| By Jim Bruene on October 14, 2008 10:52 AM | Comments (0) |
Next is Lending Club. CEO Renaud Laplanche will do the demo.
Lending Club was the second person-to-person lender in the United States, launching on Facebook in May 2007 and on the Web in September. It's been operating on a limited basis since March as it sought SEC registration for its loans. The company presented at the first Finovate last year.
What's new
Lending Club is back online as of today. The company received approval of its registration documents with the SEC. They are the only P2P lender to have a trading platform, i.e., a secondary market enabling lenders to resell loans they've made through the Lending Club platform. The platform is powered by Foliofn.
They have been experiencing a 2% default rate and have been approving 14% of applications received.
Lending Club showed tools that allow lenders to select a desired portfolio of loans based on various risk criteria.
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