As if the board of directors of Lending Club was not star-studded enough, the peer-to-peer lender recently announced that former Treasury Secretary Lawrence “Larry” Summers would be joining the team.
In a statement accompanying the announcement, Summers noted that “rapid adoption of technology and innovation” that was creating opportunities for companies like Lending Club. Summers will join such notable as former Morgan Stanley CEO, John Mack, and legendary tech stock analyst, Mary Meeker.
Lending Club is a San Francisco-based peer-to-peer consumer lender. The company recently surpassed $1 billion in total loans issued, and has doubled the volume of its monthly loans over the past eight months. As of December 2012, the average loan amount is $12,300.
This comes even as Lending Club maintains fairly high standards. The typical Lending Club borrower has:
- FICO score of more than 700
- 15% debt-to-income ratio (excluding mortgage)
- Personal income of more than $69,000
- 14 years of credit history
Watch Lending Club’s Finovate demonstration here.