P2P Lending Hits Half a Billion Dollars

Total p2p lending dollars borrowed through May 6, 2011

Earlier today, the total amount of dollars borrowed through p2p lenders in this country crossed over $500 million. While on the one hand this is just a round number that doesn’t really mean anything, on the other hand it acknowledges the rapid growth of this industry.

Here is where we stand as of this writing as far as total loans funded through Lending Club and Prosper since they started:

Lending Club: $268,516,425

Prosper: $231,495,530

Prosper began operations in 2006 and Lending Club in 2007, so they both have a few years of history now under their belts. What is most interesting to me is the growth in the last 12 months. Of this half a billion dollars, $192 million of it has come in the last 12 months. So while it took around five years to reach the first half billion, the second half billion will likely happen within 18 months, maybe even sooner.

So congratulations to Lending Club and Prosper. Now let’s get back to work.

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Dan B
Dan B
May. 7, 2011 5:28 pm

You forgot to add the Lianio numbers. Or were they left out on purpose because the money wasn’t so much lent out but rather “given” to the borrowers?

Bilgefisher
May. 9, 2011 2:07 pm

Have you guys seen the institutional lenders bid on loans en mass?

Just had a Prosper loan that had over 70% left to fund. An institutional lender that has only been active since May 4th invested the rest of the money. Around $4200. Plus the loan approved immediately. No hold period like usual. Clicked on the name and it says institutional investor. First time I have seen that happen. If that starts happening more, that 500m may go up very rapidly.

Jason

Bilgefisher
May. 10, 2011 8:07 am

Listing #505035
investor – worth-blanket2 $4,194.68

Fred
Fred
May. 11, 2011 9:10 am

& PETER-
Noticed the same thing. Worth-blanket2 bidding large amounts… I wonder if Prosper is Worth-blanket2. Loan growth is essential.. have you noticed the 4% promotions to lenders?? They would only do this if they needed more lenders… If loans don’t fund they dont collect fees and they lose ground to other P2P sites. So my gut says this is Prosper funding large portions of these loans…

Bilgefisher
May. 11, 2011 1:14 pm

Considering Worth blanket has done 1/2 million in bids in the last few days, it should be interesting to see how these institutional investors stir things up a bit.

Jason