LendingClub says it has helped over 4 million members since 2007, an announcement said, hitting this mark just a year after being a bank holding company.
The company defines members as \”individuals who have got a new personal bank loan, auto refinance mortgage, patient and education finance loan, or consumer deposit account.\”
The release notes it doesn't count individuals who have sent an e-mail to the company, and it also doesn't include platinum investors, FinTech partners or commercial customers.
\”Every day our members come to us to improve their financial health insurance and we help them leverage their money so they can earn more when saving and pay less when borrowing,\” said Amber Carroll, Senior V . p . of Membership & Lifecycle Marketing at LendingClub. \”Our members are a few of retail banking's most profitable customers.\”
The release notes that LendingClub loans support members of various types. The core clients are often credit worthy and also have high incomes. They also make significant utilization of revolving charge cards to manage cash flow in addition to random events.
The release notes the company's target demographic reflects the larger environment, were 48% of shoppers earning over $100,000 a year live paycheck to paycheck, based on a recent study from LendingClub and PYMNTS.
And many Americans have higher than usual debt, and have been seeking new methods to grow their financial health, including through banking services.
Read more: 64% of shoppers Lived Payday to payday in January, up From 61% a Month Earlier
PYMNTS wrote that Anuj Nayar, the LendingClub financial health officer, said the amount of customers living payday to payday will probably increase even from the 64% already doing this by a recent report.
In the February \”Paycheck-to-Paycheck Report: Wealth Divide Edition,\” a PYMNTS and LendingClub collaboration, there is a observe that the amount of customers living paycheck to paycheck continues to be getting higher since April 2022.