Lending Club is a peer to peer lending company which is based in San Francisco, California. It was established as an application of the social media platform, Facebook in the year 2007. Lending Club was founded by a French entrepreneur, Renaud Laplanche. The Norwest Venture Partners and Canaan Partners invested a sum of about $10 mn and then Lending Club was launched as a full-scale lending company. It has also been recognised by the US Securities and Exchange Commission. Lending Club is the largest peer to peer lending company in the world and it is not a bank. Lending Club provides a platform to the borrowers and the lenders where they both are charged a small fee for using the services of Lending Club. This small fee is a major source of revenue for Lending Club which has about 100 employees at present. Lending Club helps people in receiving unsecured loans ranging from $1000 to $40000 based on the credit score, debt to income ratio, credit history, etc. The lenders earn money from the interest they receive from the borrowers. Lending Club believes in levelling the playing field for everyone who strives for a better and brighter future. At present, the company is listed on the New York Stock Exchange and has assets worth $4.5 bn.
Products and Services:-
LendingClub is an investment an loan provider company that offers:
- Personal Loans
- Business Loans
- Auto Refinance Loans
- Retirement Accounts
- Individual Investment Accounts
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