Lending Club Surpasses $10M In Monthly Loan Fundings, Makes Key Hire

Peer-to-peer lending network Lending Club this morning announced it passed $10 million in monthly loan fundings for May 2010. The company claims that the milestone marks the first time any U.S. peer lending company has funded that amount of loans in a single calendar month. Main rival Prosper is closing in on $200 million in personal loans funded in total - last time it has broken out the monthly statistics was for February 2010 , when the company announced it had reached roughly $1.7 million in loan volume for that month. In related news, Lending Club has appointed Scott Sanborn as chief marketing officer.