Top 20 Crowdfunding Sites – Lending Club – 13/20

Lending Club

71 Stevenson Street, Suite 300 San Francisco, CA 94105

Found 2006

This is a site for investors who want to invest their money, but still do a little good. As a borrower, you can borrow up to $40,000, and the investors will make between 5.5 percent and 7.7 percent as you repay the loan with interest. It’s easier to get a loan on Lending Club than a normal bank, and they’re more likely to fund unusual projects and ideas.

Lending Club uses technology to operate a credit marketplace at a lower cost than traditional bank loan programs, passing the savings on to borrowers in the form of lower rates and to investors in the form of solid returns. Borrowers who used a personal loan via Lending Club to consolidate debt or pay off high interest credit cards report in a survey that the interest rate on their loan was an average of 24% lower than they were paying on their outstanding debt or credit cards.

By providing borrowers with better rates, and investors with attractive, risk-adjusted returns, Lending Club has earned among the highest satisfaction ratings
in the financial services industry.

Here’s how it works:

• Customers interested in a loan complete a simple application at LendingClub.com
• We leverage online data and technology to quickly assess risk, determine a credit rating and assign appropriate interest rates. Qualified applicants receive offers in just minutes and can e v a luate loan options with no impact to their credit score
• Investors ranging from individuals to institutions select loans in which to invest and can earn monthly returns

The entire process is online, using technology to lower the cost of credit and pass the savings back in the form of lower rates for borrowers and solid returns for investors.