Lending club has reduced the pricing of Larger loans, thus making it more attractive to borrowers to buy pools. Of course, the amounts of impact to the interest rate depends on the borrower qualifications, but we have seen examples of at least 200 basis points reduction with this change for the high quality borrowers. Lower quality borrowers may also see rate reductins of 50 to 100 basis points.
Since the execution of the Program five months ago, over 900 loan applicants have received loan offers from Lending Club totaling over $20 million. With these recent changes to our Program, this should provide a solid foundation to help grow our program even more, especially as we prepare for our next busy season. Our Lending Club Program has proven to be an attractive alternative financing option for many borrowers during these hard economic times, and now we are offering even more competitive interest rates.
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