Lending Club began issuing loans in September 2007, and has just reached the $50 million loaned mark. Loan demand has surpassed $500 million (yes, folks, that’s half a billion—we’re almost talking government sized dollars here!).
Underwriting has kept Lending Club to issuing just the $50 million in loans, and investors have received a 9.64% net annualized returns (that’s doing the math after fees and bad loans are taken out).
This does make Lending Club the “biggest fish” in the P2P sea right now.
So far in August, Lending Club has issued $3.1 million in loans.
Author's note: This post replaces a post from yesterday which included a factual error. Apologies for the duplication.