REDWOOD CITY, Calif., June 30 /PRNewswire/ -- Lending Club, the leading U.S. peer lending network, has been engaged by Mint.com to help consumers get out of credit card debt faster, pay less interest and keep more of their money for what really matters. Lending Club is a strategic partner in Mint.com's newly launched Goals feature, which helps Mint users get out of debt and save to meet their other life goals.
Lending Club offers personal unsecured loans for paying off high-interest debt at rates starting at 7.93 percent APR; which is 53 percent lower than the overall national credit card APR of 16.81 percent* and can translate into thousands in savings over the life of a loan. For example, a three-year loan of $25,000 at the current average credit card APR would cost approximately $3,800 more in interest than a three-year unsecured personal loan from Lending Club at a 7.93 APR**.
"Currently, over 60 percent of Lending Club's personal loans have been made to people who want to wipe out their high-interest debt, which is often from credit cards," said Renaud Laplanche, CEO of Lending Club. "Like Mint.com, our goal is to help consumers make the most of their money. With our simple online application you can get a low-interest rate quote instantly and a personal loan in an average of seven days."
Lending Club's personal loans come with a fixed rate for the lifetime of the loan in three or five-year terms and can be paid off anytime. There are no prepayment penalties and no hidden fees. The online application process is simple, secure and confidential. Personal loan money can be deposited in a borrower's account in less than two weeks.
"We launched Mint Goals to help people get what they want in their lives. For those in debt, getting out from under that burden is the first step they need to take toward achieving the others," said Aaron Patzer, vice president and general manager of Intuit's Personal Finance Group and founder of Mint.com. "Helping people get the lowest APR on their outstanding debt can save them hundreds or thousands of dollars that they can then use to save for retirement, buy a home, or reach other life goals."
Lending Club is the U.S. leader in peer lending, with 85 percent market share. More than 10,000 people are taking advantage of Lending Club's lower interest rate personal loans to pay off more expensive debt. Lending Club has issued more than $125 million in loans since it was founded in 2007 and just set a U.S. record for peer lending with $10 million in loans funded in May 2010.
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.
** A borrower who receives $25,000 would pay approximately $783/mo for 36 months with Lending Club based on a 7.93% APR (assumes highest loan grade: 6.39% interest rate and 2.25% fee) versus approximately $888/mo for 36 months based on a 16.81% APR (assumes no fees). For a five-year term, the borrower would pay approximately $513/mo for 60 months with Lending Club (assumes highest loan grade: 8.43% APR, 7.51% interest rate and 2.25% fee) versus $618/mo for 60 months based on a 16.81% APR (assumes no fees).
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.
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