The largest online personal loan provider in the United States, LendingClub (NYSE: LC), rang the bell on the New York Stock Exchange today. The event was to celebrate the 3 millionth borrower of the marketplace lending platform. To date, LendingClub has issued more than $ 50 billion in loans since its launch approximately twelve years ago.
Loan Club acknowledged “Alice K.”, who took out a $ 40,000 loan for debt consolidation. Alice, an Army veteran and law enforcement officer in New York City, had her loan paid off in full by LendingClub.
Alice was understandably pleased that LendingClub had covered her debt.
LendingCub said personal loans are the fastest growing category of consumer credit.
“Our data shows that LendingClub is one of the market leaders in new balances created over the past 10 years,” said Liz Pagel, senior vice president and business leader of consumer loans at TransUnion.
LendingClub CEO Scott Sanborn said 40,000 people come to LendingClub every day to eliminate high interest credit card debt.
“We are able to deliver this value to our customers at an accelerated pace. It took us 8 years to reach our first million borrowers, 2 years to reach our second million and just over a year to reach our third million, ”said Sanborn.