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Congratulations to Lending Club for winning a Webby Award. Other recipients included David Byrne, will.i.am of the Blackeyed Peas, Stephen Colbert, Lorne Michaels, Michel Gondry, and Tim and Eric. Many, many other organizations won awards including the Peace Corps which won a Webby award for a government website.

Lending Cub gave a tongue-in-cheek acceptance speech for their 2008 Webby award, but it seems to have been the only words available to a company under the a SEC imposed quiet period. That is the speech was completely silent: Read the rest of this entry »

P2P Lending has been in the mainstream media news a great deal lately. I decided to post a roundup of many of the recent news articles on Prosper.com, Lending Club, Zopa, GlobeFunder, and Virgin Money. It is unfortunate that Lending Club entered a quiet period just as they were gaining tremendous growth in loan volume.

CNBC February 5th, 2008: From Zero to Millions: Financing Your New Business:

Online Family Lending Use a lending network designed for inter-family loans, such as CircleLending.com. Tools at that site will help you and your relative come to terms on the length of the loan and the interest rate, and calculate the monthly payment amount. For $99, CircleLending issues a legally binding promissory note and a repayment schedule. For $9 per payment, the company will set up automatic repayments using electronic funds transfer.

Peer-to-peer Lending: Several websites now make it much easier to find an investor who will back your business. Check out prosper.com, lendingclub.com and zopa.com.

Lending Club’s founder financed his first company with personal loans and high-interest credit cards. He eventually sold the business to Oracle. That experience inspired his new company. Lending Club, which launched on Facebook in May 2007 and on its own site last September, uses technology to match borrowers to lenders willing to offer unsecured loans of $500 to $25,000 with three-year, fully amortizing terms.

The author, Laura Rowley, must have used some old notes because Read the rest of this entry »

Recently, I created my first loan portfolio at Lending Club. I recorded the loan portfolio creation process and decided to share it in case you have not experienced Lending Club personally. I added some narration to explain the basics of the process. The video is cropped in several places to keep it short — under three minutes total.

This video is me creating my first loan portfolio at Lending Club…

I should have mentioned in the narration that it defaulted the value of each loan to $25 but this is easy to change. By the way, I posted more information on the Lending Club Risk Score a few days ago.

Let me know what you think of the video and if you found it useful. Although, obviously it will not be that useful if you have already experienced the Lending Club loan portfolio creation process yourself.

If you are interested in investing in P2P loans with Lending Club, you can sign up here. If you sign up to lend, you will receive $25 if you fund your account with less than $1000 and $50 if you fund your account with more than $1,000. If you sign up as a borrower and your loan funds, you will receive $25.

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