US P2P Lenders Issue $2.4 Billion in Loans in 2013

By Peter Renton (Lend Academy) December 2014


Happy New Year! The books have just been closed on 2013 and what a year it has been for Lending Club and Prosper. Back in 2012 the two companies combined for $871 million in new loans issued. The numbers for 2013 have completely dwarfed that number – the combined total was $2.42 billion. That is a growth rate of 177%.
Lending Club Issues Over $2 Billion in New Loans in 2013
About half way through the year Renaud Laplanche, the CEO of Lending Club, started saying publicly that Lending Club would issue $2 billion in loans this year. It was a nice round number that garnered a lot of attention. Sure enough, Lending Club achieved their goal comfortably, issuing $2.06 billion in total loans for the year up from $718 million in 2012.
For the month of December Lending Club issued $241.3 million in new loans, just short of the quarter billion mark. This number was up from $234 million in November and is just slightly less than they issued in all of 2011. Their growth continues unabated and there is no end in sight as far as I can tell. If they keep this same growth rate they will issue over $5 billion in 2014.
Below are the monthly statistics for Lending Club as well as the 18-month loan volume chart (the black line is the three-month moving average).
Average loan size: $14,157
Average dollars issued per business day: $11.5 million
Percentage 36/60 month loans: 77.2%/22.8%
Average interest rate: 15.54%
Percentage of whole loans: 36.6%
Total Policy Code 2 loans: $15.6 million (6.5% of the total)
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