Until April Lending Club updated their loan statistics every day. But in preparation for their upcoming IPO they moved to a quarterly update cycle instead of daily. So now, we have to wait several weeks after the end of the quarter before we can see the full loan data for loans Lending Club issued in that quarter.
So, in mid-August Lending Club quietly updated the data file on their Download page. Soon after I downloaded the updated 2014 data and started doing some digging. There were plenty of surprises here. So, I reached out to Lending Club (pre-IPO announcement) to get some comments.
But before we get to these comments take a look at the 18-month chart below. The second quarter of 2014 is certainly bucking the smooth growth trend that we have come to expect from Lending Club.