For three and a half years now I have been keeping close track of the lending volume at Lending Club and Prosper. Regular readers are used to seeing my end of month updates with the loan volume charts. Well, that is all about to come to an end, at least where Lending Club is concerned.
Astute observers will have noticed already that the Lending Club loan volume numbers on their home page and their statistics page have not been updated since March 31. And the total loan issuance graph shown above now shows loan volume by quarter and not by month and has also not been updated since March 31.
New Loans Will be Added to Lending Club’s Site Once a Quarter
Yesterday, Lending Club quietly published this blog post announcing the change. What is changing is the frequency of updates to the main download file that contains details of every loan, including the payments, issued since day one. The crux of the change is this. This file is changing from being updated with new loans every day to being updated with new loans once a quarter. What is not changing is that the payment information will continue to be updated every day, but only on loans that are in the existing file.
Here is how Lending Club describes the change:
Instead of posting new issuance data daily, we’ll now post new issuance data quarterly within 30 to 45 days after the quarter ends. We will, however, continue to provide daily data updates on payment and performance in our downloadable file for loans issued in prior quarters.
When I called Lending Club to discuss this change they would not provide much in the way of additional information. But it is not difficult to read between the lines here, particularly when considering this change in the light of their impending IPO. And I believe this is 100% related to the IPO.