Lending Club, a Facebook application, jumped over half million dollars loans

According their own blog article Lending Club, that’s using Facebook for their operations, passed 500.000 Dollars on loans.
What’s Lending Club? It’s an online lending community where people can borrow and lend money, bypass the banks, and supposedly get better rates.
Quoted from Renaud article:

We continue to be impressed with the rapid adoption. The Facebook F8 launch has helped spread the word about our company. The community members have generated a tremendous amount of feedback to help improve our product. These improvements are preparing us well for our expansion beyond Facebook.

To date, there has not been any default or late payments, though it is still very early. The close ratio on the site went up to 84%: this statistic means that more than 4 out of every 5 loans obtain funding. A borrower always has the ability to relist a loan if the individual didn??t receive funding the first time.
Lending Club Statistics

First loan closed June 6, 2007
Passed $250,000 in loan origination July 5, 2007
Passed $500,000 in loan origination July 26, 2007
Loans issued 104 ($528,200)
Verified lenders 524
Total members 3,061
Facebook Installs 11,935
Top Facebook group Apple Students (102 users)
Fastest growing network New York, NY (82 users)
Average Interest Rate 10.71%

Lending Club was recently reported by Netbanker as the top ??Money? application on Facebook.

The average interest rate continued to go up to 10.71% partially due to larger loans, which usually carry higher interest rates. For more details on interest rates calculations, please visit https://secure.lendingclub.com/info/how-we-set-interest-rates.action. The average loan size went up from $4,700 to $5,250 in the last 4 weeks.

All this information and more will soon be available directly from the secure site https://secure.lendingclub.com.

Worth to read the Lending Club Blog, to see their latest articles, here: http://blog.lendingclub.com/

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