Lending Club Partners with Georgia Tech, Kansas State and University of Michigan
Lending Club is announcing a partnership with the Georgia Tech, Kansas State and the University of Michigan.
While rocketing to the top in approximately 100 days as people-to-people (P2P) lending service via Facebook, today they are announcing the availability of its community-based lending service through the websites of top university alumni associations. This will expand the choices of lending and borrowing money among fellow alumni. Lending Club is the first in the P2P lending industry to provide co-branded lending applications to online communities.
Lending Club launched at the end of May exclusively as a Facebook application. Since then, the Lending Club community has rapidly grown beyond Facebook to more than 22,000 users who have loaned and borrowed more than $2 million within the community.
Their service is available to individual borrowers with credit scores at or above 640. Using Lending Club, borrowers can apply for personal loans of $500 to $25,000 to be funded by one or many individual lenders. To date lenders have funded 90 percent of all approved loan requests. Lending Club handles user authentication, bank account verification, credit checking, credit reporting, funds transfers and collections.
Lending Club is headquartered in Sunnyvale, CA. They recently had a round of funding ($10.26 million) by Norwest Venture Partners and Canaan Partners.
Full Disclosure: Rex Dixon is the Director of Social Media Content for Lending Club
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