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Lending Club: Person-to-Person Lending

Do you want to borrow money for less? Join the club, the Lending Club, that is. Lending Club is an online lending community where people borrow and lend money among each other. By working together Lending Club, members can borrow money at a better rate than they would get from a bank.

Founded by Renaud Laplanche in the summer of 2006 Lending Club launched on Facebook on May 24, 2007 with the goal off make person-to-person lending mainstream. Lending Club has offered over $100,000 in loans via Facebook. Lending Club charges an origination fee of 0.75% to 2% to the borrowers and a servicing fee of 1% to the lenders.

In talking with Kurt Collins, formerly of Photobucket, in San Francisco last week and he explained how he was excited to join Lending Club as the Director of Business Development. Rex Dixon, a blogosphere friend, is also part of the Lending Club team.

Bottom-line: Lending Club is an online lending community that enable users to better rates via person-to-person loans.