Peer to Peer Lending Company Lending Club has recently passed its three year anniversary and is now issuing more than $10 million in loans per month to borrowers through Prime Consumer Notes which are funded by Lending Club investors.

“Lending Club creates a shorter path between the source of capital (investors) and the use of capital (borrowers). Over the past three years we have taken the innovative idea of peer lending and provided proven, clear benefits for both parties involved in the transaction — bringing new opportunities to investors and better interest rates to borrowers,” said Renaud Laplanche, CEO of Lending Club.

The majority of Lending Club loans are made to people that want to consolidate high interest consumer debt such as credit cards with a lower interest rate personal loan. Lending Club offers unsecured loans for interest rates as low as 7.93% for A1 graded borrowers, 53% lower than the national credit card APR of 14.9%. Lending Club has previously stated that the average interest rate borrowers pay is between 9% and 10%. Lending Club users can also take out loans to fund large purchases such as automobiles, weddings or home improvement projects.

Lending Club boasts investor returns of 9.65% net annualized since the company first began offering loans in 2007. Lending Club has more than 40,000 investors which range from “fund managers and financial advisors to retired florists and software engineers”. According to the firm, “Lending Club’s Prime Consumer Notes are attractive to a wide range of investors because of the transparency of the investment and the predictable returns.”