SAN FRANCISCO, June 21, 2019 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), America's largest online lending marketplace connecting borrowers and investors, today announced that it has helped more than 3 million borrowers on their paths to financial health. In May, Alice K., an army veteran and local law enforcement officer in New York, became LendingClub's 3 millionth member. Alice took out a $40,000 loan for debt consolidation at a 6 percent APR. To celebrate this milestone, the company has paid off her loan in full.
"I initially came to LendingClub to consolidate my high-interest credit card debt and I'm thrilled that they've actually paid off my loan in full," said Alice K., a LendingClub member from Arverne, New York. "With LendingClub, I'm credit card debt free, and able to use the extra money I'm saving to help pay down my mortgage."
Since its launch in 2007, LendingClub has facilitated more than $50 billion in loans. In fact, "personal loans are the fastest growing category in consumer finance and our data show that LendingClub is one of the market leaders in new balances originated over the past 10 years," said Liz Pagel, Senior Vice President and Consumer Lending business leader at TransUnion.
LendingClub Members have used a personal loan to pay down their high-interest debt, make a major purchase, finance their education or healthcare, refinance an auto purchase or kick-off a home improvement project. Loans through LendingClub feature fixed monthly payments at rates that are often substantially lower than those charged by credit cards.
"Every day 40,000 people, like Alice, come to us looking to improve their financial health," said Scott Sanborn, CEO of LendingClub. "We make it easy for them to find savings and take back control over their financial lives and futures. We're able to deliver this value to our customers at an accelerating rate. It took us 8 years to reach our first million borrowers, 2 years to reach our second million and little more than a year to reach our third million. We're excited to see Alice's financial journey progress and celebrate all our members for taking that first step towards financial independence."
LendingClub executives celebrated with Alice at the New York Stock Exchange by ringing the opening bell on Friday, June 21.
About LendingClub: LendingClub was founded to transform the banking system to make credit more affordable and investing more rewarding. Today, LendingClub's online credit marketplace connects borrowers and investors to deliver more efficient and affordable access to credit. Through its technology platform, LendingClub is able to create cost efficiencies, passing those savings on to borrowers in the form of lower rates and investors in the form of potentially higher risk-adjusted returns. LendingClub is based in San Francisco, California. All loans are made by federally regulated issuing bank partners. More information is available at LendingClub.com.