It was another milestone month for Lending Club. In June they became the first p2p lender to break $50 million in new loans issued in a month. I didn’t think this was going to happen until next month but they really accelerated their growth in June to easily surpass the $50 million mark. Prosper also put in another great month issuing $13.6 million in new loans.
Lending Club Doubles Their Loan Volume in Eight Months
It was back in October of last year that Lending Club surpassed $25 million in new loans for the first time. Now, here they are just eight months later crossing over $50 million. It seems like Lending Club went through some kind of transition in June. At the start of the month there was around 850 loans available for investors. This was pretty normal – the number of loans available had been fluctuating between 750 and 1,000 all year with occasionally the number going over 1,000 loans. We ended the month with over 2,200 loans on the platform – quite the increase.
The final numbers for Lending Club in June was $50.2 million issued over 3,817 loans. This means an average loan size of $13,155 which is pretty consistent with the last couple of months. All this increase came from more loan volume – over 400 more loans were issued in June than May. Below is their 18-month chart – the black line is the three month moving average.
Prosper Issues a Record $13.6 Million in New P2P Loans In June
While the numbers are lower than Lending Club, Prosper continues to show great numbers and June continued their steady path upwards. Their $13.6 million volume was up from $12.8 million last month and continues their 21-month growth streak that dates back to October 2010.
Prosper issued 1,830 loans in June with an average loan size of $7,407. Their average loan has remained very steady all year – falling between $7,300 and $7,700 every month this year. This number is up over 2011 where their average loan size was $6,677, which I think is a good thing. Prosper has been very conservative with loan size, keeping their maximum at $25,000 and for many of the higher risk borrowers (grades E & HR) the maximum loan size is just $4,000.
If we take a look inside the numbers by doing some digging in Lendstats we see that Worth-Blanket2 had a huge month. I think it was their biggest month ever with over $4 million in new money invested which is about double what they invested in May. Last month’s number one investor, Index_Plus, had a smaller month investing “just” $1.2 million. The other large investor, tolerant-responsibility051, invested slightly less than $300,000 and they are now entrenched as the number three investor on Prosper. Someone else that I would like to point out is long time investor Aberdeen. They have been around since the Prosper 1.o days and have been quite active lately. They invested $240,000 in June in just 43 loans – when Aberdeen invests they usually take a very large position in the loan.
Below is the the 18-month chart for Prosper with their three month moving average.