Lending Club Platform Opens to Investors in Texas and Arizona

SAN FRANCISCO, June 29, 2015 /PRNewswire/ -- Lending Club (NYSE: LC), the world's largest online credit marketplace connecting borrowers and investors, announced today that its marketplace is now open to investors in Arizona and Texas. 

"We are delighted to announce the addition of two key states today, which we believe will help drive more individual investors to our platform," said Lending Club CEO Renaud Laplanche. "Our marketplace gives investors unprecedented access to consumer credit as an asset class, and empowers investors to diversify their investment across hundreds or thousands of loans. We are thrilled to be able to bring this access to investors in Texas and Arizona and appreciate the work done by the state regulators that allowed this to happen."

How are people using Lending Club?Lending Club is a two-sided marketplace that brings together borrowers looking for lower rates and a great experience, and investors looking for attractive returns. Borrowers who used a personal loan through the Lending Club marketplace 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 7 percentage points lower than they were paying on their outstanding debt or credit cards. Investors on the Lending Club platform can invest in loans in increments as low as $25, diversifying across hundreds or thousands of borrowers, to quickly and easily build a portfolio that fits their investment objectives. Each fraction of a loan is invested in through a Note. Among investors who own 100 or more Notes of similar size representing loans to different borrowers, 99.9 percent have seen positive returns. 

How do I set up an investor account at Lending Club?Arizona and Texas residents can now create an account at www.lendingclub.com, and choose either a traditional investment account or retirement account. Investors receive monthly payments of principal and interest as borrowers repay their loans, and can withdraw available cash at any time via a linked bank account. 

What makes Lending Club different?Lending Club is the world's largest online credit marketplace connecting borrowers and investors. Our goal is to make credit more affordable and investing more rewarding, and we're doing so by transforming the banking industry. Lending Club has facilitated over $9.3 billion in consumer loans since launching in 2007 and has more than doubled annual loan volume each year. We operate at a lower cost than traditional bank lending programs, so we're able to pass the savings on to borrowers in the form of lower rates and to investors in the form of solid returns. The process is transparent with no hidden fees or charges.

*Based on responses from 21,347 borrowers in a survey of 98,585 randomly selected borrowers conducted from April 1, 2014 – April 1, 2015, borrowers who received a loan to consolidate existing debt or pay off their credit card balance reported that the interest rate on outstanding debt or credit cards was 21.8% and average interest rate on loans via Lending Club is 14.8%.

About Lending ClubLending Club's mission is to transform the banking system to make credit more affordable and investing more rewarding. The company's technology platform enables it to deliver innovative solutions to borrowers and investors. Lending Club has been prominently recognized as a leader for its growth and innovation, including being named one of Forbes' America's Most Promising Companies three years in a row, a CNBC Disruptor two years in a row, a 2012 World Economic Forum Technology Pioneer, and one of The World's 10 Most Innovative Companies in Finance by Fast Company. Lending Club is based in San Francisco, California. More information is available at https://www.lendingclub.com. Currently only residents of the following states may invest in Lending Club notes: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors), LA, MA, ME, MN, MS, MT, NH, NV, NY, RI, SD, TX, UT, VA, VT, WA, WI, WV, or WY. All loans made by WebBank, a Utah-chartered Industrial Bank, Member FDIC.

Some of the statements in this above are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Information in this press release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's website at https://www.lendingclub.com/info/prospectus.action. 

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SOURCE Lending Club