized as a 2012 World Economic Forum Technology Pioneer. Lending Club is based in San Francisco, California. More information is available at: http://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, MO, MS, MT, NH, NV, NY, RI, SC, SD, UT, VA, WA, WI, WV, or WY.
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.
All loans made by WebBank, a Utah-chartered Industrial Bank, Member FDIC.
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SOURCE Lending Club
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