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.
For more information on loans facilitated by LendingClub, visit:
www.lendingclub.com.
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.
CONTACT: For Investors: IR@lendingclub.com; Media Contact:
Press@lendingclub.com
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SOURCE LendingClub