Personal Loans From Lending Club Now Available in North Carolina - Rates Starting at 6.78% APR

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Oct 28, 2010, 09:00 ET

REDWOOD CITY, Calif., Oct. 28 /PRNewswire/ -- Lending Club (http://www.lendingclub.com), the world's leading platform for investing in personal loans, is now available to residents in the state of North Carolina. In North Carolina, creditworthy borrowers now have the opportunity to get unsecured personal loans with an annual percentage rate (APR) starting at 6.78 percent and fixed rates at www.LendingClub.com.

The starting APR of 6.78 percent on 36-month(1) loans at Lending Club is almost half the average starting APR of 13.15 percent offered on credit cards to borrowers with similar credit scores(2). Over 17,800 unsecured personal loans have been issued through Lending Club totaling more than $172 million in the past three plus years. North Carolinians can secure loans to refinance their debt, make major purchases, cover medical expenses, invest in their small business or finance other expenses.

"Interest rates on credit cards continue to be extremely high, and savvy borrowers are starting to clue in to the fact that personal loans can provide a less expensive way to finance their debt," said Lending Club CEO, Renaud Laplanche. "Over $12 million in unsecured loans are being issued through Lending Club to prime borrowers each month. Over the past three-and-a-half years we've been working hard to quickly and strategically add new services and new states like North Carolina. As an organization, we're looking forward to helping residents of North Carolina find loans they can afford with fixed rates and payments, clear terms and no hidden fees."

What's Lending Club's impact in neighboring states?

In Virginia, over $6.3 million in personal loans have been issued through Lending Club.

In South Carolina, over $1.8 million in personal loans have been issued through Lending Club.

In Georgia, over $5.9 million in personal loans have been issued through Lending Club.

How are people outside of North Carolina using Lending Club?

Over $172 million in personal loans have been issued to borrowers through the Lending Club platform for needs ranging from debt consolidation to special events. Thousands of Lending Club borrowers across the country have taken advantage of Lending Club's fixed-rate loans to pay down credit card debt, fund home improvements and green loans, plan their dream vacations and weddings, buy cars and boats, or re-invest in their businesses.

How many loans has Lending Club issued?

Lending Club has issued over 17,800 unsecured personal loans to meet the following borrower needs:

Pay-off high-interest debt & credit cards: 62.4% of issued loans Home Improvement: 7.2% of issued loans Business: 6.3% of issued loans Major Purchase: 4.4% of issued loans Wedding Expenses: 2.3% of issued loans Car Financing: 2.2% of issued loans	Medical Expenses: 1.2% of issued loans Home Purchase: 1% of issued loans Moving Expenses: 1% of issued loans Green Loan: 0.2% of issued loans Vacation: 0.4% of issued loans Other: 9.6% of issued loans

What makes Lending Club different?

Lending Club is open and transparent. Creditworthy Lending Club borrowers benefit from operational efficiencies, risked-based pricing and transparent underwriting criteria so they understand how the rules apply to their personal loan request. All Lending Club borrowers must have a minimum Credit Score of 660 to apply for 36(1)- or 60(3)-month fixed-rate loans of up to $25,000. Individual investors use the Lending Club platform to indirectly invest in these loan requests at a minimum of $25 dollars per investment.

Is it easy to apply for a loan at Lending Club?

Yes. Creditworthy borrowers in North Carolina can apply for a loan through Lending Club using a simple online form, which removes the inconvenience of applying for a loan in-person at a bank. Lending Club's application process is free, confidential and secure, and there are no hidden fees or charges. On average, loans are fully funded in five days. Once the loan is funded and issued, the money is deposited in the borrower's bank account in two-to-four days. Monthly loan payments are automated, making it easy to repay a Lending Club loan.

How does Lending Club provide low interest rates to people of North Carolina?

Lending Club uses the power of the internet to remove the cost and complexities that exist in the traditional bank lending process. By connecting investors with creditworthy borrowers at LendingClub.com, Lending Club eliminates these costs and complexities and passes the savings on to borrowers and can provide investors a better return.

Instant rate quotes to qualified borrowers and more information are available at www.lendingclub.com.

Sources:

(1) 36 month loan of $1,000 to the highest rated borrower for 36 month loans (Grade A1), $20 origination fee, 5.47% interest rate, $980 net proceeds, 36 payments of $30.16, a 6.78% APR. APRs for 36 month loans range from 6.78%-24.95%.

(2) Source for average starting credit card APR for consumers with "Good to Excellent Credit" calculated using headline rates on Credit Cards offered to borrowers with "Good to Excellent Credit" at www.creditcards.com as of 9/30/10.

(3) 60 month loan of $1,000 to the highest rated borrower for 60 month loans (Grade A2), $20 origination fee, 5.79% interest rate, $980 net proceeds, 60 payments of $19.24, a 6.63% APR. APRs for 60 month loans range from 6.63%-23.64%.

All loans made by WebBank, a Utah-chartered Industrial Bank. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history.

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.

SOURCE Lending Club