Social lending platforms are growing rapidly, and that growth does not appear to be decreasing. In the past, there have been many negative opinions and doubts about social lending, but that negativity has been interrupted by social lending platforms that are consistently showing great reputations and rapid growth. The benefits to borrowers are extensive, including access to low-interest loans and solid investors. Investors are also benefiting from social lending platforms. In 2013, there were many platforms that became highly recognizable, but Lending Club was the social lending platform that was rated the best.
Lending Club was started in 2007, because they wanted to create an alternative choice for people who used the traditional banking system. Lending Club wanted to be able to give people a chance to find lower interest rates, and they wanted to assist investors in getting better returns. Lending Club’s advanced technology allows them to provide a great experience for both borrower and investor.
Lending Club had a rapid increase in issued loans in 2013. That growth had actually been increasing since January of 2011. By October 2013, they reached a mark of 250 million issued loans. Lending Club had started gaining profit in 2012, but they reached an impressive $2 billion in issued loans in 2013.
The Lending Club experience has many accessible features that have truly ranked them the best in 2013. Borrows can quickly receive quotes, and the process is completely private and convenient. Investors can build profiles containing thousands of loans. They can easily invest in payments received, or they can used them as cash flow.
The Lending Club team shows complete commitment to their customers, and they continue to provide professional service that keeps them above their competitors. Their team is recognized as a strong force that advances the world with creative thinking, innovation and technology.
The Lending Club has taken the lead three years in a row as being one of Forbes’ America’s Most Promising Companies. In 2013, they were picked as one of The World’s 10 Most Innovative Companies in Finance. The were also awarded a 2012 World Economic Forum Technology Pioneer.
There are many reasons why social lending platforms, such as The Lending Club, have become more favorable, but one key factor is the increased number of financially sound and successful financial institutions that have become interested and consumers choosing these platforms, versus other online lenders as they prefer the community atmosphere, transparency of underwriting and often the ability to borrow more money for a longer period of time. 2014 looks to be another successful year for social lending platforms. It can certainly be predicted that billions more in loans will be approved, and there will be new tools and features embedded into the current social lending platforms.