LendingClub says it has helped over 4 million members since 2007, a press release said, hitting this mark just a year after becoming a bank holding company.
The company defines members as “individuals who have obtained a personal loan, auto refinance loan, patient and education finance loan, or consumer deposit account.”
The release notes it doesn’t count individuals who have sent an email 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 and we help them leverage their money so they can earn more when saving and pay less when borrowing,” said Amber Carroll, Senior Vice President of Membership & Lifecycle Marketing at LendingClub. “Our members are some of retail banking’s most profitable customers.”
The release notes that LendingClub loans support members of various types. The core customers are often credit worthy and have high incomes. They also make significant use of revolving credit cards to manage cash flow as well as random events.
The release notes that the company’s target demographic reflects the bigger environment, were 48% of consumers earning over $100,000 a year are living paycheck to paycheck, according to a recent study from LendingClub and PYMNTS.
And many Americans have higher than usual debt, and have been seeking new ways to boost their financial health, including through banking services.
PYMNTS wrote that Anuj Nayar, the LendingClub financial health officer, said the number of customers living paycheck to paycheck is likely to increase even from the 64% already doing so as of a recent report.
In the February “Paycheck-to-Paycheck Report: Wealth Divide Edition,” a PYMNTS and LendingClub collaboration, there’s a note that the number of customers living paycheck to paycheck has been getting higher since April 2021.