Lending Club Now Offers Loans in All States; Releases Six-Month Loan Data

Lending Club is announcing today that loans can now be made nation-wide. Previously several states in the nation weren’t able to participate in the social lending program. I believe Lending Club is the only social finance site within Facebook. Recently Zopa opened operations in the U.S. but unlike Lending Club which uses traditional loans, Zopa uses CDs for safety but also limits the ability to earn and therefore limits lender risk.

Lending Club is also releasing some loan data today:

• Lenders have earned an average 12.2 percent annualized return after fees and losses
• Defaults on the loans have remained under one percent (allen’s note: most likely because they require a 640 fico.)
• Late payments are below 0.25%
• 489 approved loans in the six-month period
• Average rates vary from 7.82% to 17.37%