Lending Club gains traction and adds multiple account functionality

 

 

Lending Club’s peer-lending network has introduced some new features, most notably the ability to create multiple accounts, thus enabling you to act as both lender and borrower.

Both a Borrower and a Lender Be: It is now possible to be both a lender and a borrower, either concurrently or consecutively.

Apply for Multiple Loans: You can now submit multiple loan requests if your credit profile allows it and if your total indebtedness (including loans that are still “in funding”) remains within the Lending Tree credit policy guidelines.

The borrower/lender accounts are considered separate, thus you will need to use a different email address for each account you open.

In an effort to be as open as possible about the performance of the Lending Club community, they will now be publishing performance data weekly, as can be seen here.

 

 

Lending Club is gaining some traction and after 6 months of operation there have been no defaults and only 2 late payments.

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