Lending Club Jumps Another $10 Million to $70 Million
After first crossing $50 million in new loans issued in June and then $60 million in July Lending Club kept up their impressive growth and hit another round number: $70 million in August.
The pattern that is playing out at Lending Club these days was exemplified in August. The month started out strong with over $30 million in loans in just the first week alone. Then it settled down to a $1 million to $2 million daily average for the rest of the month. The huge surge at the beginning on the month halved the number of loans on the platform and then it slowly built up again towards the end of the month.
The number of loans issued at Lending Club broke 5,000 for the first time. There were 5,419 loans issued in August with an average loan size of $12,932. This average has been maintaining around $13,000 now for the last several months. But what is staggering is the loan numbers themselves: it was just back in February when Lending Club issued 2,540 loans – they are now well over double that number in just six months.
This recent rapid growth is reflected in their 18-month chart below. The black line is the three month moving average.