10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

Commission File Number: 001-36771

LendingClub Corporation

(Exact name of registrant as specified in its charter)

Delaware	51-0605731
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
71 Stevenson St., Suite 300, San Francisco, CA 94105
(Address of principal executive offices and zip code)

Registrant's telephone number, including area code: (415) 632-5600

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	ý (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ¨    No  ý

As of October 30, 2015, there were 377,863,378 shares of the registrant’s common stock outstanding.

LENDINGCLUB CORPORATION

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Income (Loss)	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	49
Item 4.	Controls and Procedures	49
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	50
Item 1A.	Risk Factors	50
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	51
Item 3.	Defaults Upon Senior Securities	51
Item 4.	Mine Safety Disclosures	51
Item 5.	Other Information	51
Item 6.	Exhibits	52
Signatures		53

Except as the context requires otherwise, as used herein, “Lending Club,” “Company”, “we,” “us,” and “our,” refer to LendingClub Corporation, a Delaware corporation, and, where appropriate, its two wholly owned subsidiaries:

• LC Advisors, LLC (LCA), a registered investment advisor with the Securities and Exchange Commission (SEC) that acts as the general partner for certain private funds and as advisor to separately managed accounts.

• Springstone Financial, LLC (Springstone), a company we acquired in April 2014 that facilitates education and patient finance loans.

Additionally, LC Trust I (Trust) is an independent Delaware business trust that acquires and holds loans for the sole benefit of certain investors that purchase trust certificates (Certificates) issued by the Trust and that are related to underlying loans.

Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 29A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this Quarterly Report on Form 10-Q (Report) regarding borrowers, credit scoring, Fair Isaac Corporation (FICO) or other credit scores, our strategy, future operations, expected losses, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. The words “anticipate,” “appear,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “will,” or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

These forward-looking statements include, among other things, statements about:

• the status of borrowers, the ability of borrowers to repay loans and the plans of borrowers;

• interest rates and origination fees on loans charged by issuing banks;

• expected rates of return for investors;

• the effectiveness of our credit scoring models;

• the likelihood of us having to fund contingent commitments, including commitments made to Springstone’s issuing bank and a credit support agreement we have entered into with an investor;

• the potential impact of having to fund any such contingent commitments;

• fee revenue we expect to recognize after loans are issued by our issuing bank partners;

• our financial condition and performance, including the impact that management’s estimates have on our financial performance and the relationship between the interim period and full year results;

• investor, borrower, platform and loan performance-related factors that may affect our revenue;

• our ability to develop and maintain effective internal controls;

• our compliance with applicable local, state and Federal laws;

• our compliance with applicable regulations and regulatory developments affecting our marketplace; and

• other risk factors listed from time to time in reports we file with the SEC.

We caution you that the foregoing list may not contain all of the forward-looking statements in this Report. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. We have included important factors in the cautionary statements included in this Report, particularly in "Part II - Other Information - Item 1A - Risk Factors" in this Report and the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2014, that could, among other things, cause actual results or events to differ materially from forward-looking statements contained in this Report. Forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

You should read this Report carefully and completely and with the understanding that actual future results may be materially different from what we expect. We do not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

1

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

LENDINGCLUB CORPORATION

Condensed Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

	September 30,   2015			December 31,   2014
Assets
Cash and cash equivalents	$	579,206		$	869,780
Restricted cash	159,216			46,763
Securities available for sale	338,519			—
Loans at fair value (includes $2,639,651 and $1,772,407 from consolidated trust, respectively)	4,068,974			2,798,505
Accrued interest receivable (includes $22,790 and $15,209 from consolidated trust, respectively)	36,544			24,262
Property, equipment and software, net	47,096			27,051
Intangible assets, net	32,227			36,302
Goodwill	72,683			72,592
Due from related parties	606			467
Other assets	24,679			14,332
Total assets	$	5,359,750		$	3,890,054
Liabilities and Stockholders’ Equity
Accounts payable	$	3,756		$	5,892
Accrued interest payable (includes $25,868 and $16,989 from consolidated trust, respectively)	39,858			26,964
Accrued expenses and other liabilities	54,137			31,620
Payables to investors	150,880			38,741
Notes and certificates at fair value (includes $2,656,917 and $1,772,407 from consolidated trust, respectively)	4,095,481			2,813,618
Total liabilities	4,344,112			2,916,835
Stockholders’ Equity
Common stock, $0.01 par value; 900,000,000 shares authorized at September 30, 2015 and December 31, 2014, respectively; 377,289,733 and 371,443,916 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	3,773			3,714
Additional paid-in capital	1,105,824			1,052,728
Accumulated deficit	(92,787		)	(83,223		)
Accumulated other comprehensive loss	(1,172		)	—
Total stockholders’ equity	1,015,638			973,219
Total liabilities and stockholders’ equity	$	5,359,750		$	3,890,054

See Notes to Condensed Consolidated Financial Statements.

2

LENDINGCLUB CORPORATION

Condensed Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Amounts)

(Unaudited)

	Three Months Ended    September 30,						Nine Months Ended   September 30,
	2015			2014			2015			2014
Operating revenue:
Transaction fees	$	100,420		$	52,622		$	258,553		$	133,835
Servicing fees	8,999			3,053			20,870			6,301
Management fees	2,900			1,608			7,663			4,163
Other revenue (expense)	2,743			(745		)	5,140			(438		)
Total operating revenue	115,062			56,538			292,226			143,861
Net interest income (expense):
Total interest income	145,833			94,038			389,831			252,298
Total interest expense	(144,659		)	(94,460		)	(387,666		)	(253,054		)
Net interest income (expense)	1,174			(422		)	2,165			(756		)
Fair value adjustments, loans	(72,474		)	(33,809		)	(172,495		)	(84,963		)
Fair value adjustments, notes and certificates	72,514			33,757			172,529			84,865
Net interest income (expense) after fair value adjustments	1,214			(474		)	2,199			(854		)
Total net revenue	116,276			56,064			294,425			143,007
Operating expenses:
Sales and marketing	44,961			21,001			120,162			60,808
Origination and servicing	17,573			10,167			45,540			26,135
General and administrative	51,559			31,848			136,038			78,862
Total operating expenses	114,093			63,016			301,740			165,805
Income (loss) before income tax expense	2,183			(6,952		)	(7,315		)	(22,798		)
Income tax expense	1,233			419			2,249			1,059
Net income (loss)	$	950		$	(7,371	)	$	(9,564	)	$	(23,857	)
Basic net income (loss) per share attributable to common stockholders	$	0.00		$	(0.12	)	$	(0.03	)	$	(0.41	)
Diluted net income (loss) per share attributable to common stockholders	$	0.00		$	(0.12	)	$	(0.03	)	$	(0.41	)
Weighted-average common shares - Basic	375,982,120			59,844,394			373,605,274			57,958,838
Weighted-average common shares - Diluted	401,934,880			59,844,394			373,605,274			57,958,838

See Notes to Condensed Consolidated Financial Statements.

3

LENDINGCLUB CORPORATION

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In Thousands)

(Unaudited)

	Three Months Ended    September 30,						Nine Months Ended   September 30,
	2015			2014			2015			2014
Net income (loss)	$	950		$	(7,371	)	$	(9,564	)	$	(23,857	)
Other comprehensive loss, before tax:
Change in net unrealized loss on securities available for sale	(341		)	—			(1,172		)	—
Other comprehensive loss, before tax	(341		)	—			(1,172		)	—
Income tax effect	—			—			—			—
Other comprehensive loss, net of tax	(341		)	—			(1,172		)	—
Comprehensive income (loss)	$	609		$	(7,371	)	$	(10,736	)	$	(23,857	)

See Notes to Condensed Consolidated Financial Statements.

4

LENDINGCLUB CORPORATION

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

	Nine Months Ended September 30,
	2015			2014
Cash Flows from Operating Activities:
Net loss	$	(9,564	)	$	(23,857	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net fair value adjustments of loans, notes and certificates	(33		)	99
Change in fair value of loan servicing liabilities	(3,919		)	2,776
Change in fair value of loan servicing assets	2,467			(986		)
Stock-based compensation, net	37,558			25,889
Depreciation and amortization	15,525			6,620
(Gain) loss on sales of loans	(2,136		)	2,110
Other, net	42			450
Purchase of whole loans to be sold	(2,338,346		)	(1,096,592		)
Proceeds from sales of whole loans	2,338,346			1,094,482
Net change in operating assets and liabilities:
Accrued interest receivable	(12,282		)	(6,373		)
Other assets	(6,341		)	13,184
Due from related parties	(139		)	(88		)
Accounts payable	(3,071		)	(1,107		)
Accrued interest payable	12,893			7,982
Accrued expenses and other liabilities	22,350			10,806
Net cash provided by operating activities	53,350			35,395
Cash Flows from Investing Activities:
Purchases of loans	(2,736,698		)	(1,534,276		)
Principal payments received from loans	1,280,005			739,505
Proceeds from recoveries and sales of charged-off loans	13,729			5,178
Purchases of securities available for sale	(402,832		)	—
Proceeds from sales of securities available for sale	63,198			—
Payments for business acquisition, net of cash acquired	—			(109,464		)
Net change in restricted cash	(112,453		)	(11,432		)
Proceeds from sale of property and equipment	11			—
Purchases of property, equipment and software	(25,878		)	(14,989		)
Net cash used for investing activities	(1,920,918		)	(925,478		)
Cash Flows from Financing Activities:
Change in payable to investors	112,139			12,933
Proceeds from issuances of notes and certificates	2,736,667			1,534,010
Principal payments on notes and certificates	(1,268,622		)	(732,342		)
Payments on notes and certificates from recoveries/sales of related charged-off loans	(13,654		)	(5,153		)
Proceeds from term loan, net of debt discount	—			49,813

5

LENDINGCLUB CORPORATION

Condensed Consolidated Statements of Cash Flows (Continued)

(In Thousands)

(Unaudited)

	Nine Months Ended   September 30,
	2015			2014
Payment for debt issuance cost	—			(1,192		)
Principal payment on term loan	—			(625		)
Prepaid offering costs	—			(1,887		)
Change in equity offering costs	90			—
Proceeds from issuance of common stock for ESPP	2,694			—
Proceeds from issuance of Series F convertible preferred stock, net of issuance costs	—			64,803
Proceeds from stock option exercises and other	7,680			3,098
Net cash provided by financing activities	1,576,994			923,458
Net (Decrease) Increase in Cash and Cash Equivalents	(290,574		)	33,375
Cash and Cash Equivalents, Beginning of Period	869,780			49,299
Cash and Cash Equivalents, End of Period	$	579,206		$	82,674
Supplemental Cash Flow Information:
Cash paid for interest	$	374,760		$	244,531
Non-cash investing and financing activity:
Issuance of Series F convertible preferred stock for business acquisition	$	—		$	2,762
Non-cash investing activity:
Accruals for property, equipment and software	$	3,466		$	1,132

See Notes to Condensed Consolidated Financial Statements.

6

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

1. Basis of Presentation

LendingClub Corporation (Lending Club) is an online marketplace connecting borrowers and investors. LC Advisors, LLC (LCA), is a registered investment advisor with the Securities and Exchange Commission (SEC) and wholly-owned subsidiary of Lending Club that acts as the general partner for certain private funds and advisor to separately managed accounts. Springstone Financial, LLC (Springstone), is a wholly-owned subsidiary of Lending Club that facilitates education and patient finance loans. LC Trust I (the Trust) is an independent Delaware business trust that acquires and holds loans from Lending Club for the sole benefit of certain investors that purchase trust certificates (Certificates) issued by the Trust and that are related to underlying loans.

The accompanying unaudited condensed consolidated financial statements include Lending Club, the Trust, LCA and Springstone (collectively referred to as the Company, we, or us). All intercompany balances and transactions have been eliminated. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information necessary for the fair statement of the results and financial position for the periods presented. The Company's results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year or any other interim period.

The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (Annual Report).

The Company's significant accounting policies are included in "Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 – Summary of Significant Accounting Policies"in the Annual Report. There have been no significant changes to these accounting policies during the first nine months of 2015, except as noted in "Note 4 – Securities Available for Sale" and "Note 6 – Fair Value of Assets and Liabilities" of these condensed consolidated financial statements.

2. New Accounting Standards

New Accounting Standards Not Yet Adopted

In February 2015, the Financial Accounting Standards Board (FASB) issued new guidance amending accounting for consolidations, which will be effective January 1, 2016. The guidance changes what an investor must consider in determining whether it is required to consolidate an entity in which it holds an interest. The Company is currently evaluating the impact of this guidance on the Company’s financial position, results of operations, earnings per common share, and cash flows.

In April 2015, the FASB issued new guidance amending accounting for customer's cloud based fees, which will be effective January 1, 2016. The guidance changes what a customer must consider in determining whether a cloud computing arrangement contains a software license. If the arrangement contains a software license, the customer would account for the fees related to the software license element in accordance with guidance related to internal use software; if the arrangement does not contain a software license, the customer would account for the arrangement as a service contract. The Company is currently evaluating the impact of this guidance on the Company’s financial position, results of operations, earnings per common share, and cash flows.

In September 2015, the FASB amended existing guidance related to recognition of adjustments to provisional amounts recorded during purchase accounting. Changes recognized during the measurement period will be recognized prospectively as adjustments to goodwill, with corresponding changes in income or expense, such as

7

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

revised depreciation or amortization, recognized in current period earnings. This amendment is effective January 1, 2016. Since we do not currently have any open measurement periods related to any business acquisition, adoption of this standard will not have an impact on the Company's financial position, results of operations, earnings per common share, or cash flows.

3. Net Income (Loss) Per Share and Net Income (Loss) Attributable to Common Stockholders

Earnings (loss) per share (EPS) is the amount of net income (loss) available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of net income (loss) available to each share of common stock outstanding during the reporting period, adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares are excluded from the computation of diluted EPS in periods in which the effect would be antidilutive. Potentially dilutive common shares include incremental shares issued for stock options, convertible preferred stock and warrants to purchase common stock. In conjunction with the Company's Initial Public Offering (IPO) on December 11, 2014, all of its convertible preferred stock converted to common stock and all warrants to purchase convertible preferred stock were converted to warrants to purchase common stock.

The Company calculates EPS using the two-class method when applicable. The two-class method allocates net income that otherwise would have been available to common shareholders to holders of participating securities. All participating securities are excluded from basic weighted-average common shares outstanding. Prior to the Company's IPO, the Company considered all series of its convertible preferred stock to be participating securities. The Company had no participating securities as of September 30, 2015.

The following table details the computation of the basic and diluted net income (loss) per share:

	Three Months Ended    September 30,					Nine Months Ended   September 30,
	2015		2014			2015			2014
Net income (loss) (1)	$	950	$	(7,371	)	$	(9,564	)	$	(23,857	)
Weighted average common shares - Basic	375,982,120		59,844,394			373,605,274			57,958,838
Weighted average common shares - Diluted	401,934,880		59,844,394			373,605,274			57,958,838
Basic net income (loss) per share attributable to common stockholders	$	0.00	$	(0.12	)	$	(0.03	)	$	(0.41	)
Diluted net income (loss) per share attributable to common stockholders	$	0.00	$	(0.12	)	$	(0.03	)	$	(0.41	)

⁽¹⁾  Also represents net income (loss) available to common stockholders. In a period with net income, both earnings and dividends (if any) are allocated to participating securities. In a period with a net loss, only declared dividends (if any) are allocated to participating securities. There were no dividends declared in the first nine months of2015 or 2014.

4. Securities Available for Sale

The Company began purchasing securities available for sale during the second quarter of 2015. Securities available for sale are recorded at fair value and unrealized gains and losses are reported, net of taxes, in accumulated other comprehensive income (loss) included in stockholders' equity unless management determines that a security is other-than-temporarily impaired (OTTI). Realized gains and losses from sales of securities available for sale are determined on a specific identification basis and are included in other revenue (expense).

8

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of September 30, 2015, are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	251,253	$	4	$	(1,144	)	$	250,113
Asset-backed securities	54,990		4		(35		)	54,959
U.S. agency securities	20,602		5		(4		)	20,603
Municipal securities	5,840		3		—			5,843
Other securities	7,006		1		(6		)	7,001
Total securities available for sale	$	339,691	$	17	$	(1,189	)	$	338,519

A summary of securities available for sale with unrealized losses as of September 30, 2015, aggregated by category and period of continuous unrealized loss, is as follows:

	Less than 12 months					12 months or longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	241,480	$	(1,144	)	$	—	$	—	$	241,480	$	(1,144	)
Asset-backed securities	49,955		(35		)	—		—		49,955		(35		)
U.S. agency securities	11,600		(4		)	—		—		11,600		(4		)
Other securities	4,999		(6		)	—		—		4,999		(6		)
Total securities with unrealized losses(1)	$	308,034	$	(1,189	)	$	—	$	—	$	308,034	$	(1,189	)

⁽¹⁾  The number of investment positions with unrealized losses totaled 142.

Management evaluates whether securities available for sale are OTTI on a quarterly basis. Debt securities with unrealized losses are considered OTTI if the Company intends to sell the security or if it is more likely than not that it will be required to sell such security before any anticipated recovery. If management determines that a security is OTTI under these circumstances, the impairment recognized in earnings is measured as the entire difference between the amortized cost and then-current fair value.

A security is also OTTI if management does not expect to recover all of the amortized cost of the security. In this circumstance, the impairment recognized in earnings represents estimated credit loss, and is measured by the difference between the present value of expected cash flows and the amortized cost of the security. Management utilizes cash flow models to estimate the expected future cash flow from the securities to estimate the credit loss when necessary. Expected cash flows are discounted using the security's effective interest rate.

The evaluation of whether the Company expects to recover the amortized cost of a security is inherently judgmental. The evaluation includes the assessment of several security performance indicators, including the magnitude and duration of the unrealized loss and whether the Company has received all scheduled principal and interest payments. There were no impairment charges recognized during the first nine months of 2015.

9

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

The contractual maturities of securities available for sale at September 30, 2015, are as follows:

	Within 1 year		After 1 year through 5 years		After 5 years through 10 years		After 10 years		Total
Corporate debt securities	$	28,120	$	221,993	$	—	$	—	$	250,113
Asset-backed securities	—		54,959		—		—		54,959
U.S. agency securities	—		20,603		—		—		20,603
Municipal securities	—		5,843		—		—		5,843
Other securities	—		7,001		—		—		7,001
Total fair value	$	28,120	$	310,399	$	—	$	—	$	338,519
Total amortized cost	$	28,151	$	311,540	$	—	$	—	$	339,691

Proceeds and gross realized gains and losses from sales of securities available for sale are as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2015		2015
Proceeds	$	59,689	$	63,198
Gross realized gains	$	58	$	58
Gross realized losses	$	—	$	1

5. Loans, Notes and Certificates, and Loan Servicing Rights

Loans, Notes and Certificates

At September 30, 2015 and December 31, 2014, loans, notes and certificates measured at fair value on a recurring basis were as follows: 

	Loans						Notes and Certificates
	September 30,   2015			December 31,   2014			September 30,   2015			December 31,   2014
Aggregate principal balance outstanding	$	4,149,442		$	2,836,729		$	4,175,947		$	2,851,837
Net fair value adjustments	(80,468		)	(38,224		)	(80,466		)	(38,219		)
Fair value	$	4,068,974		$	2,798,505		$	4,095,481		$	2,813,618
Original term	12 - 60 months			12 - 60 months
Interest rates (fixed)	4.99% - 29.90%			5.79% - 29.90%
Maturity dates	≤ September 2020			≤ December 2019

10

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

We place loans on non-accrual status at the earlier of 120 days past due or when the Compay is notified that borrowers have filed for bankruptcy or are deceased. At September 30, 2015 and December 31, 2014, loans that were 90 days or more past due (including non-accrual loans) were as follows:

	September 30, 2015						December 31, 2014
	> 90 days past due			Non-accrual loans(1)			> 90 days past due			Non-accrual loans(1)
Outstanding principal balance	$	28,716		$	1,174		$	19,790		$	1,373
Net fair value adjustments	(27,102		)	(1,091		)	(18,825		)	(1,289		)
Fair value	$	1,614		$	83		$	965		$	84
# of loans (not in thousands)	2,512			94			1,797			125

⁽¹⁾ Includes all loans for which the Company has been notified that the borrower has filed for bankruptcy or is deceased, or that were 120 days or more past due.

Loan Servicing Rights

Loan servicing assets and liabilities related to retained servicing rights are recorded at fair value in “Other assets” and “Accrued expenses and other liabilities,” respectively. At September 30, 2015, loans underlying loan servicing rights had a total outstanding principal balance of $3.548 billion, original terms between 3 and 84 months, monthly payments with interest rates ranging from 2.99% to 33.15% and maturity dates through September 2022. At December 31, 2014, loans underlying loan servicing rights had a total outstanding principal balance of $1.872 billion, original terms between 12 and 60 months, monthly payments with fixed interest rates ranging from 5.90% to 33.15% and maturity dates through December 2019.

6. Fair Value of Assets and Liabilities

For a description of the fair value hierarchy and the Company’s fair value methodologies, see "Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 - Summary of Significant Accounting Policies" in the Annual Report. The Company did not transfer any assets or liabilities in or out of level 3 during the third quarter and first nine months of2015 or the year ended December 31, 2014.

Financial Instruments Recorded at Fair Value

See "Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 - Summary of Significant Accounting Policies" in the Company's Annual Report for a description of the fair value methodology for loans, notes and certificates. In the third quarter of 2015, the Company incorporated cumulative prepayments into the valuation of loans, notes and certificates to better reflect a market participant's view of valuation assumptions underlying unsecured consumer credit obligations. Prior to the third quarter, the effect of prepayments was reflected through an effective adjustment to the discount rates used in the fair value methodology. Cumulative prepayments are estimates of the cumulative amount of principal prepayments that will occur over the entire life of a loan expressed as a percentage of the original principal amount of the loan. The assumption regarding cumulative prepayments reduces the projected balances and expected terms of the loans, notes and certificates.

When available, the Company uses quoted prices in active markets to measure the fair value of securities available for sale. When utilizing market data and bid-ask spreads, the Company uses the price within the bid-ask spread that best represents fair value. When quoted prices do not exist, the Company uses prices obtained from independent third-party pricing services to measure the fair value of securities available for sale. The Company's primary independent pricing service provides prices based on observable trades and discounted cash flows that incorporate observable information, such as yields for similar types of securities (a benchmark interest rate plus observable

11

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

spreads) and weighted-average maturity for the same or similar "to-be-issued" securities. The Company compares the prices obtained from its primary independent pricing service to the prices obtained from the additional independent pricing services to determine if the price obtained from the primary independent pricing service is reasonable. The Company does not adjust the prices received from independent third-party pricing services unless such prices are inconsistent with the definition of fair value and result in a material difference in the recorded amounts.

The following tables present the fair value hierarchy for assets and liabilities measured at fair value:

September 30, 2015	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Loans	$	—	$	—	$	4,068,974	$	4,068,974
Securities available for sale:
Corporate debt securities	—		250,113		—		250,113
Asset-backed securities	—		54,959		—		54,959
U.S. agency securities	—		20,603		—		20,603
Municipal securities	—		5,843		—		5,843
Other securities	—		7,001		—		7,001
Total securities available for sale	—		338,519		—		338,519
Servicing assets	—		—		7,249		7,249
Total assets	$	—	$	338,519	$	4,076,223	$	4,414,742
Liabilities:
Notes and certificates	$	—	$	—	$	4,095,481	$	4,095,481
Servicing liabilities	—		—		4,394		4,394
Total liabilities	$	—	$	—	$	4,099,875	$	4,099,875
December 31, 2014	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Loans	$	—	$	—	$	2,798,505	$	2,798,505
Servicing assets	—		—		2,181		2,181
Total assets	$	—	$	—	$	2,800,686	$	2,800,686
Liabilities:
Notes and certificates	$	—	$	—	$	2,813,618	$	2,813,618
Servicing liabilities	—		—		3,973		3,973
Total liabilities	$	—	$	—	$	2,817,591	$	2,817,591

As our loans and related notes and certificates, and loan servicing rights do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure the fair value of these assets and liabilities. Financial instruments are categorized in the level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. These fair value estimates may also include observable, actively quoted components derived from external sources. As a result, the realized and unrealized gains and losses for assets and liabilities within the level 3 category may include changes in fair value that were attributable to both observable and unobservable inputs.

12

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs used for our level 3 fair value measurements at September 30, 2015 and December 31, 2014:

		September 30, 2015
		Range of Inputs
Financial Instrument	Unobservable Input	Minimum		Maximum		Weighted- Average
Loans, notes and certificates	Discount rates	3.5	%	17.5	%	8.9	%
	Net cumulative expected loss rates	0.3	%	22.0	%	9.7	%
	Cumulative prepayment rates	21.9	%	38.5	%	27.7	%
Servicing asset/liability	Discount rates	3.5	%	20.5	%	9.6	%
	Net cumulative expected loss rates	0.3	%	21.5	%	8.7	%
	Cumulative prepayment rates	8.4	%	48.7	%	29.0	%
	Base market servicing rates (% per annum on unpaid principal balance)(1)	0.50	%	0.75	%	0.50	%
		December 31, 2014
		Range of Inputs
Financial Instrument	Unobservable Input	Minimum		Maximum		Weighted- Average
Loans, notes and certificates	Discount rates	5.2	%	17.4	%	10.1	%
	Net cumulative expected loss rates	0.3	%	22.0	%	10.0	%
Servicing asset/liability	Discount rates	5.3	%	23.7	%	10.7	%
	Net cumulative expected loss rates	0.3	%	22.0	%	10.2	%
	Cumulative prepayment rates	16.5	%	26.7	%	20.0	%
	Base market servicing rates (% per annum on unpaid principal balance)(1)	0.50	%	0.70	%	0.50	%

⁽¹⁾ Excludes ancillary fees charged to investors that would be passed on to a third-party servicer.

At September 30, 2015, the discounted cash flow methodology used to estimate the notes and certificates fair values used the same projected cash flows as the related loans. As demonstrated in the following table, the fair value adjustments for loans were largely offset by the fair value adjustments of the notes and certificates due to the member payment dependent design of the notes and certificates and because the principal balances of the loans were very close to the combined principal balances of the notes and certificates.

13

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

The following tables present additional information about level 3 loans, notes and certificates, each measured at fair value on a recurring basis, for the third quarters and first nine months of2015 and 2014:

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at June 30, 2015	$	3,694,823		$	(57,440	)	$	3,637,383		$	3,717,556		$	(57,432	)	$	3,660,124
Purchases of loans	1,946,455			—			1,946,455			—			—			—
Issuances of notes and certificates	—			—			—			991,926			—			991,926
Whole loan sales	(954,770		)	—			(954,770		)	—			—			—
Principal payments	(481,701		)	—			(481,701		)	(478,189		)	—			(478,189		)
Charge-offs	(55,365		)	55,365			—			(55,346		)	55,346			—
Recoveries	—			(5,919		)	(5,919		)	—			(5,867		)	(5,867		)
Change in fair value recorded in earnings	—			(72,474		)	(72,474		)	—			(72,513		)	(72,513		)
Ending balance at September 30, 2015	$	4,149,442		$	(80,468	)	$	4,068,974		$	4,175,947		$	(80,466	)	$	4,095,481

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at June 30, 2014	$	2,351,515		$	(25,313	)	$	2,326,202		$	2,361,902		$	(25,307	)	$	2,336,595
Purchases of loans	994,497			—			994,497			—			—			—
Issuances of notes and certificates	—			—			—			532,034			—			532,034
Whole loan sales	(462,523		)	—			(462,523		)	—			—			—
Principal payments	(288,102		)	—			(288,102		)	(280,643		)	—			(280,643		)
Charge-offs	(28,910		)	28,910			—			(28,852		)	28,852			—
Recoveries	—			(2,594		)	(2,594		)	—			(2,589		)	(2,589		)
Change in fair value recorded in earnings	—			(33,809		)	(33,809		)	—			(33,757		)	(33,757		)
Ending balance at September 30, 2014	$	2,566,477		$	(32,806	)	$	2,533,671		$	2,584,441		$	(32,801	)	$	2,551,640

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at December 31, 2014	$	2,836,729		$	(38,224	)	$	2,798,505		$	2,851,837		$	(38,219	)	$	2,813,618
Purchases of loans	5,075,044			—			5,075,044			—			—			—
Issuances of notes and certificates	—			—			—			2,736,667			—			2,736,667
Whole loan sales	(2,338,346		)	—			(2,338,346		)	—			—			—
Principal payments	(1,280,005		)	—			(1,280,005		)	(1,268,622		)	—			(1,268,622		)
Charge-offs	(143,980		)	143,980			—			(143,935		)	143,935			—
Recoveries	—			(13,729		)	(13,729		)	—			(13,653		)	(13,653		)
Change in fair value recorded in earnings	—			(172,495		)	(172,495		)	—			(172,529		)	(172,529		)
Ending balance at September 30, 2015	$	4,149,442		$	(80,468	)	$	4,068,974		$	4,175,947		$	(80,466	)	$	4,095,481

14

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at December 31, 2013	$	1,849,042		$	(20,000	)	$	1,829,042		$	1,859,982		$	(19,992	)	$	1,839,990
Purchases of loans	2,628,758			—			2,628,758			—			—			—
Issuances of notes and certificates	—			—			—			1,534,011			—			1,534,011
Whole loan sales	(1,094,482		)	—			(1,094,482		)	—			—			—
Principal payments	(739,506		)	—			(739,506		)	(732,343		)	—			(732,343		)
Charge-offs	(77,335		)	77,335			—			(77,209		)	77,209			—
Recoveries	—			(5,178		)	(5,178		)	—			(5,153		)	(5,153		)
Change in fair value recorded in earnings	—			(84,963		)	(84,963		)	—			(84,865		)	(84,865		)
Ending balance at September 30, 2014	$	2,566,477		$	(32,806	)	$	2,533,671		$	2,584,441		$	(32,801	)	$	2,551,640

The following table presents additional information about level 3 servicing assets and liabilities measured at fair value on a recurring basis for the third quarters and first nine months of2015 and 2014:

	Three Months Ended September 30, 2015						Three Months Ended September 30, 2014
	Servicing Assets			Servicing Liabilities			Servicing Assets			Servicing Liabilities
Fair value at beginning of period	$	5,225		$	4,831		$	1,034		$	2,736
Issuances (1)	3,092			1,402			481			1,809
Changes in fair value, included in servicing fees	(1,436		)	(1,839		)	(182		)	(833		)
Additions, included in deferred revenue	368			—			187			—
Fair value at end of period	$	7,249		$	4,394		$	1,520		$	3,712

	Nine Months Ended   September 30, 2015						Nine Months Ended   September 30, 2014
	Servicing Assets			Servicing Liabilities			Servicing Assets			Servicing Liabilities
Fair value at beginning of period	$	2,181		$	3,973		$	534		$	936
Issuances (1)	6,476			4,340			1,355			3,464
Changes in fair value, included in servicing fees	(2,467		)	(3,919		)	(841		)	(688		)
Additions, included in deferred revenue	1,059			—			472			—
Fair value at end of period	$	7,249		$	4,394		$	1,520		$	3,712

⁽¹⁾   Represents the offsets to the gains or losses on sales of the related loans, recorded in other revenue (expense).

15

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

Significant Recurring Level 3 Fair Value Asset and Liability Input Sensitivity

Certain fair valuation adjustments recorded through earnings were related to level 3 instruments for the third quarters and first nine months of2015 and 2014. Generally, changes in the net cumulative expected loss rates, cumulative prepayment rates, and discount rates will have an immaterial net impact on the fair value of loans, notes and certificates, and servicing assets and liabilities.

Certain of these unobservable inputs may (in isolation) have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. When multiple inputs are used within the valuation techniques for loans, notes and certificates, or servicing assets and liabilities, a change in one input in a certain direction may be offset by an opposite change from another input.

A specific loan that is projected to have larger future default losses than previously estimated has lower expected future cash flows over its remaining life, which reduces its estimated fair value. Conversely, a specific loan that is projected to have smaller future default losses than previously estimated has increased expected future cash flows over its remaining life, which increases its fair value. Separately, an increase in expected prepayments will reduce the estimated fair value of a loan, whereas a decrease in expected prepayments will increase the estimated fair value of a loan.

Our selection of the most representative base market servicing rates for servicing assets and servicing liabilities is inherently judgmental. We reviewed third-party servicing rates for our loans and loans in similar credit sectors, as well as a market servicing benchmarking analysis provided by a third-party valuation firm, and determined that base market servicing rates on our products ranging from 0.40% to 0.75% per anum of outstanding principal are reasonable estimates as of September 30, 2015. The table below shows the estimated impact on the estimated fair value of servicing assets and liabilities, calculated using different base market servicing rate assumptions as of September 30, 2015 and December 31, 2014:

	September 30, 2015						December 31, 2014
	Servicing Assets			Servicing Liabilities			Servicing Assets			Servicing Liabilities
Weighted-average base market servicing rate assumptions	0.50		%	0.50		%	0.50		%	0.50		%
Change in fair value from:
Servicing rate increase to 0.60%	$	(2,566	)	$	1,764		$	(915	)	$	1,416
Servicing rate decrease to 0.40%	$	2,682		$	(1,649	)	$	965		$	(1,366	)

16

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

Financial Instruments Not Recorded at Fair Value

The following tables present the fair value hierarchy for financial instruments not recorded at fair value:

September 30, 2015	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Cash and cash equivalents	$	579,206	$	—	$	579,206	$	—	$	579,206
Restricted cash	159,216		—		159,216		—		159,216
Deposits	763		—		763		—		763
Total assets	$	739,185	$	—	$	739,185	$	—	$	739,185
Liabilities:
Accounts payable	$	3,756	$	—	$	3,756	$	—	$	3,756
Payables to investors	150,880		—		150,880		—		150,880
Total liabilities	$	154,636	$	—	$	154,636	$	—	$	154,636

December 31, 2014	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Cash and cash equivalents	$	869,780	$	—	$	869,780	$	—	$	869,780
Restricted cash	46,763		—		46,763		—		46,763
Deposits	657		—		657		—		657
Total assets	$	917,200	$	—	$	917,200	$	—	$	917,200
Liabilities:
Accounts payable	$	5,892	$	—	$	5,892	$	—	$	5,892
Payables to investors	38,741		—		38,741		—		38,741
Total liabilities	$	44,633	$	—	$	44,633	$	—	$	44,633

7. Property, Equipment and Software, Net

Property, equipment and software, net, consist of the following:

	September 30,   2015			December 31,   2014
Internally developed software	$	34,107		$	16,023
Computer equipment	12,169			7,929
Leasehold improvements	8,868			4,802
Purchased software	4,843			3,326
Furniture and fixtures	4,232			2,405
Construction in progress	2,165			549
Total property, equipment and software	66,384			35,034
Accumulated depreciation and amortization	(19,288		)	(7,983		)
Total property, equipment and software, net	$	47,096		$	27,051

17

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

Depreciation and amortization expense on property, equipment and software was $4.5 million and $1.8 million for the third quarters of2015 and 2014, respectively. Depreciation and amortization expense on property, equipment and software was $11.4 million and $4.1 million for the first nine months of2015 and 2014, respectively.

8. Other Assets

Other assets consist of the following:

	September 30,   2015		December 31,   2014
Prepaid expenses	$	8,829	$	6,807
Loan servicing assets at fair value	7,249		2,181
Accounts receivable	3,322		1,744
Deferred acquisition compensation	1,815		2,695
Deposits	763		657
Receivable from investors	568		155
Other	2,133		93
Total other assets	$	24,679	$	14,332

9. Intangible Assets and Goodwill

Intangible Assets

The Company's intangible asset balance was $32.2 million and $36.3 million at September 30, 2015 and December 31, 2014, respectively. Amortization expense associated with intangible assets for the third quarter and first nine months of2015 was $1.3 million and $4.1 million, respectively. Amortization expense associated with intangible assets for the third quarter and first nine months of2014 was $1.4 million and $2.5 million, respectively.

Goodwill

The Company’s annual goodwill impairment testing date is April 1. In testing for potential impairment of goodwill on April 1, 2015, management performed an assessment of each of the Company’s goodwill reporting units (generally defined as the Company’s businesses for which financial information is available and reviewed regularly by management) and concluded that goodwill was not impaired.

The Company's goodwill balance of $72.7 million at September 30, 2015, did not significantly change during the third quarter and first nine months of2015. We did not record any goodwill impairment expense for the third quarter and first nine months of2015 or 2014.

18

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

10. Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following:

	September 30,   2015		December 31,   2014
Accrued compensation	$	23,142	$	13,659
Accrued expenses	12,818		6,220
Loan servicing liabilities at fair value	4,394		3,973
Deferred rent	4,150		1,377
Deferred tax liability	3,587		1,332
Deferred revenue	1,817		759
Loan funding payables	831		—
Contingent liabilities	810		1,995
Payable to issuing bank	703		267
Transaction fee refund reserve	672		828
Early stock option exercise and other equity-related liabilities	333		392
Other	880		818
Total accrued expenses and other liabilities	$	54,137	$	31,620

11. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss represents other cumulative gains and losses that are not reflected in earnings. The components of other comprehensive loss are as follows:

Three Months Ended September 30,	2015								2014
	Before Tax			Tax Effect		Net of Tax			Before Tax		Tax Effect		Net of Tax
Change in net unrealized loss on securities available for sale	$	(341	)	$	—	$	(341	)	$	—	$	—	$	—
Other comprehensive loss	$	(341	)	$	—	$	(341	)	$	—	$	—	$	—

Nine Months Ended September 30,	2015								2014
	Before Tax			Tax Effect		Net of Tax			Before Tax		Tax Effect		Net of Tax
Change in net unrealized loss on securities available for sale	$	(1,172	)	$	—	$	(1,172	)	$	—	$	—	$	—
Other comprehensive loss	$	(1,172	)	$	—	$	(1,172	)	$	—	$	—	$	—

19

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

Accumulated other comprehensive loss balances are as follows:

	Total Accumulated Other Comprehensive Loss
Balance at December 31, 2014	$	—
Change in net unrealized loss on securities available for sale	(1,172		)
Balance at September 30, 2015	$	(1,172	)

The Company did not have any items of other comprehensive income (loss) during the first nine months of 2014.

12. Employee Incentive and Retirement Plans

The Company’s equity incentive plans provide for granting stock options and restricted stock units (RSUs) to employees, consultants, officers and directors. In addition, the Company offers a retirement plan and an Employee Stock Purchase Plan (ESPP) to eligible employees.

Stock-based compensation expense was as follows for the periods presented:

	Three Months Ended    September 30,				Nine Months Ended   September 30,
	2015		2014		2015		2014
Stock options	$	8,101	$	6,996	$	23,314	$	19,484
ESPP	491		—		1,416		—
RSUs	3,037		—		5,262		—
Stock issued related to acquisition	1,850		3,541		7,566		6,405
Total stock-based compensation expense	$	13,479	$	10,537	$	37,558	$	25,889

The following table presents the Company's stock-based compensation expense recorded in the condensed consolidated statements of operations:

	Three Months Ended    September 30,				Nine Months Ended   September 30,
	2015		2014		2015		2014
Sales and marketing	$	2,048	$	912	$	5,373	$	5,029
Origination and servicing	817		599		2,405		1,427
General and administrative:
Engineering and product development	2,554		1,492		6,392		3,487
Other	8,060		7,534		23,388		15,946
Total stock-based compensation expense	$	13,479	$	10,537	$	37,558	$	25,889

Additionally, we capitalized $1.3 million and $0.6 million of stock-based compensation expense associated with the cost of developing software for internal use during the third quarters of2015 and 2014, respectively. We capitalized $3.1 million and $1.2 million of stock-based compensation expense associated with the cost of developing software for internal use during the first nine months of2015 and 2014, respectively.

20

LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

Stock Options

There were no significant changes to the Company's incentive plans or valuation methodology for stock options during the third quarter and first nine months of2015.

The Company used the following assumptions in the Black-Scholes option pricing model to estimate the fair value of stock options granted during the periods presented:

	Three Months Ended    September 30,				Nine Months Ended   September 30,
	2015		2014		2015		2014
Expected dividend yield	—		—		—		—
Weighted-average assumed stock price volatility	48.7	%	50.5	%	49.4	%	54.0	%
Weighted-average risk-free rate	1.67	%	1.87	%	1.61	%	1.91	%
Weighted-average expected life (in years)	6.25		6.25		6.25		6.38

The following table summarizes the activities for the Company's stock options during the first nine months of2015:

	Number of Options		Weighted- Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2014	57,386,829		$	3.15
Options granted	1,164,929		$	20.00
Options exercised	(5,407,540	)	$	1.46
Options forfeited/expired	(1,844,875	)	$	6.45
Outstanding at September 30, 2015	51,299,343		$	3.59	7.3	$	503,203
Vested and expected to vest at September 30, 2015	50,807,451		$	3.54	7.3	$	500,401
Exercisable at September 30, 2015	26,216,233		$	1.58	6.5	$	306,781

For the first nine months of2015, we granted service-based stock options to purchase 1,164,929 shares of common stock with a weighted average exercise price of $20.00 per share, a weighted average grant date fair value of $9.80 per option share and an aggregate estimated fair value of $11.4 million. For the first nine months of2014, we granted service-based stock options to purchase 18,511,572 shares of common stock with a weighted average exercise price of $5.91 per option share, a weighted average grant date fair value of $4.37 per share and a total estimated fair value of $81.0 million.

Options to purchase 5,407,540 shares with a total intrinsic value of $75.3 million were exercised during the first nine months of2015. Options to purchase 5,638,830 shares with a total intrinsic value of $40.4 million were exercised during the first nine months of2014.

The total grant date fair value of stock options vested during the first nine months of2015 and 2014 was $26.0 million and $14.7 million, respectively. For the first nine months of2014, we incurred $3.0 million of expense for the accelerated vesting of stock options for a terminated employee that was accounted for as a stock option modification. We did not accelerate vesting of any stock options during the third quarter and first nine months of2015.

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

As of September 30, 2015 total unrecognized compensation cost was $100.8 million, which is expected to be recognized over the next 2.6 years.

Since the Company holds a full valuation allowance against all deferred tax benefits, no income tax benefit has been recognized for stock-based compensation expense or for exercised stock options.

During the second quarter of 2015, the Company launched a rescission offer allowing certain holders of outstanding, unexercised options and shares of common stock to rescind the grant of options and sale of shares back to the Company. The rescission offer was required by the California Department of Business Oversight to address California securities laws compliance issues raised in connection with the Company's permit for qualification filed in July 2014. The offer expired on July 15, 2015 and there were no material acceptances of the rescission offer.

Restricted Stock Units

During the first quarter of 2015, the Company began issuing RSUs to certain employees, officers, and directors. The following table summarizes the activities for the Company's RSUs during the first nine months of2015:

	Number of RSUs		Weighted- Average Grant Date Fair Value
Unvested at December 31, 2014	—		$	—
RSUs granted	3,518,967		$	16.60
RSUs vested	(99,300	)	$	20.29
RSUs forfeited/expired	(106,694	)	$	19.53
Unvested at September 30, 2015	3,312,973		$	16.39
Expected to vest after September 30, 2015	3,177,419		$	16.42

For the first nine months of2015, we granted 3,518,967 RSUs with an aggregate fair value of $58.4 million.

As of September 30, 2015, there was $54.3 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over the next 3.6 years.

Employee Stock Purchase Plan

Under the Company’s ESPP, eligible employees can purchase shares of the Company’s common stock using amounts withheld through payroll deductions, subject to plan limitations. Payroll deductions are accumulated during six-month offering periods. The purchase price for each share of common stock is 85% of the lower of the fair market value of the common stock on the first business day of the offering period or on the last business day of the offering period. During the third quarter of 2015, the Company did not purchase any shares under the ESPP. The Company's employees purchased 211,256 shares under the ESPP during the first nine months of2015. As of September 30, 2015, a total of 2,788,744 shares of common stock were reserved for issuance under the ESPP.

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

The fair value of stock purchase rights granted to employees under the ESPP is measured on the grant date using the Black-Scholes option pricing model. The compensation expense related to ESPP purchase rights is recognized on a straight-line basis, net of estimated forfeitures, over the six-month requisite service period. We used the following assumptions in estimating the fair value of the grant under the ESPP on June 11, 2015, which are derived using the same methodology applied to stock option assumptions:

Expected dividend yield	—
Weighted-average assumed stock price volatility	38.8	%
Weighted-average risk-free rate	0.10	%
Weighted-average expected life (in years)	0.42

13. Income Taxes

For the third quarter and first nine months of2015 we recorded income tax expense of $1.2 million and $2.2 million, respectively, due to the recognition of the amortization of tax deductible goodwill that gives rise to an indefinite-lived deferred tax liability. Income tax expense was $0.4 million and $1.1 million for the third quarter and first nine months of2014, respectively.

The Company continues to recognize a full valuation allowance against deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. As of September 30, 2015, the valuation allowance was $41.3 million.

14. Commitments and Contingencies

Operating Lease Commitments

The Company's corporate headquarters are located in San Francisco, California, and consist of approximately 155,000 square feet of space under lease agreements, most of which expire in June 2022. Under these lease agreements, the Company has an option to extend nearly all of the space for five years.

On April 16, 2015, the Company entered into a lease agreement for additional office space in San Francisco, California. The lease agreement commenced in the second quarter of 2015 with delivery of portions of the leased space to occur in stages through March 2017. The lease agreement expires on March 31, 2026, with the right to renew the lease term for two consecutive renewal terms of five years each.

The Company has additional leased office space of approximately 26,000 square feet in Westborough, Massachusetts, under a lease agreement that expires in July 2021.

Total facilities rental expense for the third quarter and first nine months of2015 was $2.0 million and $5.0 million, respectively. Total facilities rental expense for the third quarter and first nine months of2014 was $1.0 million and $2.5 million, respectively. Minimum lease payments for the third quarter and first nine months of2015 were $1.5 million and $4.1 million, respectively. Minimum lease payments for the third quarter and first nine months of2014 were $0.9 million and $2.2 million, respectively. As of September 30, 2015, we have pledged $0.7 million of cash as a security deposit under these lease agreements.

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

Expected annual minimum rental payments under these leases at September 30, 2015, are as follows:

(in millions)	Minimum Rental Payments
2015	$	1.9
2016	11.4
2017	14.1
2018	15.1
2019	14.6
Thereafter	71.1
Total	$	128.2

Loan Funding and Purchase Commitments

The Company commits to fund loans resulting from our direct marketing efforts if such loans are not otherwise funded by investors on our platform. During the third quarter and first nine months of 2015, the Company was not required to fund any such loans. Additionally, loans in the process of being facilitated and originated by our issuing bank partner at September 30, 2015, were fully funded in October 2015 and the Company was not required to fund any of these loans.

Springstone has a commitment to purchase certain loans that it facilitates that are originated by an issuing bank partner if Springstone cannot arrange investors to purchase such loans. In connection with this arrangement, in June 2014 the Company entered into a contingent purchase agreement with the issuing bank and a third-party investor who agreed to purchase 100% participation interests in certain loans originated by the issuing bank through the Springstone platform. In March 2015, this agreement was extended to January 2016. The Company's contingent purchase commitment provides that if the third-party investor defaults on its purchase obligation then the Company will purchase such loans from the issuing bank. The remaining limit of this contingent loan purchase commitment under the March 2015 agreement was $32.2 million at September 30, 2015.

In July 2015, the issuing bank, the Company and a second third-party investor entered into a second loan participation purchase agreement with respect to the same type of loans covered by the March 2015 agreement. With respect to this second agreement, the Company also has a contingent purchase obligation in the event that the second third-party investor defaults on its purchase obligation. Although this second agreement does not have a purchase limit, Springstone may cease facilitating loans that are subject to these purchase commitments upon proper notice to the issuing bank.

During the third quarter and first nine months of 2015 we were not required to purchase any loan participation interests pursuant to these contingent purchase commitments. The Company does not anticipate that the Company will be required to purchase loan participation interests under these commitments.

Credit Support Agreement

We are subject to a credit support agreement with a certificate investor. The credit support agreement requires us to pledge and restrict cash in support of our contingent obligation to reimburse the investor for credit losses on loans underlying the investor’s certificates that are in excess of a specified, aggregate loss threshold. We are contingently obligated to pledge cash, not to exceed $5.0 million, to support this contingent obligation. As of September 30, 2015, and December 31, 2014, approximately $3.4 million was pledged and restricted to support this contingent obligation.

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

As of September 30, 2015, the credit losses pertaining to the investor’s certificates have not exceeded the specified threshold, nor are future credit losses expected to exceed the specified threshold, and thus no liability has been recorded. We currently do not anticipate recording losses under this credit support agreement. If losses related to the credit support agreement are later determined to be likely to occur and are estimable, results of operations could be affected in the period in which such losses are recorded.

Loan Purchase Obligation

Under our loan account program with WebBank, a Utah-chartered industrial bank that serves as our primary issuing bank, WebBank retains ownership of the loans facilitated through our marketplace for two business days after origination. As part of this arrangement, we have committed to purchase the loans at par plus accrued interest, at the conclusion of the two business days. As of September 30, 2015, we were committed to purchase loans with an outstanding principal balance of $14.0 million at par plus accrued interest. At December 31, 2014, we were committed to purchase loans with an outstanding principal balance of $4.1 million at par plus accrued interest.

Legal

On June 5, 2014, Springstone received a Civil Investigative Demand from the Consumer Financial Protection Bureau, referred to as CFPB, related to the period from 2009 through May 2014. The purpose of the investigation was to determine whether Springstone engaged in unlawful acts or practices in connection with the marketing, issuance, and servicing of loans for certain healthcare related financings during the period. On August 19, 2015, Springstone agreed to settle with the CFPB related to the CFPB's concerns about possible borrower confusion of the terms of a deferred interest product, which was terminated by the Company in December 2014. To resolve this matter, Springstone agreed to pay restitution of $700 thousand to certain borrowers under the Springstone finance program between 2009 and 2014. The settlement amount has been recorded as a liability as of September 30, 2015. The settlement amount is fully covered by the indemnification provisions of the Springstone purchase agreement and, therefore, did not result in an adverse financial charge to the Company.

In addition to the foregoing, we may be subject to legal proceedings and regulatory actions in the ordinary course of business. We do not believe it is probable that the ultimate liability, if any, arising out of any such matter will have a material effect on our financial condition, results of operations or cash flows.

15. Segment Reporting

The Company reports segment information using the “management approach.” Under this approach, operating segments are identified in substantially the same manner as they are reported internally and used by us for purposes of evaluating performance and allocating resources. Based on this approach, the Company has one reportable segment. The Company's management reporting process is based on our internal operating structure.

16. Related Party Transactions

Several of our executive officers and directors (including immediate family members) have opened investor accounts with us, made deposits and withdrawals to their accounts, and purchased notes or certificates. All note and certificate purchases made by related parties were transacted on terms and conditions that were not more favorable than those obtained by unaffiliated third-party investors.

The deposits made by related parties whose transactions totaled $120 thousand or more were $500 thousand during the third quarter of 2014 and $750 thousand and $1.65 million during the first nine months of 2015 and 2014, respectively. There were no deposits made by related parties during the third quarter of 2015. The withdrawals made by related parties whose transactions totaled $120 thousand or more were $99 thousand and $22 thousand during the

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LENDINGCLUB CORPORATION

Notes to Condensed Consolidated Financial Statements

(Tabular Amounts in Thousands, Except Share and Per Share Amounts, Ratios, or as Noted)

(Unaudited)

third quarters of 2015 and 2014, respectively, and $553 thousand and $132 thousand during the first nine months of 2015 and 2014, respectively.

17. Springstone Acquisition

In April 2015, we completed the allocation of the purchase price of our acquisition of Springstone to acquired assets and liabilities. There were no material adjustments to the preliminary purchase price allocation as included in "Part II - Item 8 - Financial Statements and Supplementary Data - Note 17 - Springstone Acquisition"in our Annual Report.

The following 2014 pro forma financial information summarizes the combined results of operations for Lending Club and Springstone, as though the companies were originally combined as of January 1, 2013. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations which would have resulted had the acquisition occurred as of January 1, 2013, nor is it indicative of future operating results. The pro forma results presented below include interest expense on the debt financing, amortization of acquired intangible assets, compensation expense related to the post-acquisition compensation arrangements entered into with the continuing employees, and tax expense. Results for the third quarter and first nine months of2015, as presented in the Condensed Consolidated Statements of Operations, reflect consolidated results, including Springstone, for the full period.

	Three Months Ended    September 30, 2014			Nine Months Ended   September 30, 2014
Total net revenue	$	56,074		$	148,317
Net loss	$	(5,947	)	$	(21,403	)
Basic net loss per share attributable to common stockholders	$	(0.10	)	$	(0.37	)
Diluted net loss per share attributable to common stockholders	$	(0.10	)	$	(0.37	)

18. Subsequent Events

The Company has evaluated the impact of events that have occurred subsequent to September 30, 2015, through the date the condensed consolidated financial statements were filed with the SEC. Based on this evaluation, other than as recorded or disclosed within these condensed consolidated financial statements and related notes, the Company has determined none of these events were required to be recognized or disclosed.

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LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and related notes that appear in this Quarterly Report on Form 10-Q (Report). In addition to historical condensed consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Report, particularly in "Part II - Other Information - Item 1A - Risk Factors" in this Report and "Part I - Item 1A - Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 (Annual Report).

Overview

Lending Club is the world’s largest online marketplace connecting borrowers and investors. We believe a technology-powered marketplace is a more efficient mechanism to allocate capital between borrowers and investors than the traditional banking system. Consumers and small business owners borrow through Lending Club to lower the cost of their credit and enjoy a better experience than traditional bank lending. Investors use Lending Club to earn attractive risk-adjusted returns from an asset class that has generally been closed to many investors and only available on a limited basis to institutional investors.

Since beginning operations in 2007, our marketplace has facilitated $13.4 billion in loan originations. These loans were facilitated through the following investment channels: (i) the issuance of notes, (ii) the sale of certificates, or (iii) the sale of whole loans to qualified investors. In the third quarter of 2015, our marketplace facilitated $2.2 billion of loan originations, of which approximately $0.3 billion were invested in through notes, $0.7 billion were invested in through certificates and $1.2 billion were invested in through whole loan sales.

Our trusted brand, scale and network effect drives significant borrowing and investing activity on our marketplace. We generate revenue from transaction fees from our marketplace’s role in matching borrowers with investors to enable loan originations, servicing fees from investors and management fees from investment funds and other managed accounts. We do not assume credit risk or use our own capital to invest in loans facilitated by our marketplace, except in limited circumstances and in amounts that are not material. The capital to invest in the loans enabled through our marketplace comes directly from investors. Our proprietary technology automates key aspects of our operations, including the borrower application process, data gathering, credit decisioning and scoring, loan funding, investing and servicing, regulatory compliance and fraud detection. We operate with a lower cost structure than traditional banks due to our innovative model, online delivery and process automation, without the physical branches, legacy technology or high overhead associated with the traditional banking system.

Our marketplace is where borrowers and investors engage in transactions relating to standard or custom program loans. Standard program loans which are part of the publicly available program, are three- or five-year unsecured personal loans that are offered to borrowers with a FICO score of at least 660 and that meet other strict credit criteria. These loans can be invested in through the purchase of notes issued pursuant to a note registration statement, and are only available through our website. Separately, qualified investors may also invest in standard program loans in private transactions not facilitated through our website. Custom program loans are only invested in through private transactions with qualified investors, for which notes are not available and loans are not facilitated through our website. Custom program loans include secured and unsecured small business loans, super prime consumer loans, loans facilitated by our lending platform program, education and patient finance loans and personal loans that do not meet the requirements of standard program loans.

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LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Generally, the transaction fees we receive from our issuing banks in connection with our marketplace’s role in facilitating loan originations range from 1% to 6% of the initial principal amount of the loan as of September 30, 2015. For education and patient finance loans, transaction fees we receive from education and patient service providers may exceed 6%. Servicing fees paid to us vary based on investment channel. Note investors generally pay us a servicing fee equal to 1% of payment amounts received from the borrower; whole loan purchasers pay a monthly servicing fee up to 1.3% per annum on the month-end principal balance of loans serviced and certificate holders generally pay a monthly management fee up to 1.5% per annum of the month-end balance of assets under management.

Loans to qualified borrowers are originated by issuing banks. Investors can invest in loans that are offered through our marketplace in one or all of the following channels:

Notes: The Company issues notes pursuant to an effective shelf registration statement. Investors who meet the applicable financial suitability requirements and have completed our investor account opening process may purchase unsecured, borrower payment dependent notes that correspond to payments received on an underlying standard program loan selected by the investor. When an investor registers with us, the investor enters into an investor agreement with us that governs the investor’s purchases of notes. Our note channel is supported by our website and our investor services group, which provides basic customer support to these investors.

Certificates and Investment Funds: Accredited investors and qualified purchasers may establish a relationship with LCA or another third-party advisor in order to indirectly invest in certificates, or they may directly purchase a certificate or a limited partnership interest in one of six private funds that purchase certificates. The certificates are issued by the Trust and are unsecured and settled with cash flows from underlying loans selected by the investor. Neither certificates nor limited partnership interests can be purchased through our website. Certificate investors typically seek to invest larger amounts as compared to the average note investors and often desire a more “hands off” approach to investing. Investors in certificates generally pay an asset-based management fee instead of cash flow-based servicing fee paid by note investors.

Whole Loan Purchases: Certain institutional investors, such as banks, seek to hold the actual loan on their balance sheet. To meet this need, we sell entire standard or custom program loans to these investors through purchase agreements. Upon the sale of the loan, the investor owns all right, title and interest in the loan. We establish the investors’ accounts and the procedures for the purchase of loans, including any purchase amount limitations, which we control at our discretion. We and the investor also make limited representations and warranties and agree to indemnify each other for breaches of the purchase agreement. The investor also agrees to simultaneously enter into a servicing agreement with us which designates us as the loan servicer for the sold loan. We continue to service these loans after they are sold and can only be removed as the servicer in limited circumstances. For regulatory purposes, the investor also has access to the underlying borrower information, but is prohibited from contacting or marketing to the borrower in any manner and agrees to hold such borrower information in compliance with all applicable privacy laws.

For all investment channels, we agree to repurchase loans in cases of confirmed identity theft.

Springstone

In April 2014, we acquired all of the outstanding limited liability company interests of Springstone. See"Part II - Item 8 - Financial Statements and Supplementary Data - Note 17 - Springstone Acquisition"in our Annual Reportfor more information.

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LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Key Operating and Financial Metrics

We regularly review a number of metrics to evaluate our business, measure our performance, identify trends, formulate financial projections and make strategic decisions. The following presents our key operating and financial metrics:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Loan originations	$	2,235,647		$	1,165,226		$	5,782,496		$	2,962,520
Operating revenue(1)	$	115,062		$	56,538		$	292,226		$	143,861
Contribution(2)	$	55,393		$	26,881		$	134,302		$	63,374
Contribution margin(2)	48.1		%	47.5		%	46.0		%	44.1		%
Adjusted EBITDA(2)	$	21,157		$	7,517		$	45,202		$	13,384
Adjusted EBITDA margin(2)	18.4		%	13.3		%	15.5		%	9.3		%
Net income (loss)	$	950		$	(7,371	)	$	(9,564	)	$	(23,857	)

⁽¹⁾ See "Factors That Can Affect Revenue" for more information regarding operating revenue.

⁽²⁾ Contribution, Contribution margin, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. For more information regarding these measures and a reconciliation of these measures to the most comparable GAAP measure, see "Part I - Financial Information - Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Reconciliations of Non-GAAP Financial Measures."

Loan Originations

Originations are a key indicator of the adoption rate of our marketplace, growth of our brand, scale of our business, strength of our network effect, economic competitiveness of our products and future growth. Loan originations have grown significantly over time due to increased awareness of our brand, our high borrower and investor satisfaction ratings, the effectiveness of our borrower acquisition channels, a strong track record of loan performance and the expansion of our capital resources. Factors that could affect loan originations include the interest rate and economic environment, the competitiveness of our products, the success of our operational efforts to balance investor and borrower demand, any limitations on the ability of our issuing banks to originate loans, our ability to develop new products or enhance existing products for borrowers and investors, the success of our sales and marketing initiatives and the success of borrower and investor acquisition and retention.

Contribution, Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin

Contribution is a non-GAAP financial measure that we calculate as net income (loss), excluding net interest income (expense) and other adjustments, general and administrative expense, stock-based compensation expense and income tax expense (benefit). Contribution margin is a non-GAAP financial measure calculated by dividing contribution by total operating revenue. Contribution and contribution margin are measures used by our management and board of directors to understand and evaluate our core operating performance and trends. Contribution and contribution margin have varied from period to period and have generally increased over time. Factors that affect our contribution and contribution margin include revenue mix, variable marketing expenses and origination and servicing expenses.

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LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Adjusted EBITDA is a non-GAAP financial measure that we calculate as net income (loss), excluding net interest income (expense) and other adjustments, acquisition and related expense, depreciation and amortization, amortization of intangible assets, stock-based compensation expense and income tax expense (benefit). Adjusted EBITDA margin is a non-GAAP financial measure calculated as adjusted EBITDA divided by total operating revenue. Adjusted EBITDA is a measure used by our management and board of directors to understand and evaluate our core operating performance and trends. Adjusted EBITDA has generally improved over time due to our increased revenue and efficiencies in the scale of our operations. For more information regarding the limitations of contributions, contribution margins, adjusted EBITDA and adjusted EBITDA margin and a reconciliation of net income (loss) to adjusted EBITDA, see "Part I - Financial Information - Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Reconciliations of Non-GAAP Financial Measures."

Effectiveness of Scoring Models

Our ability to attract borrowers and investors to our marketplace is significantly dependent on our platform's ability to effectively evaluate a borrower’s credit profile and likelihood of default. We evaluate our marketplace’s credit decisioning and scoring models on a regular basis and leverage the additional data on loan history experience, borrower behavior, economic factors and prepayment trends that we accumulate to continually improve the models. If we are unable to effectively evaluate borrowers’ credit worthiness, borrowers and investors may lose confidence in our marketplace. Additionally, our ability to effectively segment borrowers into relative risk profiles impacts our ability to offer attractive interest rates for borrowers as well as our ability to offer investors attractive risk-adjusted returns, both of which directly relate to our users’ confidence in our marketplace. Our marketplace's credit decisioning and scoring models assign each loan offered on our marketplace a corresponding interest rate and origination fee. Our investors’ returns are a function of the assigned interest rates for each particular loan invested in less any defaults over the term of the applicable loan. We believe we have a history of effectively evaluating borrowers' credit worthiness and likelihood of defaults, as evidenced by the performance of various loan vintages facilitated through our marketplace. The following charts display the historical lifetime cumulative net charge-off rates through September 30, 2015, by booking year, for all grades and 36 or 60 month terms of standard program loans for each of the years shown.

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LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

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LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Product Innovation

We have made, and intend to continue to make, substantial investments and incur expenses to research and develop or otherwise acquire new financial products for borrowers and investors. Our revenue growth to date has been a function of, and our future success will depend in part on, successfully meeting borrower and investor demand with new and innovative loan and investment options. For example, in early 2014, our platform began offering small business loans to qualified investors, bringing the benefit of our innovative marketplace model, online delivery and process automation to small business owners. In the latter part of 2014, we launched through our platform super prime consumer loans and a true no interest product for the education and patient finance market. For investors, we have introduced automated investing, application programming interface (API), investment funds and separately managed accounts, that make investing in loans easier. Failure to successfully develop and offer innovative products could adversely affect our operating results and we may not recoup the costs of new products.

Marketing Effectiveness and Strategic Relationships

We intend to continue to dedicate significant resources to our marketing and brand advertising efforts and strategic relationships. Our marketing efforts are designed to build awareness of Lending Club and attract borrowers and investors to our marketplace. We use a diverse array of marketing channels and are constantly seeking to improve and optimize our experience both on- and offline to achieve efficiency and a high level of borrower and investor satisfaction. We also continue to invest in our strategic relationships to raise awareness of our platform and attract borrowers and investors to our marketplace. Our operating results and ability to sustain and grow loan volume will

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LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

depend, in part, on our ability to continue to make effective investments in marketing and the effectiveness of our strategic relationships.

In February 2015, Lending Club announced that it had entered into a strategic partnership with a consortium of community banks for its platform to offer co-branded personal loans to the participating banks' customers. As part of this partnership, each community bank is provided initial access to invest in loans sought by their own customers, which may include standard program loans. The customer loans that do not meet the community bank's investment criteria are then made available for investment through the marketplace. All loans are originated by our issuing banks.

Regulatory Environment

The regulatory environment for credit and online marketplaces such as ours is evolving and uncertain, creating both challenges and opportunities that could affect our financial performance. We expect to continue to spend significant resources to comply with various federal and state laws and various licensing requirements designed to, among other things, protect borrowers (such as truth in lending, equal credit opportunity, fair credit reporting and fair debt collections practices) and investors. Our marketplace incorporates a number of automated features to help comply with these laws in an efficient and cost effective manner. While new laws and regulations or changes under existing laws and regulations could make facilitating loans or investment opportunities more difficult to achieve on acceptable terms, or at all, these events could also provide new product and market opportunities. In July 2015, the U.S. Treasury Department issued a request for information (RFI) regarding various business models and products offered by online credit participants, the potential for online marketplace lending to expand access to credit to historically underserved borrowers and how the financial regulatory framework should evolve to support the safe growth of the industry. We, along with many other interested groups, submitted responses to the Treasury's RFI by the September 30, 2015 deadline. Although the Treasury Department is in the information-gathering stage and no interpretive guidance has been released, there is a possibility that our business may become subject to additional or different regulations in the future. To the extent we seek to grow internationally, we would become subject to additional foreign regulation and related compliance requirements and expense.

Factors That Can Affect Revenue

As a marketplace, we work toward matching supply and demand while also growing originations and correspondingly revenue at a pace commensurate with proper planning, risk management, user experience, and operational controls, that work to optimize the quality of the customer experience, customer satisfaction and long term growth.

The interplay of the following drivers can affect our revenue in any particular period:

• the volume, timing and quality of:

◦ loan applications from borrowers,

◦ investment appetite and available investment capital from investors,

◦ platform loan processing and originations, and

• the subsequent performance of loans, which directly impacts our servicing fees.

These drivers collectively result in transaction, servicing or management fees earned by us related to these transactions and their future performance. As these drivers can be affected by a variety of factors, both in and out of our control, revenues may fluctuate from period to period. Factors that can affect these drivers and ultimately revenue and its timing include: the mix of loans, the timing of the deployment of investment capital by investors, the amount of new capital from pooled investment vehicles and managed accounts that typically deploy their capital

33

LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

at the start of a period, the amount of purchase limitations we can impose on larger investors as a way to maintain investor balance and fairness, the attractiveness of alternative opportunities for borrowers or investors, the responsiveness of applicants to our marketing efforts, expenditures on marketing initiatives in a period, the sufficiency of operational staff to process any manual portion of the loan applications in a timely manner, the responsiveness of borrowers to satisfy additional income or employment verification requirements related to their application, borrower withdrawal rates, the percentage distribution of loans between the whole and fractional loan platforms, platform system performance and other factors. In addition, there may be some seasonality in demand for personal loans, which is generally lower in the first and fourth quarters.

Given these factors, at any point in time we have loan applications in various stages from initial application through issuance. Depending upon the timing and impact of these factors, loans may not be issued by our issuing bank in the same period in which the corresponding application was originally made resulting in a portion of that subsequent period's revenue being earned from loan applications that were initiated in the immediately prior period. Consistent with our revenue recognition accounting policy under GAAP, we do not recognize the associated transaction fee revenue with a loan until the loan is issued by our issuing bank and the proceeds are delivered by the bank to the borrower.

34

LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Results of Operations

The following tables set forth the Condensed Consolidated Statements of Operations data for each of the periods presented: 

	Three Months Ended    September 30,
	2015		2014			Change ($)		Change (%)
Operating revenues:
Transaction fees	$	100,420	$	52,622		$	47,798	91	%
Servicing fees	8,999		3,053			5,946		195	%
Management fees	2,900		1,608			1,292		80	%
Other revenue (expense)	2,743		(745		)	3,488		N/M
Total operating revenue	115,062		56,538			58,524		104	%
Net interest income (expense) after fair value adjustments	1,214		(474		)	1,688		N/M
Total net revenue	116,276		56,064			60,212		107	%
Operating expenses (1):
Sales and marketing	44,961		21,001			23,960		114	%
Origination and servicing	17,573		10,167			7,406		73	%
General and administrative:
Engineering and product development	18,320		9,235			9,085		98	%
Other	33,239		22,613			10,626		47	%
Total operating expenses	114,093		63,016			51,077		81	%
Income (loss) before income tax expense	2,183		(6,952		)	9,135		131	%
Income tax expense	1,233		419			814		194	%
Net income (loss)	$	950	$	(7,371	)	$	8,321	113	%

⁽¹⁾    Includes stock-based compensation expense as follows:

	Three Months Ended    September 30,
	2015		2014		Change ($)		Change (%)
Sales and marketing	$	2,048	$	912	$	1,136	125	%
Origination and servicing	817		599		218		36	%
General and administrative:
Engineering and product development	2,554		1,492		1,062		71	%
Other	8,060		7,534		526		7	%
Total stock-based compensation expense	$	13,479	$	10,537	$	2,942	28	%

N/M - Not meaningful.

35

LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

	Nine Months Ended   September 30,
	2015			2014			Change ($)		Change (%)
Operating revenues:
Transaction fees	$	258,553		$	133,835		$	124,718	93	%
Servicing fees	20,870			6,301			14,569		N/M
Management fees	7,663			4,163			3,500		84	%
Other revenue (expense)	5,140			(438		)	5,578		N/M
Total operating revenue	292,226			143,861			148,365		103	%
Net interest income (expense) after fair value adjustments	2,199			(854		)	3,053		N/M
Total net revenue	294,425			143,007			151,418		106	%
Operating expenses(1):
Sales and marketing	120,162			60,808			59,354		98	%
Origination and servicing	45,540			26,135			19,405		74	%
General and administrative:
Engineering and product development	46,710			22,987			23,723		103	%
Other	89,328			55,875			33,453		60	%
Total operating expenses	301,740			165,805			135,935		82	%
Loss before income tax expense	(7,315		)	(22,798		)	15,483		(68	)%
Income tax expense	2,249			1,059			1,190		112	%
Net loss	$	(9,564	)	$	(23,857	)	$	14,293	(60	)%

⁽¹⁾    Includes stock-based compensation expense as follows:

	Nine Months Ended   September 30,
	2015		2014		Change ($)		Change (%)
Sales and marketing	$	5,373	$	5,029	$	344	7	%
Origination and servicing	2,405		1,427		978		69	%
General and administrative:
Engineering and product development	6,392		3,487		2,905		83	%
Other	23,388		15,946		7,442		47	%
Total stock-based compensation expense	$	37,558	$	25,889	$	11,669	45	%

N/M - Not meaningful.

36

LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Total Net Revenue

	Three Months Ended    September 30,
	2015		2014			Change ($)		Change (%)
Transaction fees	$	100,420	$	52,622		$	47,798	91	%
Servicing fees	8,999		3,053			5,946		195	%
Management fees	2,900		1,608			1,292		80	%
Other revenue (expense)	2,743		(745		)	3,488		N/M
Total operating revenue	115,062		56,538			58,524		104	%
Net interest income (expense) after fair value adjustments	1,214		(474		)	1,688		N/M
Total net revenue	$	116,276	$	56,064		$	60,212	107	%

	Nine Months Ended   September 30,
	2015		2014			Change ($)		Change (%)
Transaction fees	$	258,553	$	133,835		$	124,718	93	%
Servicing fees	20,870		6,301			14,569		N/M
Management fees	7,663		4,163			3,500		84	%
Other revenue (expense)	5,140		(438		)	5,578		N/M
Total operating revenue	292,226		143,861			148,365		103	%
Net interest income (expense) after fair value adjustments	2,199		(854		)	3,053		N/M
Total net revenue	$	294,425	$	143,007		$	151,418	106	%

N/M - Not meaningful.

Our primary sources of net revenue consist of fees received for transactions through or related to our marketplace and include transaction, servicing and management fees.

Transaction Fees: Transaction fees are fees paid by issuing banks or education and patient service providers to us for the work we perform through our marketplace's role in facilitating loan originations. The amount of these fees is based upon the terms of the loan, including grade, rate, term and other factors. These fees are recognized as a component of operating revenue at the time of loan issuance.

Transaction fees were $100.4 million and $52.6 million for the third quarters of2015 and 2014, respectively, an increase of 91%. The increase was primarily due to an increase in loans facilitated through our marketplace from $1.2 billion for the third quarter of2014 to $2.2 billion for the third quarter of2015, an increase of 92%. The average transaction fee as a percentage of the initial principal balance of the loan was 4.5% for both the third quarters of2015 and 2014. Transaction fees for the third quarter of 2015 included approximately $13.5 million of revenue associated with the issuance of loans in which the loan application process had commenced prior to end of the second quarter of 2015.

Transaction fees were $258.6 million and $133.8 million for the first nine months of2015 and 2014, respectively, an increase of 93%. The increase was primarily due to an increase in loans facilitated through our marketplace from $3.0 billion for the first nine months of2014 to $5.8 billion for the first nine months of2015, an increase of 95%. The average transaction fee as a percentage of the initial principal balance of the loan was 4.5% for both the first nine months of2015 and 2014. Transaction fees for the first nine months of2015 included approximately

37

LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

$8.7 million of revenue associated with the issuance of loans in which the loan application process had commenced prior to the end of 2014.

In the month of October 2015 the Company recognized approximately $11.7 million in transaction fee revenue associated with the issuance of loans in which the loan application process had commenced prior to the end of the third quarter of 2015.

Servicing Fees: Servicing fees paid to us vary based on investment channel. The servicing fee compensates us for the costs we incur in servicing the related loan, including managing payments from borrowers, collections, payments to investors and maintaining investors’ account portfolios. The amount of servicing revenue earned is predominantly affected by the various servicing rates paid by investors in the applicable investment channels, the unpaid principal balance for whole loans serviced, and the amount of principal and interest collected from borrowers and remitted to note and certain certificate investors. Additionally, servicing fee revenue is affected by the change in fair value of our servicing assets and liabilities associated with loans that we sell. We record servicing assets and liabilities at their estimated fair values when we sell whole loans to unrelated third parties or when the servicing contract commences. Over the life of the loan, changes in the estimated fair value of servicing assets and liabilities are included in servicing fees in the period in which the changes occur.

Servicing fee revenue increased for the third quarter and first nine months of 2015 compared to the same periods in 2014 due to increases in both the balances of whole loans sold and the loan balances that underlie the notes and certificates. The following table provides the outstanding principal balance of loans that we serviced at the end of the periods indicated, by the method that the loans were financed (in millions):

	September 30, 2015		December 31, 2014
Notes	$	1,457.5	$	1,055.2
Certificates	2,692.0		1,796.6
Whole loans sold	3,548.3		1,873.7
Total	$	7,697.8	$	4,725.5

38

LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

The tables below illustrate the composition of servicing fees by source for each period presented:

	Three Months Ended    September 30,
	2015		2014		Change (%)
Servicing fees related to whole loans sold	$	4,935	$	1,193	N/M
Note and certificate servicing fees	3,661		1,493		145	%
Total servicing fees before change in fair value of servicing assets and liabilities	8,596		2,686		N/M
Change in fair value of servicing assets and liabilities, net	403		367		10	%
Total servicing fees	$	8,999	$	3,053	195	%

	Nine Months Ended   September 30,
	2015		2014			Change (%)
Servicing fees related to whole loans sold	$	11,022	$	2,420		N/M
Note and certificate servicing fees	8,396		4,033			108	%
Total servicing fees before change in fair value of servicing assets and liabilities	19,418		6,453			N/M
Change in fair value of servicing assets and liabilities, net	1,452		(152		)	N/M
Total servicing fees	$	20,870	$	6,301		N/M

N/M - Not meaningful.

Management Fees: Certain investors can invest in investment funds managed by LCA, the general partner in the funds. LCA typically charges these investors a monthly management fee based on the month-end balance of their assets under management, ranging from 0.7% to 1.5% per annum. LCA does not earn any carried interest from the investment funds. For managed account certificate holders, LCA earns a management fee typically ranging up to 1.2% per annum of the month-end balance of their assets under management. These fees may be waived or reduced at the discretion of LCA.

Management fees were $2.9 million and $1.6 million for the third quarters of2015 and 2014, respectively, an increase of 80%. The increase in management fees was due primarily to an increase in the total assets under management and outstanding certificate balances.

Management fees were $7.7 million and $4.2 million for the first nine months of2015 and 2014, respectively, an increase of 84%. The increase in management fees was due primarily to an increase in the total assets under management and outstanding certificate balances.

Other Revenue (Expense): Other revenue (expense) primarily consists of gains and losses on sales of whole loans and referral revenue. Certain investors investing through our marketplace purchase standard or custom program loans in their entirety. In connection with these whole loan sales, in addition to the transaction and servicing fees earned with respect to the corresponding loan, we recognize a gain or loss on the sale of that loan based on the degree to which the contractual loan servicing fee is above or below an estimated market rate loan servicing fee (loans are typically sold at par). Referral revenue consists of fees earned from partner companies when customers referred by us complete specified actions with a partner company. The specified action ranges from clicking on a link to visit a partner company’s website to obtaining a loan from the partner company.

39

LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Other revenue (expense) was $2.7 million and $(0.7) million for the third quarters of2015 and 2014, respectively, and $5.1 million and $(0.4) million for the first nine months of2015 and 2014, respectively. These increases were primarily due to gains on sales of whole loans and increases in referral revenue for the third quarter and first nine months of 2015 compared to the same periods in 2014.

The tables below illustrate the composition of other revenue (expense) for each period presented:

	Three Months Ended    September 30,
	2015		2014			Change (%)
Referral revenue	$	987	$	565		75	%
Gain (loss) on sales of loans	1,685		(1,330		)	N/M
Other	71		20			N/M
Other revenue (expense)	$	2,743	$	(745	)	N/M

	Nine Months Ended   September 30,
	2015		2014			Change (%)
Referral revenue	$	2,906	$	1,614		80	%
Gain (loss) on sales of loans	2,140		(2,111		)	N/M
Other	94		59			59	%
Other revenue (expense)	$	5,140	$	(438	)	N/M

N/M - Not meaningful.

Net Interest Income (Expense) After Fair Value Adjustments

We do not assume principal or interest rate risk on loans facilitated through our marketplace because loan balances, interest rates and maturities are matched and offset by an equal balance of notes or certificates with the exact same interest rates and maturities. We only make principal and interest payments on notes and certificates to the extent that we receive borrower payments on loans. As a servicer, we are only required to deliver borrower payments to the extent that we actually receive them. As a result, on our statement of operations for any period and balance sheet as of any date, (i) interest income on loans corresponds to the interest expense on notes and certificates and (ii) loan balances correspond to note and certificate balances with variations resulting from timing differences between the crediting of principal and interest payments on loans and the disbursement of those payments to note and certificate holders.

We may make limited loan investmentswithout issuing a corresponding note or certificate, resulting in differences between interest income from loans and interest expense from notes and certificates on our statement of operations and total loans and notes and certificates balances on our balance sheets. These loan investments have been related primarily to customer accommodations and have not been material. We do not anticipate that such investments will be material in the foreseeable future.

40

LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Additionally, interest income (expense) includes interest income earned on cash and cash equivalents and the securities available for sale portfolio. Our investment policy and strategy is focused first on the preservation of capital and supporting our liquidity requirements, and then maximizing returns. The following tables provide additional detail related to net interest income (expense) and fair value adjustments:

	Three Months Ended September 30,
	2015			2014			Change ($)			Change (%)
Interest income:
Loans	$	144,663		$	94,036		$	50,627		54	%
Securities available for sale	899			—			899			N/M
Cash and cash equivalents	271			2			269			N/M
Total interest income	145,833			94,038			51,795			55	%
Interest expense:
Notes and certificates	(144,659		)	(94,460		)	(50,199		)	53	%
Total interest expense	(144,659		)	(94,460		)	(50,199		)	53	%
Net interest income (expense)	1,174			(422		)	1,596			N/M
Fair value adjustments on loans, notes and certificates, net	40			(52		)	92			177	%
Net interest income (expense) after fair value adjustments	$	1,214		$	(474	)	$	1,688		N/M
Average outstanding balances:
Loans	$	3,930,221		$	2,491,736		$	1,438,485		58	%
Notes and certificates	$	3,951,541		$	2,505,378		$	1,446,163		58	%

N/M - Not meaningful.

	Nine Months Ended September 30,
	2015			2014			Change ($)			Change (%)
Interest income:
Loans	$	387,697		$	252,293		$	135,404		54	%
Securities available for sale	1,447			—			1,447			N/M
Cash and cash equivalents	687			5			682			N/M
Total interest income	389,831			252,298			137,533			55	%
Interest expense:
Notes and certificates	(387,666		)	(253,054		)	(134,612		)	53	%
Total interest expense	(387,666		)	(253,054		)	(134,612		)	53	%
Net interest income (expense)	2,165			(756		)	2,921			N/M
Fair value adjustments on loans, notes and certificates, net	34			(98		)	132			135	%
Net interest income (expense) after fair value adjustments	$	2,199		$	(854	)	$	3,053		N/M
Average outstanding balances:
Loans	$	3,512,666		$	2,246,575		$	1,266,091		56	%
Notes and certificates	$	3,530,424		$	2,258,254		$	1,272,170		56	%

N/M - Not meaningful.

Interest income from loans was $144.7 million and $94.0 million during the third quarters of2015 and 2014, respectively. The increase in interest income was primarily due to the increase in the outstanding balances of loans.

41

LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

The Company recorded interest expense for notes and certificates of $144.7 million and $94.5 million during the third quarters of2015 and 2014, respectively. The increase in interest expense was primarily due to the increase in the outstanding balances of notes and certificates.

Interest income from loans was $387.7 million and $252.3 million during the first nine months of2015 and 2014, respectively. The increase in interest income was primarily due to the increase in the outstanding balances of loans. For the first nine months of2015 and 2014, the Company recorded interest expense for notes and certificates of $387.7 million and $253.1 million, respectively. The increase in interest expense was primarily due to the increase in the outstanding balances of notes and certificates.

Fair Value Adjustments on Loans, Notes and Certificates: We estimate the fair value of loans and their related notes and certificates using a discounted cash flow valuation methodology that is described in "Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 - Summary of Significant Accounting Policies" in the Annual Report. In the third quarter of 2015, the Company incorporated cumulative prepayments into the valuation of loans, notes and certificates. Cumulative prepayments are estimates of the cumulative amount of principal prepayments that will occur over the entire life of a loan, expressed as a percentage of the original principal amount of the loan. Cumulative prepayments reduce the projected balances and effective maturities of the loans, notes and certificates. Additionally, assumptions regarding cumulative prepayments are incorporated into the valuation process to estimate the fair value of loan servicing assets and liabilities as they are key valuation assumptions used by investors in servicing rights for unsecured consumer credit obligations.

The changes in fair value of loans, notes and certificates are shown on our condensed consolidated statements of operations on a gross basis. Due to the payment dependent feature of the notes and certificates, fair value adjustments on the loans are offset by the fair value adjustments on the notes and certificates, resulting in no net effect on our earnings. From time to time, however, we may make limited loan investmentswithout issuing a corresponding note or certificate, resulting in differences between total loans and notes and certificates balances on our balance sheets. These loan investments have been related primarily to customer accommodations and have been insignificant. We do not anticipate that such investments will be material in the foreseeable future.

The net fair value adjustments were immaterial for the third quarters and first nine months of2015 and 2014. The losses from fair value adjustments on loans were largely offset by the gains from fair value adjustments on notes and certificates due to the borrower payment dependent design of the notes and certificates and due to the principal balances of the loans being similar to the combined principal balances of the notes and certificates.

42

LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Operating Expenses

	Three Months Ended September 30,
	2015		2014		Change ($)		Change (%)
Sales and marketing	$	44,961	$	21,001	$	23,960	114	%
Origination and servicing	17,573		10,167		7,406		73	%
General and administrative:
Engineering and product development	18,320		9,235		9,085		98	%
Other	33,239		22,613		10,626		47	%
Total operating expenses	$	114,093	$	63,016	$	51,077	81	%

	Nine Months Ended September 30,
	2015		2014		Change ($)		Change (%)
Sales and marketing	$	120,162	$	60,808	$	59,354	98	%
Origination and servicing	45,540		26,135		19,405		74	%
General and administrative:
Engineering and product development	46,710		22,987		23,723		103	%
Other	89,328		55,875		33,453		60	%
Total operating expenses	$	301,740	$	165,805	$	135,935	82	%

Our operating expenses consist of sales and marketing, origination and servicing and general and administrative expenses, which includes engineering and product development and other general and administrative expenses.

Sales and Marketing: Sales and marketing expense consists primarily of borrower and investor acquisition efforts. In addition, this includes general brand and awareness building, and salaries, benefits and stock-based compensation expense related to our sales and marketing team.

Sales and marketing expense was $45.0 million and $21.0 million for the third quarters of2015 and 2014, respectively, an increase of 114%. The increase was primarily due to a $15.2 million increase in variable marketing expenses that drove higher loan originations and a $7.1 million increase in personnel-related expenses associated with higher headcount levels. Sales and marketing expense was $120.2 million and $60.8 million for the first nine months of2015 and 2014, respectively, an increase of 98%. The increase was primarily due to a $38.3 million increase in variable marketing expenses that drove higher loan originations and a $15.9 million increase in personnel-related expenses associated with higher headcount levels.

Origination and Servicing: Origination and servicing expense consists primarily of salaries, benefits and stock-based compensation expense related to our credit, collections, customer support and payment processing teams and vendor costs associated with facilitating and servicing loans.

Origination and servicing expense was $17.6 million and $10.2 million for the third quarters of2015 and 2014, respectively, an increase of 73%. The increase was primarily due to a $4.6 million increase in personnel-related expenses and a $2.0 million increase in consumer reporting agency and loan processing costs, both driven by higher loan originations and a higher outstanding balance of loans serviced. Origination and servicing expense was $45.5 million and $26.1 million for the first nine months of2015 and 2014, respectively, an increase of 74%. The increase was primarily due to a $10.7 million increase in personnel-related expenses and a $6.9 million increase in

43

LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

consumer reporting agency and loan processing costs, both driven by higher loan originations and a higher outstanding balance of loans serviced.

General and Administrative – Engineering and Product Development: Engineering and product development expense consists primarily of salaries, benefits and stock-based compensation expense for our engineering and product development team and the costs of contractors who work on the development and maintenance of our platform. Engineering and product development expense also includes non-capitalized hardware and software costs and depreciation and amortization of technology assets.

Engineering and product development expense was $18.3 million and $9.2 million for the third quarters of2015 and 2014, respectively, an increase of 98%. The increase was primarily driven by continued investment in our platform and product development, which included a $5.5 million increase in personnel-related expenses resulting from increased headcount and a $3.0 million increase in equipment, software and the related support and maintenance, and depreciation expense.

Engineering and product development expense was $46.7 million and $23.0 million for the first nine months of2015 and 2014, respectively, an increase of 103%. The increase was primarily due to a $13.6 million increase in personnel-related expenses resulting from increased headcount and a $8.5 million increase in equipment, software and depreciation expense.

We capitalized $7.5 million and $3.4 million in software development costs for the third quarters of2015 and 2014, respectively. We capitalized $18.1 million and $8.2 million in software development costs for the first nine months of2015 and 2014, respectively.

General and Administrative – Other: Other general and administrative expense consists primarily of salaries, benefits and stock-based compensation expense for our accounting and finance, business development, legal, human resources and facilities teams, professional fees related to legal and accounting, and facilities expense and compensation expense related to the acquisition of Springstone.

Other general and administrative expense was $33.2 million and $22.6 million for the third quarters of2015 and 2014, respectively, an increase of 47%. The increase was primarily due to a $6.8 million increase in salaries and share-based compensation expense related to increased headcount as we continued to invest in back office infrastructure, as well as a $2.0 million increase in facilities expense as we continue to expand and build out our corporate headquarters in San Francisco to accommodate our growing headcount.

Other general and administrative expense was $89.3 million and $55.9 million for the first nine months of2015 and 2014, respectively, an increase of 60%. The increase was primarily due to a $23.7 million increase in share-based compensation expense and salaries related to increased headcount as we continued to invest in back office infrastructure and stock consideration issued related to the Springstone acquisition, as well as a $5.3 million increase in facilities expense as we continue to expand and build out our corporate headquarters in San Francisco to accommodate our growing headcount.

Income Taxes

For the third quarter and first nine months of2015 we recorded income tax expense of $1.2 million and $2.2 million, respectively, due to recognition of the amortization of tax deductible goodwill that gives rise to an indefinite-lived deferred tax liability. Income tax expense was $0.4 million and $1.1 million for the third quarter and first nine months of2014, respectively.

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LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

The Company continues to recognize a full valuation allowance against deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. As of September 30, 2015, the valuation allowance was $41.3 million.

Reconciliations of Non-GAAP Financial Measures

Our non-GAAP measures of contribution, contribution margin, adjusted EBITDA, and adjusted EBITDA margin have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. These non-GAAP measures should not be viewed as substitutes for, or superior to, net income (loss) as prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these measures differently, which may reduce their usefulness as a comparative measure. These measures do not consider the potentially dilutive impact of stock-based compensation. Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and adjusted EBITDA and adjusted EBITDA margin do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements. Adjusted EBITDA and adjusted EBITDA margin do not reflect tax payments that may represent a reduction in cash available to us.

In evaluating these non-GAAP measures, you should be aware that in the future we will incur expenses similar to the adjustments in this presentation. The following tables present a reconciliation of net income (loss) to contributions for each of the periods indicated:

	Three Months Ended    September 30,						Nine Months Ended   September 30,
Reconciliation of Net Income (Loss) to Contribution:	2015			2014			2015			2014
Net income (loss)	$	950		$	(7,371	)	$	(9,564	)	$	(23,857	)
Net interest (income) expense after fair value adjustments	(1,214		)	474			(2,199		)	854
General and administrative expense:
Engineering and product development	18,320			9,235			46,710			22,987
Other	33,239			22,613			89,328			55,875
Stock-based compensation expense(1)	2,865			1,511			7,778			6,456
Income tax expense	1,233			419			2,249			1,059
Contribution	$	55,393		$	26,881		$	134,302		$	63,374
Total operating revenue	$	115,062		$	56,538		$	292,226		$	143,861
Contribution margin	48.1		%	47.5		%	46.0		%	44.1		%

(1)   Contribution also excludes stock-based compensation expense included in the sales and marketing and origination and servicing expense categories, as follows:
	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Sales and marketing	$	2,048	$	912	$	5,373	$	5,029
Origination and servicing	817		599		2,405		1,427
Total	$	2,865	$	1,511	$	7,778	$	6,456

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LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

	Three Months Ended    September 30,						Nine Months Ended   September 30,
Reconciliation of Net Income (Loss) to Adjusted EBITDA:	2015			2014			2015			2014
Net income (loss)	$	950		$	(7,371	)	$	(9,564	)	$	(23,857	)
Net interest (income) expense after fair value adjustments	(1,214		)	474			(2,199		)	854
Acquisition and related expense	937			301			1,634			2,819
Depreciation expense:
Engineering and product development	3,808			1,447			9,813			3,326
Other	708			322			1,636			784
Amortization of intangible assets	1,256			1,388			4,075			2,510
Stock-based compensation expense	13,479			10,537			37,558			25,889
Income tax expense	1,233			419			2,249			1,059
Adjusted EBITDA	$	21,157		$	7,517		$	45,202		$	13,384
Total operating revenue	$	115,062		$	56,538		$	292,226		$	143,861
Adjusted EBITDA margin	18.4		%	13.3		%	15.5		%	9.3		%

Liquidity and Capital Resources

At September 30, 2015, the Company had $579.2 million in available unrestricted cash and cash equivalents primarily held in institutional money market funds and interest-bearing deposit accounts at investment grade financial institutions. The Company believes that the current cash position is sufficient to meet the liquidity needs for the next twelve months.

During the second quarter of 2015, the Company purchased securities available for sale to invest excess cash. The fair value of securities available for sale as of September 30, 2015 was $338.5 million. These securities include corporate debt securities, asset back securities, U.S. agency securities, and municipal and other securities. As of September 30, 2015, all securities in the available for sale portfolio were rated investment grade (defined as a rating equivalent to a Moody’s rating of “Baa” or higher, or a Standard & Poor’s rating of “BBB-” or higher) and there were no significant unrealized losses.

At September 30, 2015, the Company had $159.2 million in restricted cash that primarily consisted of $150.9 million of cash received for investors and not yet applied to their accounts, $3.4 million for an investor as part of a contingent credit support agreement, and $3.0 million of cash pledged as security for our primary issuing bank.

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LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

The following table sets forth certain cash flow information for the periods presented:

	Nine Months Ended September 30,
Condensed Cash Flow Information:	2015			2014
Net cash provided by operating activities	$	53,350		$	35,395
Cash flow from loan investing activities (1)	(1,442,964		)	(789,593		)
Cash flow from all other investing activities	(477,954		)	(135,885		)
Net cash used for investing activities	(1,920,918		)	(925,478		)
Cash flow from note/certificate financing (1)	1,454,391			796,515
Cash flow from all other financing activities	122,603			126,943
Net cash provided by financing activities	1,576,994			923,458
Net (decrease) increase in cash and cash equivalents	$	(290,574	)	$	33,375

⁽¹⁾  Cash flow from loan investing activities includes the purchase of loans and repayment of loans facilitated through our marketplace. Cash flow from note/certificate financing activities includes the issuance of notes and certificates to investors and the repayment of those notes and certificates. These amounts generally correspond and offset each other.

Net Cash Provided by Operating Activities

Net cash provided by operating activities for the first nine months of2015 was $53.4 million. Cash flow provided by operating activities was driven by the Company's net loss for the first nine months of2015 of $9.6 million, adjusted for non-cash stock-based compensation expense of $37.6 million and depreciation and amortization expense of $15.5 million. Further, cash provided by operating activities was primarily driven by changes in certain components of our working capital, including an increase in accrued expenses and other liabilities of $22.4 million, offset by an increase in other assets of $6.3 million and a decrease in accounts payable of $3.1 million.

Net cash provided by operating activities for the first nine months of2014 was $35.4 million. Cash flow from operating activities primarily resulted from the net loss for the first nine months of2014 of $23.9 million, adjusted for non-cash stock-based compensation expense of $25.9 million. Additionally, operating cash flows were generated due to changes in certain components of our working capital, including a decrease in other assets of $13.2 million that was primarily related to payments of receivables due to investors, and an increase in accrued expenses and other liabilities of $10.8 million.

Net Cash Used in Investing Activities

Net cash used in investing activities for the first nine months of2015 was $1.92 billion. Cash used in investing activities primarily includes $2.74 billion of cash used to purchase loans at fair value, $402.8 million used to purchase securities available for sale, a $112.5 million increase in restricted cash, and $25.9 million used to purchase property, equipment and software, partially offset by $1.28 billion of principal payments received from loans at fair value and $63.2 million of proceeds received from sales of securities available for sale.

Net cash used in investing activities for the first nine months of2014 was $925.5 million, which primarily resulted from $1.53 billion of cash used to purchase loans at fair value, $109.5 million for the Springstone acquisition, $15.0 million of cash used to purchase property, equipment and software, and a $11.4 million increase in restricted cash, partially offset by $739.5 million of principal payments received on loans at fair value.

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LENDINGCLUB CORPORATION

Management's Discussion and Analysis of Financial Condition and Results of Operations

(Tabular Amounts in Thousands, Except Share and Per Share Data and Ratios, or as Noted)

Net Cash Provided by Financing Activities

Net cash provided by financing activities for the first nine months of2015 was $1.58 billion. Cash provided by financing primarily includes $2.74 billion of proceeds from our issuance of notes and sale of loans to the Trust in connection with its issuance of certificates and a $112.1 million decrease in the amount payable to investors, partially offset by $1.27 billion in principal payments made on notes and certificates.

Net cash provided by financing activities for the first nine months of2014 was $923.5 million, which primarily resulted from $1.53 billion of proceeds from our issuance of notes and sale of loans to the Trust in connection with its issuance of certificates, $64.8 million net proceeds from our sale of Series F convertible preferred stock in connection with the Springstone acquisition, $49.8 million of net proceeds from the issuance of a term loan and a $12.9 million increase in the amount payable to investors, which was partially offset by $732.3 million of principal payments made on notes and certificates.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements during the first nine months of2015 and 2014.

Contingencies

The Company's contingencies as of September 30, 2015 are included in"Part I - Financial Information - Item 1 - Financial Statements - Note 14 - Commitments and Contingencies."

Critical Accounting Policies and Estimates

Certain of the Company's accounting policies that involve a higher degree of judgment and complexity are discussed in "Part II - Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operation - Critical Accounting Estimates" in the Annual Report. There have been no significant changes to these critical accounting estimates during the first nine months of2015.

The Company’s annual goodwill impairment testing date is April 1. In testing for potential impairment of goodwill on April 1, 2015, management performed an assessment of each of the Company’s goodwill reporting units (generally defined as the Company’s businesses for which financial information is available and reviewed regularly by management) and concluded that goodwill was not impaired.

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LENDINGCLUB CORPORATION

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices or interest rates.

Because balances, interest rates and maturities of loans are matched and offset by an equal balance of notes and certificates with the exact same interest rates and maturities, we believe that we do not have any material exposure to changes in the net fair value of the combined loan, note and certificate portfolios as a result of changes in interest rates. We do not hold or issue financial instruments for trading purposes.

The fair values of loans and the related notes and certificates are determined using a discounted cash flow methodology. The fair value adjustments for loans are largely offset by the fair value adjustments of the notes and certificates due to the borrower payment dependent design of the notes and certificates and due to the total principal balances of the loans being very close to the combined principal balances of the notes and certificates.

We had cash and cash equivalents of $579.2 million as of September 30, 2015. These amounts were held primarily in interest-bearing deposits at investment grade financial institutions and institutional money market funds, which are short-term. Cash and cash equivalents are held for working capital purposes. Due to their short-term nature, we believe that we do not have any material exposure to changes in the fair value of these liquid investments as a result of changes in interest rates. Decreases in short-term interest rates will not materially reduce interest income on these cash and cash equivalents because of the current low rate environment. Increases in short-term interest rates will modestly increase the interest income earned on these cash balances.

Interest Rate Sensitivity

The Company also holds securities in an available for sale portfolio. At September 30, 2015, the fair value of our securities available for sale portfolio was $338.5 million, consisting of corporate debt securities, asset-backed securities, U.S. agency securities, and municipal and other securities. To mitigate the risk of loss, our investment policy and strategy is focused first on the preservation of capital and supporting our liquidity requirements, and then maximizing returns. To manage this risk, the Company limits and monitors maturities, credit ratings, and concentrations within the investment portfolio. Changes in U.S. interest rates affect the interest earned on our cash and cash equivalents and securities available for sale and the market value of those securities. A hypothetical 100 basis point increase in interest rates would result in a decrease of approximately $3.7 million in the fair value of our securities available for sale as of September 30, 2015. A hypothetical 100 basis point decrease in interest rates would result in an increase of approximately $3.6 million in the fair value of our securities available for sale as of September 30, 2015. Any realized gains or losses resulting from such interest rate changes would only occur if we sold the investments prior to maturity.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The management of the Company, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of September 30, 2015. Based on this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2015.

Changes in Internal Control Over Financial Reporting

No change in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) was identified during the first nine months of2015, that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

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LENDINGCLUB CORPORATION

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

For a discussion of legal proceedings, see "Part 1 - Financial Information - Item 1 - Financial Statements - Note 14 - Commitments and Contingencies - Legal."

Item 1A. Risk Factors

You should carefully consider the risks and uncertainties described below, together with all of the other information in this Report, including the section titled "Part I - Financial Information - Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations" and the condensed consolidated financial statements and related notes, and "Part I - Item 1A - Risk Factors" in the Company's Annual Report.

RISKS RELATED TO COMPLIANCE AND REGULATION

If the loans originated through our marketplace were found to violate a state’s usury laws, we may have to alter our business model and our business could be harmed.

The interest rates that are charged to borrowers and that form the basis of payments to investors through our marketplace are enabled by legal principles including (i) the application of federal law to enable an issuing bank that originates the loan to export the interest rates of the jurisdiction where it is located, and (ii) the application of common law “choice of law” principles based upon factors such as the loan document’s terms and where the loan transaction is completed to provide uniform rates to borrowers, and (iii) the application of principles that allow the transferee of a loan to continue to collect interest as provided in the loan document. WebBank, the primary issuing bank of the loans originated through our marketplace, is chartered in, and operates out of, Utah, which allows parties to generally agree by contract to any interest rate. The annual percentage rates offered by WebBank through our marketplace for personal loans as of September 30, 2015 range from 5.99% to 32.99%, which equate to interest rates for investors that range from 4.65% to 28.47%. Certain states, including Utah, have no statutory interest rate limitations on personal loans, while other jurisdictions have a maximum rate. In some jurisdictions, the maximum rate is less than the current maximum rate offered by WebBank through our platform. If the laws of such jurisdictions were found to apply to the loans originated through our marketplace, those loans could be in violation of such laws.

In May 2015, the U.S. Court of Appeals for the Second Circuit issued its decision in Madden v. Midland Funding, LLC that interpreted the scope of federal preemption under the National Bank Act (“NBA”) and held that a non-bank assignee of a loan originated by a national bank, based on the facts of that case in which the national bank no longer had any interest in the loan, was not entitled to the benefits of federal preemption of claims of usury. The Second Circuit remanded the case to address state law issues, such as choice of law. The Second Circuit denied the defendant's motion to reconsider the decision. The Second Circuit's decision is binding on federal courts located in Connecticut, New York, and Vermont, but the decision could also be adopted by other courts. If applied to any of the loans originated through our marketplace, the decision could adversely impact our business.

If a borrower were to successfully bring claims against us for state usury law violations, and the rate on that borrower’s personal loan was greater than that allowed under applicable state law, we could be subject to fines and penalties, including the voiding of loans and repayment of principal and interest to borrowers and investors. We might decide to limit the maximum interest rate on certain loans originated through our marketplace, and we might decide to originate loans under state-specific licenses, where this ruling is applicable. These actions could adversely impact our business.

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LENDINGCLUB CORPORATION

The regulatory framework for our business is evolving and uncertain as federal and state governments consider new laws to regulate online marketplaces such as ours. New laws and regulations, including taxes on services provided by us, as well as continued uncertainty regarding potential new laws or regulations, may negatively affect our business.

The regulatory framework for online marketplaces such as ours is evolving and uncertain. It is possible that new laws and regulations will be adopted in the United States and internationally, or existing laws and regulations may be interpreted in new ways, that would affect the operation of our marketplace and the way in which we interact with borrowers and investors.

Recognizing the growth in online marketplaces such as ours, in July 2015 the U.S. Treasury Department issued a request for information (RFI) to study the various business models and products offered by online marketplace lenders, the potential for online marketplace lending to expand access to credit to historically underserved borrowers and how the financial regulatory framework should evolve to support the safe growth of the industry. The RFI seeks information about a number of topics, including how credit marketplaces manage the risk of fraud and security breaches, how they protect consumers against scams or default, how much investors in the loans rely on borrowed money, and whether the lenders should have to retain some risk relating to the loans they originate or underwrite.

Although the Treasury Department is in the information-gathering stage and no interpretive guidance has been released, there is a possibility that our business may become subject to additional or different regulations in the future. The cost and complexity to comply with new laws or regulations could be significant and result in the need to modify our operations and increase our operating expenses, and we may be unable to pass any such costs on to borrowers and investors.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

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LENDINGCLUB CORPORATION

Item 6. Exhibits

See Exhibit Index. The exhibits noted in the accompanying Exhibit Index are filed or incorporated by reference as a part of this Report and such Exhibit Index is incorporated herein by reference.

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Exhibit	Filing Date	Filed Herewith
10.1	Form of Borrower Loan Agreement					X
31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002					X
31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002					X
32.1	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002					X
101.INS	XBRL Instance Document					X
101.SCH	XBRL Taxonomy Extension Schema Document					X
101.CAL	XBRL Taxonomy Extension Calculation Linkbase					X
101.DEF	XBRL Taxonomy Extension Definition Linkbase					X
101.LAB	XBRL Taxonomy Extension Label Linkbase					X
101.PRE	XBRL Taxonomy Extension Presentation Linkbase					X

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LENDINGCLUB CORPORATION

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		LENDINGCLUB CORPORATION
		(Registrant)
Date:	November 3, 2015	/s/ RENAUD LAPLANCHE
		Renaud Laplanche
		Chief Executive Officer
Date:	November 3, 2015	/s/ CARRIE DOLAN
		Carrie Dolan
		Chief Financial Officer

53

EX-10.1

Exhibit 10.1

Form of Borrower Loan Agreement

The following terms, together with your loan request on the Site, as defined herein, constitute a binding agreement (the "Agreement") between you (you and your to mean each and every borrower who executes this Agreement and related Note(s)) and WebBank, a Utah-chartered industrial bank ("WBK," "we," or "us"). BY ELECTRONICALLY SIGNING THE AGREEMENT, YOU HAVE SIGNIFIED YOUR AGREEMENT TO THESE TERMS. Under this Agreement, you agree to receive and repay one or more installment loans from us, through the website lending platform at www.Lendingclub.com, including any subdomains thereof (the "Site") operated by LendingClub Corporation, a Delaware corporation ("LendingClub"). These terms affect your rights and you should read them carefully and print a copy for your records. Your agreement to these terms means you agree to borrow and repay the money if your loan is funded under the terms of this Agreement, consent to our privacy policy, agree to transact with us electronically, and agree to have any dispute with us resolved by binding arbitration.

1. Loan Terms. Your loan will have a principal balance in the amount set forth in the disclosure provided to you. (see the disclosures at http://www.lendingclub.com/account/truthInLending.action). You agree and acknowledge that the initial loan disclosures made to you are estimates (other than APR) and may be less than the initially requested amounts. All loans are unsecured, fully-amortizing, closed-end loans with either a three (3)-year or five (5)-year term, unless otherwise stated. Please see your Borrower Membership Agreement and other information provided to you in connection with registering your loan request on the Site for additional details. Your obligations, including your obligation to repay principal and interest, are set forth in this Agreement and in the Note or Notes that you will make to us, as described in section 3 below.

2. Credit Decisions. Your loan request must include your annual income and such other information as we may obtain through the Site. We will consider public assistance, alimony, child support, or separate maintenance income as income if you choose to include such sources of income in your application and such income is likely to continue. We reserve the right to verify any information you submit by requiring you to produce appropriate documentation or other proof, and also reserve the right to conduct such verification through a third party. You hereby authorize us to request and obtain data from a third party to verify any information you provide to us in connection with your loan request. We may terminate consideration of your application at any time in our sole discretion.

3. Loan Funding and Closing. You may post a loan request on the Site, and LendingClub investors ("Investors") will be able to review your loan request. Investors may commit funds to purchase, in various amounts, Member Payment Dependent Notes ("MPDNs") that LendingClub may issue to Investors who commit funds for your loan request. You acknowledge that an Investor's commitment to purchase a MPDN corresponding to all or a portion of your loan from us does not confer any rights to you. Investors may also choose to purchase your loan directly from either WBK or LendingClub. You understand that Investors make their own decisions whether to commit funds for your loan. Finally, LendingClub may also choose to commit funds for all or part of your loan request but is not obligated to do so. However, we do not warrant or guarantee that your loan request will be funded or that you will receive a loan as a result of posting your request.

We may elect in our sole discretion to give you a partial funding option, if necessary, which means your loan will be funded if it receives commitments totaling less than the full amount of your requested loan (subject to the loan size minimum).

If your loan is going to be issued either for the full amount of your listed loan or as a result of any partial funding option available to you, your loan will close and issue within fourteen (14) days following the posting of your loan request, unless you notify us in writing of your election to terminate your loan request sufficiently far in advance of the loan closing for us to cancel the loan.

Funding of your loan request might be available before the expiration of the 14-day period set forth above. In no event, will we be obligated to notify you of the date upon which your loan may or will fund.

If we extend a loan to you, you agree to execute by power of attorney as described below, and be bound by the terms set forth in, the form of promissory note attached as Exhibit A (the "Note") as to your loan. You agree to execute multiple Notes if we request you do so, provided that the aggregate principal amounts of such Notes shall equal the total amount of your loan. LendingClub will execute your Note(s) on your behalf pursuant to a power of attorney you grant to LendingClub when registering your loan request. You authorize us to disburse the loan proceeds by Automated Clearing House ("ACH") transfer to your designated account or on your behalf to your selected designee. Following our disbursement of the loan proceeds as set forth above, we will assign the Note(s) and your loan to LendingClub.

BY COMPLETING YOUR APPLICATION AND SUBMITTING YOUR LOAN REQUEST, YOU ARE COMMITTING TO OBTAIN A LOAN FROM US IN THE AMOUNT AND ON THE TERMS SET FORTH IN YOUR AGREEMENTS WITH WBK (OR ITS ASSIGNEES) AND THE DISCLOSURES PROVIDED TO YOU IN CONNECTION WITH YOUR REQUEST, SHOULD YOUR REQUEST BE FUNDED. YOU HAVE NO RIGHT TO RESCIND THE LOAN ONCE MADE BUT YOU MAY PREPAY THE LOAN AT ANY TIME WITHOUT PENALTY. We will not lend you any funds unless and until sufficient commitments are received from Investors and/or LendingClub.

4. Making Your Loan Payments. You authorize us and our successors and assigns to debit your designated account by ACH transfer for the amount of each payment due on each due date. Alternatively, you may elect to make payments by personal check by contacting support@lendingclub.com or by regular mail to the Lock Box below. If you elect to make payments by check, you acknowledge and agree that there will be a $7 check processing fee per payment, subject to applicable law. If you elect to make payments by check, you must send the check either by regular mail or by overnight mail or UPS delivery to Wells Fargo Lock Box Services, Dept #34268, 3440 Walnut Ave, Window H, Fremont, CA 94538. This authorization does not affect your obligation to pay when due all amounts payable on your loan, whether or not there are sufficient funds in such accounts. The foregoing authorization is in addition to, and not in limitation of, any rights of setoff we may have. With regard to payments made by automatic withdrawal, you have the right to stop payment of automatic withdrawals or revoke your prior authorization for automatic withdrawals by notifying your financial institution at least three (3) banking days before the scheduled date of transfer. You must notify us of the exercise of your right to stop a payment or revoke your authorization for automatic withdrawals at least three (3) banking days before the scheduled date of transfer. All payments are to be applied first to the payment of all fees, expenses and other amounts due (excluding principal and interest), then to accrued interest, and the balance on account of outstanding principal; provided,

however, that after an Event of Default (as defined below), payments will be applied to your obligations as we determine in our sole discretion.

5. Other Borrower Obligations. You agree that you (A) are a US citizen, permanent resident or Non-Permanent Resident Alien in the US on a valid long term visa and (B) will not, in connection with your loan request: (i) make any false, misleading or deceptive statements or omissions of fact in your listing, including but not limited to your loan description; (ii) misrepresent your identity, or describe, present or portray yourself as a person other than yourself; (iii) give to or receive from, or offer or agree to give to or receive from any LendingClub member or other person any fee, bonus, additional interest, kickback or thing of value of any kind except in accordance with the terms of your loan; (iv) represent yourself to any person, as a representative, employee, or agent of ours, or purport to speak to any person on our behalf; (v) provide, in your loan request or in communications on the Site related to your loan request, information upon which a discriminatory lending decision may be made, such as your race, color, religion, national origin, sex, marital status, age, any exercise of your consumer rights or the existence of alimony, child support, or separate income (unless you have included such income in your application to be considered for loan qualification) or (vi) use any of the loan proceeds to fund any post-secondary educational expenses, including, but not limited to, tuition, fees, books, supplies, miscellaneous expenses, or room and board (see Section 472 of 20 U.S.C. 1087ll http://www.law.cornell.edu/uscode/search/display.html?terms=1087ll&url=/uscode/html/uscode20/usc_sec_20_00001087--ll000-.html for a complete list). You acknowledge and agree that we may rely without independent verification on the accuracy, authenticity, and completeness of all information you provide to us. You certify that the proceeds of the loan will not be used for the purpose of purchasing or carrying any securities or to fund any illegal activity.

6. Fees. If your loan request results in an issued loan, you may be obligated to pay a non-refundable origination fee to the lender issuing your loan. The amount of any fee is stated in the disclosures provided to you and are available for your review in your online member account. No amount of the finally determined fee is refundable. This fee will be deducted from your loan proceeds. If fee is deducted from your loan proceeds the loan proceeds delivered to you will be less than the full amount of your issued loan. Additionally, if the fee is deducted from your loan proceeds, you acknowledge that the origination fee will be considered part of the principal on your loan and is subject to the accrual of interest. You acknowledge that the origination fee will be considered part of the principal on your loan and is subject to the accrual of interest. You agree to pay a fee of $15, to the extent permitted by applicable law, if ACH transfers or checks are returned or fail due to insufficient funds in your account or for any other reason. We may attempt to process your transaction up to two additional times and each attempt to collect a payment is considered a separate transaction, so an unsuccessful payment fee will be assessed for each failed attempt. The bank that holds your designated account may assess its own fee in addition to the fee we assess. If Borrower's payment is more than 15 days late, Lender may charge a late fee in an amount the greater of 5% of the outstanding payment or $15, to the extent permitted by applicable law. We will charge only one late fee on each late payment. These fees may be collected using ACH transfers initiated by us from your designated account. Any such late fee assessed is immediately due and payable. Any payment received after 3:00 P.M., Mountain time, on a banking day is deemed received on the next succeeding banking day.

7. Default and Termination. You will be deemed in default on your loan (each, an "Event of Default") if you: (1) fail to pay timely any amount due on your loan; (2) file or have instituted against you any bankruptcy or insolvency proceedings or make any assignment for the benefit of creditors; (3) commit fraud or make any material misrepresentation in this

Agreement, the Note(s), or any other documents, applications or related materials delivered to us in connection with your loan; or (4) fail to abide by the terms of this Agreement. Upon the occurrence of an Event of Default, we may exercise all remedies available to us under applicable law, this Agreement, and the Note(s), including without limitation (1) demand that you immediately pay all amounts owed on your loan or (2) terminate this Agreement. Any loans you obtain prior to the effective date of termination resulting from listings you placed on the Site shall remain in full force and effect in accordance with their terms.

8. Liability of the Borrower and the Co-borrower is Joint and Several. The liability of any co-borrower is joint and several and is co-existent with that of the borrower. The liability of the co-borrower to repay the loan together with interest, and to observe the terms and conditions of this Agreement and any other agreement and documents that may have been or may be executed by you with us in respect of this loan or any other loan or loans, is joint and several and consequently we shall have sole discretion to proceed against both or either of them to recover the loan and other charges payable by you to us. Further, we can accept instructions from either the borrower or the co-borrower, and notice can be given to either the borrower or the co-borrower, and shall be binding on both.

9. Collection & Reporting of Delinquent Loans. We may report information about your account to credit bureaus. Should there be more than one borrower on any loan, we will report that loan account to the credit bureaus in the names of all borrowers. Late payments, missed payments, or other defaults on your account may be reflected in your credit report. You agree to pay all costs of collecting any delinquent payments, including reasonable attorneys' fees, as permitted by applicable law.

10. TCPA Consent & Privacy: Notwithstanding any current or prior election to opt in or opt out of receiving telemarketing calls or SMS messages (including text messages) from us, our agents, representatives, affiliates, or anyone calling on our behalf, you expressly consent to be contacted by us, our agents, representatives, affiliates, or anyone calling on our behalf for any and all purposes arising out of or relating to your loan and/or account, at any telephone number, or physical or electronic address you provide or at which you may be reached.  You agree we may contact you in any way, including SMS messages (including text messages), calls using prerecorded messages or artificial voice, and calls and messages delivered using auto telephone dialing system or an automatic texting system.  Automated messages may be played when the telephone is answered, whether by you or someone else.  In the event that an agent or representative calls, he or she may also leave a message on your answering machine, voice mail, or send one via text. 

You consent to receive SMS messages (including text messages), calls and messages (including prerecorded and artificial voice and autodialed) from us, our agents, representatives, affiliates or anyone calling on our behalf at the specific number(s) you have provided to us, or numbers we can reasonably associate with your account (through skip trace, caller ID capture or other means), with information or questions about your application, loan and/or account.  You certify, warrant and represent that the telephone numbers that you have provided to us are your numbers and not someone else’s.  You represent that you are permitted to receive calls at each of the telephone numbers you have provided to us.  You agree to alert us whenever you stop using a particular telephone number.

Your cellular or mobile telephone provider will charge you according to the type of plan you carry. You also agree that we may contact you by e-mail, using any email address you have provided to us or that you provide to us in the future. We

may listen to and/or record phone calls between you and our representatives without notice to you as permitted by applicable law. For example, we listen to and record calls for quality monitoring purposes.

11. Assignment of Your Loan. Following the closing of your loan you hereby agree that we may, without notice to you, (i) assign all of our right, title and interest in this Agreement to LendingClub and (ii) assign your Note(s) to LendingClub. You understand, acknowledge and agree that LendingClub may sell, assign or transfer your Note(s) and all associated documents and information related to the Note(s) without your consent or notice to you.

12 Entire Agreement. This Agreement and any Note(s) represents the entire agreement between you and us regarding the subject matter hereof and supersedes all prior or contemporaneous communications, promises and proposals, whether oral, written or electronic, between us with respect to your loan request and loan. The WBK Privacy Notice attached as Exhibit B is incorporated by reference into this Agreement.

13. Electronic Transactions. THIS AGREEMENT IS FULLY SUBJECT TO YOUR CONSENT TO ELECTRONIC TRANSACTIONS AND DISCLOSURES, WHICH CONSENT IS SET FORTH IN THE TERMS OF USE FOR THE SITE. YOU EXPRESSLY AGREE THAT THE NOTE IS A "TRANSFERABLE RECORD" FOR ALL PURPOSES UNDER THE ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT AND THE UNIFORM ELECTRONIC TRANSACTIONS ACT.

14. Notices. All notices and other communications to you hereunder may be given by email to your registered email address or posted on the Site, and shall be deemed to have been duly given and effective upon transmission. You acknowledge that you have control of such email account and your area on the Site and that communications from us may contain sensitive, confidential, and collections-related communications. If your registered email address changes, you must notify LendingClub of the change by sending an email to support@lendingclub.com or calling 888-596-3157. You also agree to update your registered residence address and telephone number on the Site if they change.

15. NO WARRANTIES. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, WE MAKE NO REPRESENTATIONS OR WARRANTIES TO YOU, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

16. LIMITATION ON LIABILITY. IN NO EVENT SHALL WE BE LIABLE TO YOU FOR ANY LOST PROFITS OR SPECIAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. FURTHERMORE, WE MAKE NO REPRESENTATION OR WARRANTY TO YOU REGARDING THE EFFECT THAT THE AGREEMENT MAY HAVE UPON YOUR FOREIGN, FEDERAL, STATE OR LOCAL TAX LIABILITY.

17. Choice of Law. We are located in the state of Utah and this Agreement and the Note(s) will be entered into in the state of Utah. The provisions of this Agreement will be governed by federal laws and the laws of the state of Utah to the extent not preempted, without regard to any principle of conflicts of laws that would require or permit the application of the laws of any other jurisdiction.

18. Miscellaneous. The parties acknowledge that there are no third party beneficiaries to this Agreement. You may not assign, transfer, sublicense or otherwise delegate your rights or obligations under this Agreement to another person

without our prior written consent. Any such assignment, transfer, sublicense or delegation in violation of this section 18 shall be null and void. Any waiver of a breach of any provision of this Agreement will not be a waiver of any other subsequent breach. Failure or delay by either party to enforce any term or condition of this Agreement will not constitute a waiver of such term or condition. If at any time after the date of this Agreement, any of the provisions of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality and unenforceability of such provision shall have no effect upon and shall not impair the enforceability of any other provisions of this Agreement. The headings in this Agreement are for reference purposes only and shall not affect the interpretation of this Agreement in any way.

19. Arbitration. RESOLUTION OF DISPUTES: I HAVE READ THIS PROVISION CAREFULLY AND UNDERSTAND THAT IT LIMITS MY RIGHTS IN THE EVENT OF A DISPUTE BETWEEN YOU AND ME. I UNDERSTAND THAT I HAVE THE RIGHT TO REJECT THIS PROVISION AS PROVIDED IN PARAGRAPH (b) BELOW.

a. Either party to this Agreement, or LendingClub, may, at its sole election, require that the sole and exclusive forum and remedy for resolution of a Claim be final and binding arbitration pursuant to this section 19 (the "Arbitration Provision"), unless you opt out as provided in section 19(b) below. As used in this Arbitration Provision, "Claim" shall include any past, present, or future claim, dispute, or controversy involving you (or persons claiming through or connected with you), on the one hand, and us and/or LendingClub (or persons claiming through or connected with us and/or LendingClub), on the other hand, relating to or arising out of this Agreement, any Note(s), the Site, and/or the activities or relationships that involve, lead to, or result from any of the foregoing, including (except to the extent provided otherwise in the last sentence of section 19(f) below) the validity or enforceability of this Arbitration Provision, any part thereof, or the entire Agreement. Claims are subject to arbitration regardless of whether they arise from contract; tort (intentional or otherwise); a constitution, statute, common law, or principles of equity; or otherwise. Claims include matters arising as initial claims, counter-claims, cross-claims, third-party claims, or otherwise. The scope of this Arbitration Provision is to be given the broadest possible interpretation that is enforceable.

b. You may opt out of this Arbitration Provision for all purposes by sending an arbitration opt out notice to WebBank, c/o LendingClub Corporation, 71 Stevenson St., Suite 300, San Francisco CA, 94105, Attention: Legal Department, which is received at the specified address within 30 days of the date of your electronic acceptance of the terms of this Agreement. The opt out notice must clearly state that you are rejecting arbitration; identify the Agreement to which it applies by date; provide your name, address, and social security number; and be signed by you. You may send the opt out notice in any manner you see fit as long as it is received at the specified address within the specified time. No other methods can be used to opt out of this Arbitration Provision. If the opt out notice is sent on your behalf by a third party, such third party must include evidence of his or her authority to submit the opt out notice on your behalf.

c. The party initiating arbitration shall do so with the American Arbitration Association (the "AAA") or Judicial Alternatives and Mediation Services (“JAMS”). The arbitration shall be conducted according to, and the location of the arbitration shall be determined in accordance with, the rules and policies of the administrator selected, except to the extent the rules conflict with this Arbitration Provision or any countervailing law. If you have any questions concerning the AAA or would like to obtain a copy of the AAA arbitration rules, you may call 1(800) 778-7879 or visit the AAA’s web site at: www.adr.org. If you have any questions concerning JAMS or would like to obtain a copy of the JAMS arbitration rules,

you may call 1(800) 352-5267 or visit their web site at: www.jamsadr.com. In the case of a conflict between the rules and policies of the administrator and this Arbitration Provision, this Arbitration Provision shall control, subject to countervailing law, unless all parties to the arbitration consent to have the rules and policies of the administrator apply.

d. If we (or LendingClub) elect arbitration, we (or LendingClub, as the case may be) shall pay all the administrator's filing costs and administrative fees (other than hearing fees). If you elect arbitration, filing costs and administrative fees (other than hearing fees) shall be paid in accordance with the rules of the administrator selected, or in accordance with countervailing law if contrary to the administrator's rules. We (or LendingClub, as the case may be) shall pay the administrator's hearing fees for one full day of arbitration hearings. Fees for hearings that exceed one day will be paid by the party requesting the hearing, unless the administrator's rules or applicable law require otherwise, or you request that we (or LendingClub) pay them and we agree (or LendingClub agrees) to do so. Each party shall bear the expense of its own attorneys' fees, except as otherwise provided by law. If a statute gives you the right to recover any of these fees, these statutory rights shall apply in the arbitration notwithstanding anything to the contrary herein.

e. Within 30 days of a final award by the arbitrator, any party may appeal the award for reconsideration by a three-arbitrator panel selected according to the rules of the arbitrator administrator. In the event of such an appeal, any opposing party may cross-appeal within 30 days after notice of the appeal. The panel will reconsider de novo all aspects of the initial award that are appealed. Costs and conduct of any appeal shall be governed by this Arbitration Provision and the administrator's rules, in the same way as the initial arbitration proceeding. Any award by the individual arbitrator that is not subject to appeal, and any panel award on appeal, shall be final and binding, except for any appeal right under the Federal Arbitration Act ("FAA"), and may be entered as a judgment in any court of competent jurisdiction.

f. We agree not to invoke our right to arbitrate an individual Claim you may bring in Small Claims Court or an equivalent court, if any, so long as the Claim is pending only in that court. NO ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE ATTORNEY GENERAL ON BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT. Unless consented to in writing by all parties to the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for or on behalf of two or more individuals or unrelated corporate entities in the same arbitration unless those persons are parties to a single transaction. Unless consented to in writing by all parties to the arbitration, an award in arbitration shall determine the rights and obligations of the named parties only, and only with respect to the claims in arbitration, and shall not (a) determine the rights, obligations, or interests of anyone other than a named party, or resolve any Claim of anyone other than a named party; nor (b) make an award for the benefit of, or against, anyone other than a named party. No administrator or arbitrator shall have the power or authority to waive, modify, or fail to enforce this section 19(f), and any attempt to do so, whether by rule, policy, arbitration decision or otherwise, shall be invalid and unenforceable. Any challenge to the validity of this section 19(f) shall be determined exclusively by a court and not by the administrator or any arbitrator.

g. This Arbitration Provision is made pursuant to a transaction involving interstate commerce and shall be governed by and enforceable under the FAA. The arbitrator will apply substantive law consistent with the FAA and applicable statutes of limitations. The arbitrator may award damages or other types of relief permitted by applicable substantive law, subject

to the limitations set forth in this Arbitration Provision. The arbitrator will not be bound by judicial rules of procedure and evidence that would apply in a court. The arbitrator shall take steps to reasonably protect confidential information.

h. This Arbitration Provision shall survive (i) suspension, termination, revocation, closure, or amendments to this Agreement and the relationship of the parties and/or LendingClub; (ii) the bankruptcy or insolvency of any party or other person; and (iii) any transfer of any loan or Note or any other promissory note(s) which you owe, or any amounts owed on such loans or notes, to any other person or entity. If any portion of this Arbitration Provision other than section 19(f) is deemed invalid or unenforceable, the remaining portions of this Arbitration Provision shall nevertheless remain valid and in force. If an arbitration is brought on a class, representative, or collective basis, and the limitations on such proceedings in section 19(f) are finally adjudicated pursuant to the last sentence of section 19(f) to be unenforceable, then no arbitration shall be had. In no event shall any invalidation be deemed to authorize an arbitrator to determine Claims or make awards beyond those authorized in this Arbitration Provision.

THE PARTIES ACKNOWLEDGE THAT THEY HAVE A RIGHT TO LITIGATE CLAIMS THROUGH A COURT BEFORE A JUDGE OR JURY, BUT WILL NOT HAVE THAT RIGHT IF ANY PARTY ELECTS ARBITRATION PURSUANT TO THIS ARBITRATION PROVISION. THE PARTIES HEREBY KNOWINGLY AND VOLUNTARILY WAIVE THEIR RIGHTS TO LITIGATE SUCH CLAIMS IN A COURT BEFORE A JUDGE OR JURY UPON ELECTION OF ARBITRATION BY ANY PARTY.

Exhibit A

PROMISSORY NOTE

Borrower name

Borrower address: ______________________________________________ (not visible to investors)

Co-Borrower name

Co-Borrower address: ______________________________________________ (not visible to investors)

$_______________

_____________, 20_

For value received, I (referred to herein as "Borrower" regardless of whether borrower is an individual or a co-borrower ) promise to pay to the order of WebBank or any subsequent holder ("you" or "Lenders") of this Promissory Note (the "Note") the principal sum of ________________ ($_________) Dollars with interest as set forth below. I intend to be legally bound by this Note. I have read, understood, and agreed to all of the terms of this Note.

Interest Rate. This Note bears interest during each calendar month from the date hereof until paid in full, at a fixed rate of ______ (%) per annum.

Interest Calculation Method. Interest is calculated daily on the basis of a 360-day year with 12 months each of which is 30 days (or 30/360) long, regardless if a month has more or less than 30 days. This Note shall bear interest on any overdue installment or principal and, to the extent permitted by applicable law, on any overdue installment of interest, at the interest rate as calculated above.

Payments. Principal and interest is to be paid during and throughout the period of ________ months in the following manner:

Payments of principal and interest in the amount of ________________ ($______) Dollars are to be made by the Borrower to the Lender commencing _____________, 20_, and on the same day of each successive month thereafter until __________, 20__, when the full amount of unpaid principal, together with unpaid accrued interest is due and payable. If the monthly anniversary is on the 29th, 30th, or 31st of the month, and the following month does not have a 29th, 30th, or 31st day, the monthly payment will be due on the last day of the month in which the payment was due.

Borrower's last payment might be of a different amount, which could be higher than the monthly installment amounts, to adjust for rounding and/or due to calculation of daily interest charges in certain instances such as a payment due date change or Borrower making a payment after the payment due date. In such cases, the amount of the last monthly payment will be adjusted by the amount necessary to repay the loan in full.

All payments on this Note are to be made in immediately available lawful money of the United States. Borrower authorizes Lender to debit Borrower's designated account by Automated Clearing House ("ACH") transfer for the amount of each payment due on each due date, unless Borrower has elected an alternative method of payment. Borrower may elect to make payments by personal check by contacting support@lendingclub.com or by mail to Wells Fargo Lock Box

Services, Dept #34268, 3440 Walnut Ave, Window H, Fremont, CA 94538. If Borrower elects to make payments by check, borrower acknowledges and agrees that there will be a $7 check processing fee per payment, subject to applicable law. This authorization does not affect Borrower's obligations to pay when due all amounts payable under this Note, whether or not there are sufficient funds therefore in such accounts. The foregoing authorization is in addition to, and not in limitation of, any rights of setoff Lender may have. With regard to payments made by automatic withdrawal, Borrower has the right to stop payment of automatic withdrawals or revoke Borrower's prior authorization for automatic withdrawals by notifying Borrower's financial institution at least three (3) banking days before the scheduled date of transfer. Borrower will notify Lender of the exercise of Borrower's right to stop a payment or revoke Borrower's authorization for automatic withdrawals at least three (3) banking days before the scheduled date of transfer. All payments are to be applied first to the payment of all fees, expenses and other amounts due to Lender (excluding principal and interest), then to accrued interest, and the balance on account of outstanding principal; provided, however, that after an Event of Default (as defined below), payments will be applied to Borrower's obligations as Lender determines in its sole discretion.

Fees and Charges. A non-refundable origination fee is paid by Borrower to the Lender in the amount and on the terms set forth in Borrower's agreement with Lender and is deducted from Borrower's loan proceeds. As such, the loan proceeds delivered to Borrower will be less than the full amount of Borrower's loan request. Borrower acknowledges that the origination fee will be considered part of the principal of Borrower's loan and is subject to the accrual of interest. Borrower agrees to pay a fee of $15, to the extent permitted by applicable law, if ACH transfers or checks are returned or fail due to insufficient funds in Borrower's account or for any other reason. Borrower acknowledges that the bank that holds Borrower's designated account may charge a fee in addition to this fee. We may attempt to process your transaction up to two additional times and each attempt to collect a payment is considered a separate transaction, so an unsuccessful payment fee will be assessed for each failed attempt. If Borrower's payment is more than 15 days late, Lender may charge a late fee in an amount the greater of 5% of the outstanding payment or $15, to the extent permitted by applicable law. These fees may be collected using ACH transfers initiated by us from Borrower's designated account. Any such late fee assessed is immediately due and payable. Any payment received after 3:00 P.M., Mountain time, on a banking day is deemed received on the next succeeding banking day.

Prepayments and Partial Payments. Borrower may make any payment early, in whole or in part, without penalty or premium at any time. Any partial prepayment is to be applied against the principal amount outstanding and does not postpone the due date of any subsequent monthly installments, unless Lender otherwise agrees in writing. If Borrower prepays this Note in part, Borrower agrees to continue to make regularly scheduled payments until all amounts due under this Note are paid. Lender may accept late payments or partial payments, even though marked "paid in full", without losing any rights under this Note. Any regularly scheduled monthly installment of principal and interest that is received by Lender before the date it is due shall be deemed to have been received on the due date solely for the purpose of calculating interest due.

Use of Funds. Borrower certifies that the proceeds of the loan will not be used for the purpose of purchasing or carrying any securities or to fund any illegal activity.

Default. Borrower will be deemed in default (each, an "Event of Default") of Borrower's obligations under this Note if Borrower: (i) fails to pay timely any amount due under this Note; (ii) files or has instituted against Borrower any

bankruptcy or insolvency proceedings or makes any assignment for the benefit of creditors; (iii) commits fraud or makes any material misrepresentation in this Note; or (iv) fails to abide by the terms of this Note. Upon the occurrence of an Event of Default, Lender may exercise all remedies available to it under applicable law, including demand upon Borrower to immediately pay all amounts due under this Note. Lender reserves the right to report loan payment delinquencies of 30 days or longer to one or more consumer reporting agencies in accordance with applicable law. Borrower agrees to pay all costs of collecting any delinquent payments, including reasonable attorneys' fees, as permitted by applicable law.

Joint and Several Liability. The liability of any co-borrower is joint and several and is co-existent with that of the borrower. The liability of the co-borrower to repay the Loan together with interest, and to observe the terms and conditions of this Note and any other agreement and documents that may have been or may be executed by Borrower with Lender in respect of this Loan, is joint and several and consequently Lender shall have sole discretion to proceed against both the borrower and co-borrower or either of the borrower or co-borrower to recover all the amounts owed under this Note.

Loan Charges. If a law that applies to the Loan and sets maximum loan charges is finally interpreted so that the interest or other loan charges collected or to be collected in connection with the Loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from Borrower that exceeded permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under this Note or by making a direct payment to Borrower.

Miscellaneous.

Lender may assign this Note, including without limitation, to LendingClub Corporation, without notice to Borrower. Borrower may not assign this Note without the prior written consent of Lender. This Note inures to the successors, permitted assigns, heirs and representatives of Borrower and Lender.

Borrower hereby waives demand, notice of non-payment, protest, and all other notices or demands whatsoever, and hereby consents that without notice to and without releasing the liability of any party, the obligations evidenced by this Note may from time to time, in whole or part, be renewed, extended, modified, accelerated, compromised, settled or released by Lender.

Any changes to this Note must be in writing signed by Borrower and Lender. Notices will be mailed electronically to the addresses provided.

Controlling Law. Lender is located in the State of Utah and this Note has been executed and delivered in the State of Utah and is deemed a contract made under such state's law. The provisions of this Note will be governed by federal laws and the laws of the State of Utah to the extent not preempted, without regard to any principle of conflicts of law. The unenforceability of any provision of this Note shall not affect the enforceability or validity of any other provision of this Note.

STATE LAW NOTICES:

CALIFORNIA RESIDENTS ONLY: A married applicant may apply for a separate account. If Lender takes any adverse action as defined by § 1785.3 of the California Civil Code and the adverse action is based, in whole or in part, on any information contained in a consumer credit report, Borrower has the right to obtain within 60 days a free copy of Borrower's consumer credit report from the consumer reporting agency who furnished the consumer credit report and from any other consumer credit reporting agency that complies and maintains files on consumers on a nationwide basis.

CALIFORNIA AND UTAH RESIDENTS: As required by California and Utah law, Borrower is hereby notified that a negative credit report reflecting on Borrower's credit record may be submitted to a credit reporting agency if Borrower fails to fulfill the terms of Borrower's credit obligations.

KANSAS RESIDENTS: NOTICE TO CONSUMER: 1. Do not sign this Note before you read it. 2. You are entitled to a copy of this Note. 3. You may prepay the unpaid balance at any time without penalty.

MARYLAND RESIDENTS ONLY: Lender elects to make this loan pursuant to Subtitle 10 (Credit Grantor Closed End Credit provisions) of Title 12 of the Maryland Commercial Law Article only to the extent that such provisions are not inconsistent with Lender's authority under federal law (12 U.S.C. § 85, § 1463(g), or § 1831d, as appropriate) and related regulations and interpretations, which authority Lender expressly reserves.

MASSACHUSETTS RESIDENTS ONLY: Massachusetts law prohibits discrimination based upon marital status or sexual orientation.

MISSOURI AND NEBRASKA RESIDENTS: ORAL LOAN AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF SUCH DEBT, INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT, ARE NOT ENFORCEABLE. TO PROTECT BORROWER(S) AND THE LENDER AND ANY HOLDER OF THIS NOTE FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

NEW JERSEY RESIDENTS: The section headings of the Note are a table of contents and not contract terms. Portions of this Note with references to actions taken to the extent of applicable law apply to acts or practices that New Jersey law permits or requires. In this Note, actions or practices (i) by which Lender is or may be permitted by "applicable law" are permitted by New Jersey law, and (ii) that may be or will be taken by Lender unless prohibited by "applicable law" are permitted by New Jersey law.

NEW YORK, RHODE ISLAND and VERMONT RESIDENTS: Borrower understands and agrees that Lender may obtain a consumer credit report in connection with this application and in connection with any update, renewals for extension of any credit as a result of this application. If Borrower asks, Borrower will be informed whether or not such a report was obtained, and if so, the name and address of the agency that furnished the report. Borrower also understands and agrees that Lender may obtain a consumer credit report in connection with the review or collection of any loan made to Borrower as a result of this application or for other legitimate purposes related to such loans.

OHIO RESIDENTS ONLY: The Ohio laws against discrimination require that all creditors make credit equally available to all credit-worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with the law.

WASHINGTON RESIDENTS ONLY: Oral agreements or oral commitments to loan money, extend credit, or to forbear from enforcing repayment of a debt are not enforceable under Washington law.

WISCONSIN RESIDENTS ONLY: For married Wisconsin residents, Borrower's signature confirms that this loan obligation is being incurred in the interest of Borrower's marriage or family. No provision of any marital property agreement (pre-marital agreement), unilateral statement under § 766.59 of the Wisconsin statutes or court decree under § 766.70 adversely affects Lender's interest unless, prior to the time that the loan is approved, Lender is furnished with a copy of the marital property agreement, statement, or decree or have actual knowledge of the adverse provision. If this loan for which Borrower is applying is granted, Borrower will notify Lender if Borrower has a spouse who needs to receive notification that credit has been extended to Borrower.

SCREEN NAME OF BORROWER & CO-BORROWER

BY: LENDINGCLUB CORPORATION

ATTORNEY-IN-FACT FOR BORROWER and CO-BORROWER

(SIGNED ELECTRONICALLY)

Exhibit B

WBK PRIVACY NOTICE

FACTS

WHAT DOES WEBBANK DO WITH YOUR PERSONAL INFORMATION IN CONNECTION WITH YOUR LENDINGCLUB ACCOUNT?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

• Social Security number and transaction history

• Account balances and payment history

• Credit history and credit scores

When you are no longer our customer, we continue to share your information as described in this notice

How?

All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons WebBank chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does WebBank share?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	YES	NO
For our marketing purposes - to offer our products and services to you	YES	NO
For joint marketing with other financial companies	NO	We don't share
For our affiliates' everyday business purposes - information about your transactions and experiences	NO	We don't share
For our affiliates' everyday business purposes - information about your creditworthiness	NO	We don't share
For our affiliates to market to you	NO	We don't share
For non-affiliates to market to you	NO	We don't share

Questions?

Call (888) 596-3157 

What we do
How does WebBank protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does WebBank collect my personal information?	We collect your personal information, for example, when you Ÿ    Open an account or pay us by check Ÿ Provide account information or give us your contact information Ÿ Show your driver's license We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can't I limit all sharing?	Federal law gives you the right to limit only Ÿ    Sharing for affiliates' everyday business purposes-information about your creditworthiness Ÿ Affiliates from using your information to market to you Ÿ Sharing for non-affiliates companies to market to you State laws and individual companies may give you additional rights to limit sharing.
What happens when I limit sharing for an account I hold jointly with someone else?	WebBank does not offer joint LendingClub accounts.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. Ÿ WebBank does not share with our affiliates Sharing
Non-affiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. Ÿ WebBank does not share with non-affiliates so they can market to you
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. Ÿ WebBank doesn't jointly market

EX-31.1

Exhibit 31.1

Certification

I, Renaud Laplanche, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of LendingClub Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2015

/s/ RENAUD LAPLANCHE

Renaud Laplanche

Chief Executive Officer

(principal executive officer)

EX-31.2

Exhibit 31.2

Certification

I, Carrie Dolan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of LendingClub Corporation:

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2015

/s/ CARRIE DOLAN

Carrie Dolan

Chief Financial Officer

(principal financial officer and principal accounting officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of LendingClub Corporation (the “Company”) on Form 10-Q for the quarter ended September 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 3, 2015

/s/ RENAUD LAPLANCHE

Renaud Laplanche

Chief Executive Officer

(principal executive officer)

/S/ CARRIE DOLAN

Carrie Dolan

Chief Financial Officer

(principal financial officer and principal accounting officer)

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Securities Available for Sale - Continuous loss (Details) $ in Thousands	Sep. 30, 2015 USD ($) position
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 months	$ 308,034
Unrealized Losses, Less than 12 months	(1,189)
Fair Value, 12 months or longer	0
Unrealized Losses, 12 months or longer	0
Fair Value	308,034
Unrealized Losses	$ (1,189)
Number of positions with unrealized losses | position	142
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 months	$ 241,480
Unrealized Losses, Less than 12 months	(1,144)
Fair Value, 12 months or longer	0
Unrealized Losses, 12 months or longer	0
Fair Value	241,480
Unrealized Losses	(1,144)
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 months	49,955
Unrealized Losses, Less than 12 months	(35)
Fair Value, 12 months or longer	0
Unrealized Losses, 12 months or longer	0
Fair Value	49,955
Unrealized Losses	(35)
U.S. agency securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 months	11,600
Unrealized Losses, Less than 12 months	(4)
Fair Value, 12 months or longer	0
Unrealized Losses, 12 months or longer	0
Fair Value	11,600
Unrealized Losses	(4)
Other securities
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 months	4,999
Unrealized Losses, Less than 12 months	(6)
Fair Value, 12 months or longer	0
Unrealized Losses, 12 months or longer	0
Fair Value	4,999
Unrealized Losses	$ (6)

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Intangible Assets and Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets, net	$ 32,227		$ 32,227		$ 36,302
Amortization expense	1,300	$ 1,400	4,100	$ 2,500
Goodwill	$ 72,683		$ 72,683		$ 72,592

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Fair Value of Assets and Liabilities - Additional Information about Servicing Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Servicing Assets, Changes in fair value due to:
Fair value at beginning of period			$ 2,181
Fair value at end of period	$ 7,249		7,249		$ 2,181
Servicing Liabilities, Changes in fair value due to:
Fair value at beginning of period			3,973
Fair value at end of period	4,394		4,394		3,973
Fair Value, Measurements, Recurring
Servicing Assets, Changes in fair value due to:
Fair value at beginning of period	5,225	$ 1,034	2,181	$ 534	534
Additions, included in other/deferred revenue	3,092	481	6,476	1,355
Changes in fair value, included in servicing fees	(1,436)	(182)	(2,467)	(841)
Fair value at end of period	7,249	1,520	7,249	1,520	2,181
Servicing Liabilities, Changes in fair value due to:
Fair value at beginning of period	4,831	2,736	3,973	936	936
Additions, included in other/deferred revenue	1,402	1,809	4,340	3,464
Changes in fair value, included in servicing fees	(1,839)	(833)	(3,919)	(688)
Fair value at end of period	4,394	3,712	4,394	3,712	$ 3,973
Deferred Revenue | Fair Value, Measurements, Recurring
Servicing Assets, Changes in fair value due to:
Additions, included in other/deferred revenue	368	187	1,059	472
Servicing Liabilities, Changes in fair value due to:
Additions, included in other/deferred revenue	$ 0	$ 0	$ 0	$ 0

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Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued compensation	$ 23,142	$ 13,659
Accrued expenses	12,818	6,220
Loan servicing liabilities at fair value	4,394	3,973
Deferred rent	4,150	1,377
Deferred tax liability	3,587	1,332
Deferred revenue	1,817	759
Loan funding payables	831	0
Contingent liabilities	810	1,995
Payable to issuing bank	703	267
Transaction fee refund reserve	672	828
Early stock option exercise and other equity-related liabilities	333	392
Other	880	818
Total accrued expenses and other liabilities	$ 54,137	$ 31,620

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Fair Value of Assets and Liabilities - Quantitative Information about Significant Unobservable Inputs Used for Fair Value Measurements (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value Inputs [Abstract]
Base market servicing rates (% per annum on unpaid principal balance)(1)	0.50%	0.50%
Minimum
Fair Value Inputs [Abstract]
Base market servicing rates (% per annum on unpaid principal balance)(1)	0.40%
Maximum
Fair Value Inputs [Abstract]
Base market servicing rates (% per annum on unpaid principal balance)(1)	0.75%
Level 3 Inputs | Minimum | Loans, notes and certificates
Fair Value Inputs [Abstract]
Discount rates	3.50%	5.20%
Net cumulative expected loss rates	0.30%	0.30%
Cumulative prepayment rates	21.90%
Level 3 Inputs | Minimum | Servicing asset/liability
Fair Value Inputs [Abstract]
Discount rates	3.50%	5.30%
Net cumulative expected loss rates	0.30%	0.30%
Cumulative prepayment rates	8.40%	16.50%
Base market servicing rates (% per annum on unpaid principal balance)(1)	0.50%	0.50%
Level 3 Inputs | Maximum | Loans, notes and certificates
Fair Value Inputs [Abstract]
Discount rates	17.50%	17.40%
Net cumulative expected loss rates	22.00%	22.00%
Cumulative prepayment rates	38.50%
Level 3 Inputs | Maximum | Servicing asset/liability
Fair Value Inputs [Abstract]
Discount rates	20.50%	23.70%
Net cumulative expected loss rates	21.50%	22.00%
Cumulative prepayment rates	48.70%	26.70%
Base market servicing rates (% per annum on unpaid principal balance)(1)	0.75%	0.70%
Level 3 Inputs | Weighted- Average | Loans, notes and certificates
Fair Value Inputs [Abstract]
Discount rates	8.90%	10.10%
Net cumulative expected loss rates	9.70%	10.00%
Cumulative prepayment rates	27.70%
Level 3 Inputs | Weighted- Average | Servicing asset/liability
Fair Value Inputs [Abstract]
Discount rates	9.60%	10.70%
Net cumulative expected loss rates	8.70%	10.20%
Cumulative prepayment rates	29.00%	20.00%
Base market servicing rates (% per annum on unpaid principal balance)(1)	0.50%	0.50%

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Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Comprehensive Income (Loss)

The components of other comprehensive loss are as follows:

Three Months Ended September 30,	2015								2014
	Before Tax			Tax Effect		Net of Tax			Before Tax		Tax Effect		Net of Tax
Change in net unrealized loss on securities available for sale	$	(341	)	$	—	$	(341	)	$	—	$	—	$	—
Other comprehensive loss	$	(341	)	$	—	$	(341	)	$	—	$	—	$	—

Nine Months Ended September 30,	2015								2014
	Before Tax			Tax Effect		Net of Tax			Before Tax		Tax Effect		Net of Tax
Change in net unrealized loss on securities available for sale	$	(1,172	)	$	—	$	(1,172	)	$	—	$	—	$	—
Other comprehensive loss	$	(1,172	)	$	—	$	(1,172	)	$	—	$	—	$	—

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive loss balances are as follows:

	Total Accumulated Other Comprehensive Loss
Balance at December 31, 2014	$	—
Change in net unrealized loss on securities available for sale	(1,172		)
Balance at September 30, 2015	$	(1,172	)

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Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at December 31, 2014			$ 0
Change in net unrealized loss on securities available for sale	$ (341)	$ 0	(1,172)	$ 0
Balance at September 30, 2015	$ (1,172)		$ (1,172)

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New Accounting Standards (Policies)

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Basis of Accounting, Policy

LendingClub Corporation (Lending Club) is an online marketplace connecting borrowers and investors. LC Advisors, LLC (LCA), is a registered investment advisor with the Securities and Exchange Commission (SEC) and wholly-owned subsidiary of Lending Club that acts as the general partner for certain private funds and advisor to separately managed accounts. Springstone Financial, LLC (Springstone), is a wholly-owned subsidiary of Lending Club that facilitates education and patient finance loans. LC Trust I (the Trust) is an independent Delaware business trust that acquires and holds loans from Lending Club for the sole benefit of certain investors that purchase trust certificates (Certificates) issued by the Trust and that are related to underlying loans.

The accompanying unaudited condensed consolidated financial statements include Lending Club, the Trust, LCA and Springstone (collectively referred to as the Company, we, or us). All intercompany balances and transactions have been eliminated. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information necessary for the fair statement of the results and financial position for the periods presented. The Company's results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year or any other interim period.

The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (Annual Report).

Impact of New Accounting Standards

In February 2015, the Financial Accounting Standards Board (FASB) issued new guidance amending accounting for consolidations, which will be effective January 1, 2016. The guidance changes what an investor must consider in determining whether it is required to consolidate an entity in which it holds an interest. The Company is currently evaluating the impact of this guidance on the Company’s financial position, results of operations, earnings per common share, and cash flows.

In April 2015, the FASB issued new guidance amending accounting for customer's cloud based fees, which will be effective January 1, 2016. The guidance changes what a customer must consider in determining whether a cloud computing arrangement contains a software license. If the arrangement contains a software license, the customer would account for the fees related to the software license element in accordance with guidance related to internal use software; if the arrangement does not contain a software license, the customer would account for the arrangement as a service contract. The Company is currently evaluating the impact of this guidance on the Company’s financial position, results of operations, earnings per common share, and cash flows.

In September 2015, the FASB amended existing guidance related to recognition of adjustments to provisional amounts recorded during purchase accounting. Changes recognized during the measurement period will be recognized prospectively as adjustments to goodwill, with corresponding changes in income or expense, such as revised depreciation or amortization, recognized in current period earnings. This amendment is effective January 1, 2016. Since we do not currently have any open measurement periods related to any business acquisition, adoption of this standard will not have an impact on the Company's financial position, results of operations, earnings per common share, or cash flows.

Marketable Securities, Available-for-sale Securities, Policy

Management evaluates whether securities available for sale are OTTI on a quarterly basis. Debt securities with unrealized losses are considered OTTI if the Company intends to sell the security or if it is more likely than not that it will be required to sell such security before any anticipated recovery. If management determines that a security is OTTI under these circumstances, the impairment recognized in earnings is measured as the entire difference between the amortized cost and then-current fair value.

A security is also OTTI if management does not expect to recover all of the amortized cost of the security. In this circumstance, the impairment recognized in earnings represents estimated credit loss, and is measured by the difference between the present value of expected cash flows and the amortized cost of the security. Management utilizes cash flow models to estimate the expected future cash flow from the securities to estimate the credit loss when necessary. Expected cash flows are discounted using the security's effective interest rate.

The evaluation of whether the Company expects to recover the amortized cost of a security is inherently judgmental. The evaluation includes the assessment of several security performance indicators, including the magnitude and duration of the unrealized loss and whether the Company has received all scheduled principal and interest payments.

Fair Value Measurement, Policy

For a description of the fair value hierarchy and the Company’s fair value methodologies, see "Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 - Summary of Significant Accounting Policies" in the Annual Report. The Company did not transfer any assets or liabilities in or out of level 3 during the third quarter and first nine months of2015 or the year ended December 31, 2014.

Financial Instruments Recorded at Fair Value

See "Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 - Summary of Significant Accounting Policies" in the Company's Annual Report for a description of the fair value methodology for loans, notes and certificates. In the third quarter of 2015, the Company incorporated cumulative prepayments into the valuation of loans, notes and certificates to better reflect a market participant's view of valuation assumptions underlying unsecured consumer credit obligations. Prior to the third quarter, the effect of prepayments was reflected through an effective adjustment to the discount rates used in the fair value methodology. Cumulative prepayments are estimates of the cumulative amount of principal prepayments that will occur over the entire life of a loan expressed as a percentage of the original principal amount of the loan. The assumption regarding cumulative prepayments reduces the projected balances and expected terms of the loans, notes and certificates.

When available, the Company uses quoted prices in active markets to measure the fair value of securities available for sale. When utilizing market data and bid-ask spreads, the Company uses the price within the bid-ask spread that best represents fair value. When quoted prices do not exist, the Company uses prices obtained from independent third-party pricing services to measure the fair value of securities available for sale. The Company's primary independent pricing service provides prices based on observable trades and discounted cash flows that incorporate observable information, such as yields for similar types of securities (a benchmark interest rate plus observable spreads) and weighted-average maturity for the same or similar "to-be-issued" securities. The Company compares the prices obtained from its primary independent pricing service to the prices obtained from the additional independent pricing services to determine if the price obtained from the primary independent pricing service is reasonable. The Company does not adjust the prices received from independent third-party pricing services unless such prices are inconsistent with the definition of fair value and result in a material difference in the recorded amounts.

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Fair Value of Assets and Liabilities - Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 4,414,742	$ 2,800,686
Total liabilities	4,099,875	2,817,591
Level 1 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Total liabilities	0	0
Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	338,519	0
Total liabilities	0	0
Level 3 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	4,076,223	2,800,686
Total liabilities	4,099,875	2,817,591
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	579,206	869,780
Restricted cash	159,216	46,763
Deposits	763	657
Total assets	739,185	917,200
Accounts payable	3,756	5,892
Payables to investors	150,880	38,741
Total liabilities	154,636	44,633
Portion at Other than Fair Value Measurement | Level 1 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted cash	0	0
Deposits	0	0
Total assets	0	0
Accounts payable	0	0
Payables to investors	0	0
Total liabilities	0	0
Portion at Other than Fair Value Measurement | Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	579,206	869,780
Restricted cash	159,216	46,763
Deposits	763	657
Total assets	739,185	917,200
Accounts payable	3,756	5,892
Payables to investors	150,880	38,741
Total liabilities	154,636	44,633
Portion at Other than Fair Value Measurement | Level 3 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Restricted cash	0	0
Deposits	0	0
Total assets	0	0
Accounts payable	0	0
Payables to investors	0	0
Total liabilities	0	0
Balance at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	579,206	869,780
Restricted cash	159,216	46,763
Deposits	763	657
Total assets	739,185	917,200
Accounts payable	3,756	5,892
Payables to investors	150,880	38,741
Total liabilities	$ 154,636	$ 44,633

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Loans, Notes and Certificates, and Loan Servicing Rights (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 4,068,974	$ 2,798,505
Fair Value	$ 4,095,481	$ 2,813,618
Interest rate, minimum	4.99%	5.79%
Interest rate, maximum	29.90%	29.90%
Fair Value, Measurements, Recurring | Loans at Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal balance outstanding	$ 4,149,442	$ 2,836,729
Fair value adjustments	(80,468)	(38,224)
Fair Value	4,068,974	2,798,505
Fair Value, Measurements, Recurring | Notes And Certificates At Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate principal balance outstanding	4,175,947	2,851,837
Fair value adjustments	(80,466)	(38,219)
Fair Value	$ 4,095,481	$ 2,813,618
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and certificates term	12 months	12 months
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and certificates term	60 months	60 months

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Net Income (Loss) Per Share and Net Income (Loss) Attributable to Common Stockholders - Basic and Diluted Net Income (Loss) per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income (loss) (1)	$ 950	$ (7,371)	$ (9,564)	$ (23,857)
Basic weighted average common shares outstanding (shares)	375,982,120	59,844,394	373,605,274	57,958,838
Diluted weighted average common shares outstanding (shares)	401,934,880	59,844,394	373,605,274	57,958,838
Net income (loss) per common share:
Basic ($ per share)	$ 0.00	$ (0.12)	$ (0.03)	$ (0.41)
Diluted ($ per share)	$ 0.00	$ (0.12)	$ (0.03)	$ (0.41)

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Property, Equipment and Software, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense			$ 15,525	$ 6,620
Property, Equipment and Software
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 4,500	$ 1,800	$ 11,400	$ 4,100

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Related Party Transactions - Summary of Deposits and Withdrawals Made by Related Parties (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Deposits and Withdrawals $120000 or More
Related Party Transaction [Line Items]
Deposits	$ 0	$ 500,000	$ 750,000	$ 1,650,000
Withdrawals	$ 99,000	$ 22,000	553,000	$ 132,000
Minimum
Related Party Transaction [Line Items]
Related party transaction threshold			$ 120,000

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Employee Incentive and Retirement Plans - Options Activity Under Option Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll Forward
Balances, beginning balance, Number of Shares	57,386,829
Options Granted, Number of Shares	1,164,929
Options Exercised, Number of Shares	(5,407,540)	(5,638,830)
Options Forfeited/Expired, Number of Shares	(1,844,875)
Balances, ending balance, Number of Shares	51,299,343
Vested and expected to vest, Number of Shares	50,807,451
Exercisable, Number of Shares	26,216,233
Balances, beginning balance, Weighted Average Exercise Price Per Share	$ 3.15
Options Granted, Weighted Average Exercise Price Per Share	20.00
Options Exercised, Weighted Average Exercise Price Per Share	1.46
Options Forfeited/Expired, Weighted Average Exercise Price Per Share	6.45
Balances, ending balance, Weighted Average Exercise Price Per Share	3.59
Vested and expected to vest, Weighted Average Exercise Price Per Share	3.54
Exercisable, Weighted Average Exercise Per Share	$ 1.58
Outstanding, Weighted Average Remaining Contractual Life	7 years 3 months 18 days
Vested and expected to vest, Weighted Average Remaining Contractual Life	7 years 3 months 18 days
Exercisable, Weighted Average Remaining Contractual Life	6 years 6 months
Outstanding, Aggregate Intrinsic Value	$ 503,203
Vested and expected to vest, Aggregate Intrinsic Value	500,401
Exercisable, Aggregate Intrinsic Value	$ 306,781

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Fair Value of Assets and Liabilities - Additional Information about Loans, Notes and Certificates Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Loans
Outstanding Principal Balance, Beginning	$ 3,694,823	$ 2,351,515	$ 2,836,729	$ 1,849,042
Valuation Adjustment, Beginning	(57,440)	(25,313)	(38,224)	(20,000)
Fair Value, Beginning	3,637,383	2,326,202	2,798,505	1,829,042
Outstanding Principal Balance, Purchases of loans	1,946,455	994,497	5,075,044	2,628,758
Valuation Adjustment, Purchases of loans	0	0	0	0
Fair Value, Purchases of loans	1,946,455	994,497	5,075,044	2,628,758
Outstanding Principal Balance, Issuances of notes and certificates	0	0	0	0
Valuation Adjustment, Issuances of notes and certificates	0	0	0	0
Fair Value, Issuances of notes and certificates	0	0	0	0
Outstanding Principal Balance, Whole loan sales	(954,770)	(462,523)	(2,338,346)	(1,094,482)
Valuation Adjustment, Whole loan sales	0	0	0	0
Fair Value, Whole loan sales	(954,770)	(462,523)	(2,338,346)	(1,094,482)
Outstanding Principal Balance, Principal payments	(481,701)	(288,102)	(1,280,005)	(739,506)
Valuation Adjustment, Principal payments	0	0	0	0
Fair Value, Principal payments	(481,701)	(288,102)	(1,280,005)	(739,506)
Outstanding Principal Balance, Charge-offs	(55,365)	(28,910)	(143,980)	(77,335)
Asset Valuation Adjustment, Charge-offs	55,365	28,910	143,980	77,335
Fair Value, Charge-offs	0	0	0	0
Outstanding Principal Balance, Recoveries	0	0	0	0
Valuation Adjustment, Recoveries	(5,919)	(2,594)	(13,729)	(5,178)
Fair Value, Recoveries	(5,919)	(2,594)	(13,729)	(5,178)
Outstanding Principal Balance, Change in fair value recorded in earnings	0	0	0	0
Valuation Adjustment, Change in fair value recorded in earnings	(72,474)	(33,809)	(172,495)	(84,963)
Fair Value, Change in fair value recorded in earnings	(72,474)	(33,809)	(172,495)	(84,963)
Outstanding Principal Balance, Ending	4,149,442	2,566,477	4,149,442	2,566,477
Valuation Adjustment, Ending	(80,468)	(32,806)	(80,468)	(32,806)
Fair Value, Ending	4,068,974	2,533,671	4,068,974	2,533,671
Notes and Certificates
Outstanding Principal Balance, Beginning	3,717,556	2,361,902	2,851,837	1,859,982
Valuation Adjustment, Beginning	(57,432)	(25,307)	(38,219)	(19,992)
Fair Value, Beginning	3,660,124	2,336,595	2,813,618	1,839,990
Outstanding Principal Balance, Purchases of loans	0	0	0	0
Valuation Adjustment, Purchases of loans	0	0	0	0
Fair Value, Purchases of loans	0	0	0	0
Outstanding Principal Balance, Issuances of notes and certificates	991,926	532,034	2,736,667	1,534,011
Valuation Adjustment, Issuances of notes and certificates	0	0	0	0
Fair Value, Issuances of notes and certificates	991,926	532,034	2,736,667	1,534,011
Outstanding Principal Balance, Whole loan sales	0	0	0	0
Valuation Adjustment, Whole loan sales	0	0	0	0
Fair Value, Whole loan sales	0	0	0	0
Outstanding Principal Balance, Principal payments	(478,189)	(280,643)	(1,268,622)	(732,343)
Valuation Adjustment, Principal payments	0	0	0	0
Fair Value, Principal payments	(478,189)	(280,643)	(1,268,622)	(732,343)
Outstanding Principal Balance, Recovers	0	0	0	0
Valuation Adjustment, Recoveries	(5,867)	(2,589)	(13,653)	(5,153)
Fair Value, Recoveries	(5,867)	(2,589)	(13,653)	(5,153)
Outstanding Principal Balance, Charge-offs	(55,346)	(28,852)	(143,935)	(77,209)
Valuation Adjustment, Charge-offs	55,346	28,852	143,935	77,209
Fair Value, Charge-offs	0	0	0	0
Outstanding Principal Balance, Change in fair value recorded in earnings	0	0	0	0
Valuation Adjustment, Change in fair value recorded in earnings	(72,513)	(33,757)	(172,529)	(84,865)
Fair Value, Change in fair value recorded in earnings	(72,513)	(33,757)	(172,529)	(84,865)
Outstanding Principal Balance, Ending	4,175,947	2,584,441	4,175,947	2,584,441
Valuation Adjustment, Ending	(80,466)	(32,801)	(80,466)	(32,801)
Fair Value, Ending	$ 4,095,481	$ 2,551,640	$ 4,095,481	$ 2,551,640

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Net Income (Loss) Per Share and Net Income (Loss) Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Net Income (Loss) Per Share and Net Income (Loss) Attributable to Common Stockholders

Net Income (Loss) Per Share and Net Income (Loss) Attributable to Common Stockholders

Earnings (loss) per share (EPS) is the amount of net income (loss) available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of net income (loss) available to each share of common stock outstanding during the reporting period, adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares are excluded from the computation of diluted EPS in periods in which the effect would be antidilutive. Potentially dilutive common shares include incremental shares issued for stock options, convertible preferred stock and warrants to purchase common stock. In conjunction with the Company's Initial Public Offering (IPO) on December 11, 2014, all of its convertible preferred stock converted to common stock and all warrants to purchase convertible preferred stock were converted to warrants to purchase common stock.

The Company calculates EPS using the two-class method when applicable. The two-class method allocates net income that otherwise would have been available to common shareholders to holders of participating securities. All participating securities are excluded from basic weighted-average common shares outstanding. Prior to the Company's IPO, the Company considered all series of its convertible preferred stock to be participating securities. The Company had no participating securities as of September 30, 2015.

The following table details the computation of the basic and diluted net income (loss) per share:

	Three Months Ended    September 30,					Nine Months Ended   September 30,
	2015		2014			2015			2014
Net income (loss) (1)	$	950	$	(7,371	)	$	(9,564	)	$	(23,857	)
Weighted average common shares - Basic	375,982,120		59,844,394			373,605,274			57,958,838
Weighted average common shares - Diluted	401,934,880		59,844,394			373,605,274			57,958,838
Basic net income (loss) per share attributable to common stockholders	$	0.00	$	(0.12	)	$	(0.03	)	$	(0.41	)
Diluted net income (loss) per share attributable to common stockholders	$	0.00	$	(0.12	)	$	(0.03	)	$	(0.41	)

⁽¹⁾  Also represents net income (loss) available to common stockholders. In a period with net income, both earnings and dividends (if any) are allocated to participating securities. In a period with a net loss, only declared dividends (if any) are allocated to participating securities. There were no dividends declared in the first nine months of2015 or 2014.

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Employee Incentive and Retirement Plans - Restricted Stock Unit Activity and Weighted Average Grant Date Fair Value table (Details) - RSUs	9 Months Ended
	Sep. 30, 2015 $ / shares shares
Number of Shares (shares)
Unvested at December 31, 2014	0
RSUs granted	3,518,967
RSUs vested	(99,300)
RSUs forfeited/expired	(106,694)
Unvested at September 30, 2015	3,312,973
Expected to vest after September 30, 2015	3,177,419
Weighted- Average Grant Date Fair Value ($ per share)
Unvested at December 31, 2014 | $ / shares	$ 0.00
RSUs granted | $ / shares	16.60
RSUs vested | $ / shares	20.29
RSUs forfeited/expired | $ / shares	19.53
Unvested at September 30, 2015 | $ / shares	16.39
Expected to vest after September 30, 2015 | $ / shares	$ 16.42

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Loans, Notes and Certificates, and Loan Servicing Rights - Past Due Table (Details) - Loans at Fair Value $ in Thousands	Sep. 30, 2015 USD ($) Loan	Dec. 31, 2014 USD ($) Loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding principal balance, past 90 days due	$ 28,716	$ 19,790
Outstanding principal balance, non-accrual loans	1,174	1,373
Net fair value adjustments, past 90 days due	(27,102)	(18,825)
Net fair value adjustments, non-accrual loans	(1,091)	(1,289)
Fair value, past 90 days due	1,614	965
Fair value, non-accrual loans	$ 83	$ 84
Number of loans, 90 days past due | Loan	2,512	1,797
Number of loans, non-accrual loans | Loan	94	125

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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2015

Loans, Loan Servicing Rights, Related Notes and Certificates

The following tables present the fair value hierarchy for assets and liabilities measured at fair value:

September 30, 2015	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Loans	$	—	$	—	$	4,068,974	$	4,068,974
Securities available for sale:
Corporate debt securities	—		250,113		—		250,113
Asset-backed securities	—		54,959		—		54,959
U.S. agency securities	—		20,603		—		20,603
Municipal securities	—		5,843		—		5,843
Other securities	—		7,001		—		7,001
Total securities available for sale	—		338,519		—		338,519
Servicing assets	—		—		7,249		7,249
Total assets	$	—	$	338,519	$	4,076,223	$	4,414,742
Liabilities:
Notes and certificates	$	—	$	—	$	4,095,481	$	4,095,481
Servicing liabilities	—		—		4,394		4,394
Total liabilities	$	—	$	—	$	4,099,875	$	4,099,875
December 31, 2014	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Loans	$	—	$	—	$	2,798,505	$	2,798,505
Servicing assets	—		—		2,181		2,181
Total assets	$	—	$	—	$	2,800,686	$	2,800,686
Liabilities:
Notes and certificates	$	—	$	—	$	2,813,618	$	2,813,618
Servicing liabilities	—		—		3,973		3,973
Total liabilities	$	—	$	—	$	2,817,591	$	2,817,591

Quantitative Information about Significant Unobservable Inputs Used for Fair Value Measurements

The following tables present quantitative information about the significant unobservable inputs used for our level 3 fair value measurements at September 30, 2015 and December 31, 2014:

		September 30, 2015
		Range of Inputs
Financial Instrument	Unobservable Input	Minimum		Maximum		Weighted- Average
Loans, notes and certificates	Discount rates	3.5	%	17.5	%	8.9	%
	Net cumulative expected loss rates	0.3	%	22.0	%	9.7	%
	Cumulative prepayment rates	21.9	%	38.5	%	27.7	%
Servicing asset/liability	Discount rates	3.5	%	20.5	%	9.6	%
	Net cumulative expected loss rates	0.3	%	21.5	%	8.7	%
	Cumulative prepayment rates	8.4	%	48.7	%	29.0	%
	Base market servicing rates (% per annum on unpaid principal balance)(1)	0.50	%	0.75	%	0.50	%
		December 31, 2014
		Range of Inputs
Financial Instrument	Unobservable Input	Minimum		Maximum		Weighted- Average
Loans, notes and certificates	Discount rates	5.2	%	17.4	%	10.1	%
	Net cumulative expected loss rates	0.3	%	22.0	%	10.0	%
Servicing asset/liability	Discount rates	5.3	%	23.7	%	10.7	%
	Net cumulative expected loss rates	0.3	%	22.0	%	10.2	%
	Cumulative prepayment rates	16.5	%	26.7	%	20.0	%
	Base market servicing rates (% per annum on unpaid principal balance)(1)	0.50	%	0.70	%	0.50	%

⁽¹⁾ Excludes ancillary fees charged to investors that would be passed on to a third-party servicer.

Fair Value Disclosure And Measurement

The table below shows the estimated impact on the estimated fair value of servicing assets and liabilities, calculated using different base market servicing rate assumptions as of September 30, 2015 and December 31, 2014:

	September 30, 2015						December 31, 2014
	Servicing Assets			Servicing Liabilities			Servicing Assets			Servicing Liabilities
Weighted-average base market servicing rate assumptions	0.50		%	0.50		%	0.50		%	0.50		%
Change in fair value from:
Servicing rate increase to 0.60%	$	(2,566	)	$	1,764		$	(915	)	$	1,416
Servicing rate decrease to 0.40%	$	2,682		$	(1,649	)	$	965		$	(1,366	)

Fair Value, by Balance Sheet Grouping

The following tables present the fair value hierarchy for financial instruments not recorded at fair value:

September 30, 2015	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Cash and cash equivalents	$	579,206	$	—	$	579,206	$	—	$	579,206
Restricted cash	159,216		—		159,216		—		159,216
Deposits	763		—		763		—		763
Total assets	$	739,185	$	—	$	739,185	$	—	$	739,185
Liabilities:
Accounts payable	$	3,756	$	—	$	3,756	$	—	$	3,756
Payables to investors	150,880		—		150,880		—		150,880
Total liabilities	$	154,636	$	—	$	154,636	$	—	$	154,636

December 31, 2014	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Cash and cash equivalents	$	869,780	$	—	$	869,780	$	—	$	869,780
Restricted cash	46,763		—		46,763		—		46,763
Deposits	657		—		657		—		657
Total assets	$	917,200	$	—	$	917,200	$	—	$	917,200
Liabilities:
Accounts payable	$	5,892	$	—	$	5,892	$	—	$	5,892
Payables to investors	38,741		—		38,741		—		38,741
Total liabilities	$	44,633	$	—	$	44,633	$	—	$	44,633

Loans, Notes and Certificates

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Table

The following tables present additional information about level 3 loans, notes and certificates, each measured at fair value on a recurring basis, for the third quarters and first nine months of2015 and 2014:

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at June 30, 2015	$	3,694,823		$	(57,440	)	$	3,637,383		$	3,717,556		$	(57,432	)	$	3,660,124
Purchases of loans	1,946,455			—			1,946,455			—			—			—
Issuances of notes and certificates	—			—			—			991,926			—			991,926
Whole loan sales	(954,770		)	—			(954,770		)	—			—			—
Principal payments	(481,701		)	—			(481,701		)	(478,189		)	—			(478,189		)
Charge-offs	(55,365		)	55,365			—			(55,346		)	55,346			—
Recoveries	—			(5,919		)	(5,919		)	—			(5,867		)	(5,867		)
Change in fair value recorded in earnings	—			(72,474		)	(72,474		)	—			(72,513		)	(72,513		)
Ending balance at September 30, 2015	$	4,149,442		$	(80,468	)	$	4,068,974		$	4,175,947		$	(80,466	)	$	4,095,481

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at June 30, 2014	$	2,351,515		$	(25,313	)	$	2,326,202		$	2,361,902		$	(25,307	)	$	2,336,595
Purchases of loans	994,497			—			994,497			—			—			—
Issuances of notes and certificates	—			—			—			532,034			—			532,034
Whole loan sales	(462,523		)	—			(462,523		)	—			—			—
Principal payments	(288,102		)	—			(288,102		)	(280,643		)	—			(280,643		)
Charge-offs	(28,910		)	28,910			—			(28,852		)	28,852			—
Recoveries	—			(2,594		)	(2,594		)	—			(2,589		)	(2,589		)
Change in fair value recorded in earnings	—			(33,809		)	(33,809		)	—			(33,757		)	(33,757		)
Ending balance at September 30, 2014	$	2,566,477		$	(32,806	)	$	2,533,671		$	2,584,441		$	(32,801	)	$	2,551,640

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at December 31, 2014	$	2,836,729		$	(38,224	)	$	2,798,505		$	2,851,837		$	(38,219	)	$	2,813,618
Purchases of loans	5,075,044			—			5,075,044			—			—			—
Issuances of notes and certificates	—			—			—			2,736,667			—			2,736,667
Whole loan sales	(2,338,346		)	—			(2,338,346		)	—			—			—
Principal payments	(1,280,005		)	—			(1,280,005		)	(1,268,622		)	—			(1,268,622		)
Charge-offs	(143,980		)	143,980			—			(143,935		)	143,935			—
Recoveries	—			(13,729		)	(13,729		)	—			(13,653		)	(13,653		)
Change in fair value recorded in earnings	—			(172,495		)	(172,495		)	—			(172,529		)	(172,529		)
Ending balance at September 30, 2015	$	4,149,442		$	(80,468	)	$	4,068,974		$	4,175,947		$	(80,466	)	$	4,095,481

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at December 31, 2013	$	1,849,042		$	(20,000	)	$	1,829,042		$	1,859,982		$	(19,992	)	$	1,839,990
Purchases of loans	2,628,758			—			2,628,758			—			—			—
Issuances of notes and certificates	—			—			—			1,534,011			—			1,534,011
Whole loan sales	(1,094,482		)	—			(1,094,482		)	—			—			—
Principal payments	(739,506		)	—			(739,506		)	(732,343		)	—			(732,343		)
Charge-offs	(77,335		)	77,335			—			(77,209		)	77,209			—
Recoveries	—			(5,178		)	(5,178		)	—			(5,153		)	(5,153		)
Change in fair value recorded in earnings	—			(84,963		)	(84,963		)	—			(84,865		)	(84,865		)
Ending balance at September 30, 2014	$	2,566,477		$	(32,806	)	$	2,533,671		$	2,584,441		$	(32,801	)	$	2,551,640

Servicing asset/liability

Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Table

The following table presents additional information about level 3 servicing assets and liabilities measured at fair value on a recurring basis for the third quarters and first nine months of2015 and 2014:

	Three Months Ended September 30, 2015						Three Months Ended September 30, 2014
	Servicing Assets			Servicing Liabilities			Servicing Assets			Servicing Liabilities
Fair value at beginning of period	$	5,225		$	4,831		$	1,034		$	2,736
Issuances (1)	3,092			1,402			481			1,809
Changes in fair value, included in servicing fees	(1,436		)	(1,839		)	(182		)	(833		)
Additions, included in deferred revenue	368			—			187			—
Fair value at end of period	$	7,249		$	4,394		$	1,520		$	3,712

	Nine Months Ended   September 30, 2015						Nine Months Ended   September 30, 2014
	Servicing Assets			Servicing Liabilities			Servicing Assets			Servicing Liabilities
Fair value at beginning of period	$	2,181		$	3,973		$	534		$	936
Issuances (1)	6,476			4,340			1,355			3,464
Changes in fair value, included in servicing fees	(2,467		)	(3,919		)	(841		)	(688		)
Additions, included in deferred revenue	1,059			—			472			—
Fair value at end of period	$	7,249		$	4,394		$	1,520		$	3,712

⁽¹⁾   Represents the offsets to the gains or losses on sales of the related loans, recorded in other revenue (expense).

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Loans, Notes and Certificates, and Loan Servicing Rights (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Loans and Notes and Certificates

At September 30, 2015 and December 31, 2014, loans, notes and certificates measured at fair value on a recurring basis were as follows: 

	Loans						Notes and Certificates
	September 30,   2015			December 31,   2014			September 30,   2015			December 31,   2014
Aggregate principal balance outstanding	$	4,149,442		$	2,836,729		$	4,175,947		$	2,851,837
Net fair value adjustments	(80,468		)	(38,224		)	(80,466		)	(38,219		)
Fair value	$	4,068,974		$	2,798,505		$	4,095,481		$	2,813,618
Original term	12 - 60 months			12 - 60 months
Interest rates (fixed)	4.99% - 29.90%			5.79% - 29.90%
Maturity dates	≤ September 2020			≤ December 2019

Past Due Financing Receivables

At September 30, 2015 and December 31, 2014, loans that were 90 days or more past due (including non-accrual loans) were as follows:

	September 30, 2015						December 31, 2014
	> 90 days past due			Non-accrual loans(1)			> 90 days past due			Non-accrual loans(1)
Outstanding principal balance	$	28,716		$	1,174		$	19,790		$	1,373
Net fair value adjustments	(27,102		)	(1,091		)	(18,825		)	(1,289		)
Fair value	$	1,614		$	83		$	965		$	84
# of loans (not in thousands)	2,512			94			1,797			125

⁽¹⁾ Includes all loans for which the Company has been notified that the borrower has filed for bankruptcy or is deceased, or that were 120 days or more past due.

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Accumulated Other Comprehensive Loss - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Equity [Abstract]
Change in net unrealized loss on securities available for sale	$ (341)	$ 0	$ (1,172)	$ 0
Tax Effect, Change in net unrealized loss on securities available for sale	0	0	0	0
Net of Tax, Change in net unrealized loss on securities available for sale	(341)	0	(1,172)	0
Other comprehensive loss, before tax	(341)	0	(1,172)	0
Income tax effect	0	0	0	0
Other comprehensive loss, net of tax	$ (341)	$ 0	$ (1,172)	$ 0

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Loans, Notes and Certificates, and Loan Servicing Rights - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Number of days overdue to be considered a non-accrual loan	120 days
Debt instrument, interest rate, effective percentage rate range, minimum	4.99%	5.79%
Debt instrument, interest rate, effective percentage rate range, maximum	29.90%	29.90%
Minimum
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Notes and certificates term	12 months	12 months
Maximum
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Notes and certificates term	60 months	60 months
Loan Servicing Rights
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Payment frequency for the debt instrument	monthly	monthly
Debt instrument, interest rate, effective percentage rate range, minimum	2.99%	5.90%
Debt instrument, interest rate, effective percentage rate range, maximum	33.15%	33.15%
Debt instrument, maturity date, description	September 2022	December 2019
Principal balance of underlying loan servicing rights	$ 3,548	$ 1,872
Loan Servicing Rights | Minimum
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Notes and certificates term	3 months	12 months
Loan Servicing Rights | Maximum
Loans, Notes and Certificates, and Loan Servicing Rights [Line Items]
Notes and certificates term	84 months	60 months

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Property, Equipment and Software, Net (Tables)

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment [Abstract]

Property, Equipment and Software

Property, equipment and software, net, consist of the following:

	September 30,   2015			December 31,   2014
Internally developed software	$	34,107		$	16,023
Computer equipment	12,169			7,929
Leasehold improvements	8,868			4,802
Purchased software	4,843			3,326
Furniture and fixtures	4,232			2,405
Construction in progress	2,165			549
Total property, equipment and software	66,384			35,034
Accumulated depreciation and amortization	(19,288		)	(7,983		)
Total property, equipment and software, net	$	47,096		$	27,051

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Other Assets (Tables)

9 Months Ended

Sep. 30, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

assets consist of the following:

	September 30,   2015		December 31,   2014
Prepaid expenses	$	8,829	$	6,807
Loan servicing assets at fair value	7,249		2,181
Accounts receivable	3,322		1,744
Deferred acquisition compensation	1,815		2,695
Deposits	763		657
Receivable from investors	568		155
Other	2,133		93
Total other assets	$	24,679	$	14,332

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New Accounting Standards

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

New Accounting Standards

New Accounting Standards

New Accounting Standards Not Yet Adopted

In February 2015, the Financial Accounting Standards Board (FASB) issued new guidance amending accounting for consolidations, which will be effective January 1, 2016. The guidance changes what an investor must consider in determining whether it is required to consolidate an entity in which it holds an interest. The Company is currently evaluating the impact of this guidance on the Company’s financial position, results of operations, earnings per common share, and cash flows.

In April 2015, the FASB issued new guidance amending accounting for customer's cloud based fees, which will be effective January 1, 2016. The guidance changes what a customer must consider in determining whether a cloud computing arrangement contains a software license. If the arrangement contains a software license, the customer would account for the fees related to the software license element in accordance with guidance related to internal use software; if the arrangement does not contain a software license, the customer would account for the arrangement as a service contract. The Company is currently evaluating the impact of this guidance on the Company’s financial position, results of operations, earnings per common share, and cash flows.

In September 2015, the FASB amended existing guidance related to recognition of adjustments to provisional amounts recorded during purchase accounting. Changes recognized during the measurement period will be recognized prospectively as adjustments to goodwill, with corresponding changes in income or expense, such as revised depreciation or amortization, recognized in current period earnings. This amendment is effective January 1, 2016. Since we do not currently have any open measurement periods related to any business acquisition, adoption of this standard will not have an impact on the Company's financial position, results of operations, earnings per common share, or cash flows.

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Accrued Expenses and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2015

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following:

	September 30,   2015		December 31,   2014
Accrued compensation	$	23,142	$	13,659
Accrued expenses	12,818		6,220
Loan servicing liabilities at fair value	4,394		3,973
Deferred rent	4,150		1,377
Deferred tax liability	3,587		1,332
Deferred revenue	1,817		759
Loan funding payables	831		—
Contingent liabilities	810		1,995
Payable to issuing bank	703		267
Transaction fee refund reserve	672		828
Early stock option exercise and other equity-related liabilities	333		392
Other	880		818
Total accrued expenses and other liabilities	$	54,137	$	31,620

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Securities Available for Sale - Maturities (Details) $ in Thousands	Sep. 30, 2015 USD ($)
Fair value
Within 1 year	$ 28,120
After 1 year through 5 years	310,399
After 5 years through 10 years	0
After 10 years	0
Total	338,519
Amortized cost
Within 1 year	28,151
After 1 year through 5 years	311,540
After 5 years through 10 years	0
After 10 years	0
Total	339,691
Corporate debt securities
Fair value
Within 1 year	28,120
After 1 year through 5 years	221,993
After 5 years through 10 years	0
After 10 years	0
Total	250,113
Asset-backed securities
Fair value
Within 1 year	0
After 1 year through 5 years	54,959
After 5 years through 10 years	0
After 10 years	0
Total	54,959
U.S. agency securities
Fair value
Within 1 year	0
After 1 year through 5 years	20,603
After 5 years through 10 years	0
After 10 years	0
Total	20,603
Municipal securities
Fair value
Within 1 year	0
After 1 year through 5 years	5,843
After 5 years through 10 years	0
After 10 years	0
Total	5,843
Other securities
Fair value
Within 1 year	0
After 1 year through 5 years	7,001
After 5 years through 10 years	0
After 10 years	0
Total	$ 7,001

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Other Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other Assets [Abstract]
Other assets	$ 24,679	$ 14,332
Prepaid expenses
Other Assets [Abstract]
Other assets	8,829	6,807
Loan servicing assets at fair value
Other Assets [Abstract]
Other assets	7,249	2,181
Accounts receivable
Other Assets [Abstract]
Other assets	3,322	1,744
Deferred acquisition compensation
Other Assets [Abstract]
Other assets	1,815	2,695
Deposits
Other Assets [Abstract]
Other assets	763	657
Receivable from investors
Other Assets [Abstract]
Other assets	568	155
Other
Other Assets [Abstract]
Other assets	$ 2,133	$ 93

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 579,206	$ 869,780
Restricted cash	159,216	46,763
Securities available for sale:	338,519	0
Loans at fair value (includes $2,639,651 and $1,772,407 from consolidated trust, respectively)	4,068,974	2,798,505
Accrued interest receivable (includes $22,790 and $15,209 from consolidated trust, respectively)	36,544	24,262
Property, equipment and software, net	47,096	27,051
Intangible assets, net	32,227	36,302
Goodwill	72,683	72,592
Due from related parties	606	467
Other assets	24,679	14,332
Total assets	5,359,750	3,890,054
Liabilities and Stockholders’ Equity
Accounts payable	3,756	5,892
Accrued interest payable (includes $25,868 and $16,989 from consolidated trust, respectively)	39,858	26,964
Accrued expenses and other liabilities	54,137	31,620
Payables to investors	150,880	38,741
Notes and certificates at fair value (includes $2,656,917 and $1,772,407 from consolidated trust, respectively)	4,095,481	2,813,618
Total liabilities	4,344,112	2,916,835
Stockholders’ Equity
Common stock, $0.01 par value; 900,000,000 shares authorized at September 30, 2015 and December 31, 2014, respectively; 377,289,733 and 371,443,916 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	3,773	3,714
Additional paid-in capital	1,105,824	1,052,728
Accumulated deficit	(92,787)	(83,223)
Accumulated other comprehensive loss	(1,172)	0
Total stockholders’ equity	1,015,638	973,219
Total liabilities and stockholders’ equity	$ 5,359,750	$ 3,890,054

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Fair Value of Assets and Liabilities - Loans, Loan Servicing Rights, Related Notes and Certificates (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	$ 4,068,974	$ 2,798,505
Securities available for sale:	338,519	0
Servicing assets	7,249	2,181
Total assets	4,414,742	2,800,686
Notes and certificates	4,095,481	2,813,618
Servicing liabilities	4,394	3,973
Total liabilities	4,099,875	2,817,591
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	250,113
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	54,959
U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	20,603
Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	5,843
Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	7,001
Level 1 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	0	0
Securities available for sale:	0
Servicing assets	0	0
Total assets	0	0
Notes and certificates	0	0
Servicing liabilities	0	0
Total liabilities	0	0
Level 1 Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0
Level 1 Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0
Level 1 Inputs | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0
Level 1 Inputs | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0
Level 1 Inputs | Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0
Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	0	0
Securities available for sale:	338,519
Servicing assets	0	0
Total assets	338,519	0
Notes and certificates	0	0
Servicing liabilities	0	0
Total liabilities	0	0
Level 2 Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	250,113
Level 2 Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	54,959
Level 2 Inputs | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	20,603
Level 2 Inputs | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	5,843
Level 2 Inputs | Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	7,001
Level 3 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	4,068,974	2,798,505
Securities available for sale:	0
Servicing assets	7,249	2,181
Total assets	4,076,223	2,800,686
Notes and certificates	4,095,481	2,813,618
Servicing liabilities	4,394	3,973
Total liabilities	4,099,875	$ 2,817,591
Level 3 Inputs | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0
Level 3 Inputs | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0
Level 3 Inputs | U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0
Level 3 Inputs | Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	0
Level 3 Inputs | Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities available for sale:	$ 0

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities:
Net income (loss) (1)	$ (9,564)	$ (23,857)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net fair value adjustments of loans, notes and certificates	(33)	99
Change in fair value of loan servicing liabilities	(3,919)	2,776
Change in fair value of loan servicing assets	2,467	(986)
Stock-based compensation, net	37,558	25,889
Depreciation and amortization	15,525	6,620
(Gain) loss on sales of loans	(2,136)	2,110
Other, net	42	450
Purchase of whole loans to be sold	(2,338,346)	(1,096,592)
Proceeds from sales of whole loans	2,338,346	1,094,482
Net change in operating assets and liabilities:
Accrued interest receivable	(12,282)	(6,373)
Other assets	(6,341)	13,184
Due from related parties	(139)	(88)
Accounts payable	(3,071)	(1,107)
Accrued interest payable	12,893	7,982
Accrued expenses and other liabilities	22,350	10,806
Net cash provided by operating activities	53,350	35,395
Cash Flows from Investing Activities:
Purchases of loans	(2,736,698)	(1,534,276)
Principal payments received from loans	1,280,005	739,505
Proceeds from recoveries and sales of charged-off loans	13,729	5,178
Purchases of securities available for sale	(402,832)	0
Proceeds from sales of securities available for sale	63,198	0
Payments for business acquisition, net of cash acquired	0	(109,464)
Net change in restricted cash	(112,453)	(11,432)
Proceeds from sale of property and equipment	11	0
Purchases of property, equipment and software	(25,878)	(14,989)
Net cash used for investing activities	(1,920,918)	(925,478)
Cash Flows from Financing Activities:
Change in payable to investors	112,139	12,933
Proceeds from issuances of notes and certificates	2,736,667	1,534,010
Principal payments on notes and certificates	(1,268,622)	(732,342)
Payments on notes and certificates from recoveries/sales of related charged-off loans	(13,654)	(5,153)
Proceeds from term loan, net of debt discount	0	49,813
Payment for debt issuance cost	0	(1,192)
Principal payment on term loan	0	(625)
Prepaid offering costs	0	(1,887)
Change in equity offering costs	90	0
Proceeds from issuance of common stock for ESPP	2,694	0
Proceeds from stock option exercises and other	7,680	3,098
Net cash provided by financing activities	1,576,994	923,458
Net (Decrease) Increase in Cash and Cash Equivalents	(290,574)	33,375
Cash and Cash Equivalents, Beginning of Period	869,780	49,299
Cash and Cash Equivalents, End of Period	579,206	82,674
Supplemental Cash Flow Information:
Cash paid for interest	374,760	244,531
Issuance of Series F convertible preferred stock for business acquisition	0	2,762
Accruals for property, equipment and software	3,466	1,132
Series F Preferred Stock
Cash Flows from Financing Activities:
Proceeds from issuance of Series F convertible preferred stock, net of issuance costs	$ 0	$ 64,803

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Employee Incentive and Retirement Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option granted to purchase of common stock (shares)			1,164,929
Options granted, weighted average exercise price ($ per share)			$ 20.00
Options exercised (shares)			5,407,540	5,638,830
Total intrinsic values of options exercised			$ 75.3	$ 40.4
Total fair value of shares vested			$ 26.0	14.7
Expense related to accelerated vesting of stock options				3.0
Purchased by employees (number of shares)			211,256
Internally Developed Software
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, capitalized amount	$ 1.3	$ 0.6	$ 3.1	$ 1.2
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option granted to purchase of common stock (shares)				18,511,572
Options granted, weighted average exercise price ($ per share)				$ 5.91
Common stock, weighted average grant date fair value per share ($ per share)			$ 9.80	$ 4.37
Options granted, total estimated fair value			$ 11.4	$ 81.0
Unrecognized compensation cost	100.8		$ 100.8
Unrecognized compensation cost expected period for recognition			2 years 7 months 6 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost expected period for recognition			3 years 7 months 6 days
RSUs granted (shares)			3,518,967
Aggregate fair value			$ 58.4
Unrecognized compensation cost	$ 54.3		$ 54.3
Available for ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase period			6 months
Purchase price of common stock			85.00%
Total common stock authorized and reserved for future issuance (shares)	2,788,744		2,788,744
Requisite service period			6 months

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Expected annual minimum rental payments under these leases at September 30, 2015, are as follows:

(in millions)	Minimum Rental Payments
2015	$	1.9
2016	11.4
2017	14.1
2018	15.1
2019	14.6
Thereafter	71.1
Total	$	128.2

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Commitments and Contingencies - Additional Information (Detail) ft² in Thousands			1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 19, 2015 USD ($)	Apr. 16, 2015 renewal_option	Jun. 30, 2014	Sep. 30, 2015 USD ($) ft²	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) ft²	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Commitments and Contingencies [Line Items]
Lease agreement renewal term		5 years
Number of renewal terms | renewal_option		2
Rental expense				$ 2,000,000	$ 1,000,000	$ 5,000,000	$ 2,500,000
Annual lease payments				1,500,000	$ 900,000	4,100,000	$ 2,200,000
Security deposit made under lease agreement				700,000		700,000
Payments due in 2015				1,900,000		1,900,000
Payments due in 2016				11,400,000		11,400,000
Payments due in 2017				14,100,000		14,100,000
Payments due in 2018				15,100,000		15,100,000
Payments due in 2019				14,600,000		14,600,000
Payments due thereafter				71,100,000		71,100,000
Total payments due				128,200,000		128,200,000
Participation interests to be purchased			100.00%
Remaining limit of contingent loan purchase commitment				32,200,000		32,200,000
Maximum cash pledged				5,000,000		5,000,000
Pledged and restricted to support contingent obligation				3,400,000		$ 3,400,000		$ 3,400,000
Loan purchase obligation period						2 days
Contingent loan purchase commitment limit				$ 14,000,000		$ 14,000,000		$ 4,100,000
Springstone Financial, Llc
Commitments and Contingencies [Line Items]
Restitution	$ 700,000
San Francisco
Commitments and Contingencies [Line Items]
Area of property (square feet) | ft²				155		155
Lease agreement expiration date						Jun. 01, 2022
Lease agreement renewal term						5 years
Westborough
Commitments and Contingencies [Line Items]
Area of property (square feet) | ft²				26		26

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Related Party Transactions

9 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Several of our executive officers and directors (including immediate family members) have opened investor accounts with us, made deposits and withdrawals to their accounts, and purchased notes or certificates. All note and certificate purchases made by related parties were transacted on terms and conditions that were not more favorable than those obtained by unaffiliated third-party investors.

The deposits made by related parties whose transactions totaled $120 thousand or more were $500 thousand during the third quarter of 2014 and $750 thousand and $1.65 million during the first nine months of 2015 and 2014, respectively. There were no deposits made by related parties during the third quarter of 2015. The withdrawals made by related parties whose transactions totaled $120 thousand or more were $99 thousand and $22 thousand during the third quarters of 2015 and 2014, respectively, and $553 thousand and $132 thousand during the first nine months of 2015 and 2014, respectively.

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Springstone Acquisition (Tables)

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Summary of Pro Forma Financial Information

Results for the third quarter and first nine months of2015, as presented in the Condensed Consolidated Statements of Operations, reflect consolidated results, including Springstone, for the full period.

	Three Months Ended    September 30, 2014			Nine Months Ended   September 30, 2014
Total net revenue	$	56,074		$	148,317
Net loss	$	(5,947	)	$	(21,403	)
Basic net loss per share attributable to common stockholders	$	(0.10	)	$	(0.37	)
Diluted net loss per share attributable to common stockholders	$	(0.10	)	$	(0.37	)

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Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated the impact of events that have occurred subsequent to September 30, 2015, through the date the condensed consolidated financial statements were filed with the SEC. Based on this evaluation, other than as recorded or disclosed within these condensed consolidated financial statements and related notes, the Company has determined none of these events were required to be recognized or disclosed.

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Springstone Acquisition - Summary of Pro Forma Financial Information (Detail) - Springstone Financial, Llc - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total net revenue	$ 56,074	$ 148,317
Net loss	$ (5,947)	$ (21,403)
Basic net loss per share attributable to common stockholders ($ per share)	$ (0.10)	$ (0.37)
Diluted net loss per share attributable to common stockholders ($ per share)	$ (0.10)	$ (0.37)

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Basis of Presentation

9 Months Ended

Sep. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

LendingClub Corporation (Lending Club) is an online marketplace connecting borrowers and investors. LC Advisors, LLC (LCA), is a registered investment advisor with the Securities and Exchange Commission (SEC) and wholly-owned subsidiary of Lending Club that acts as the general partner for certain private funds and advisor to separately managed accounts. Springstone Financial, LLC (Springstone), is a wholly-owned subsidiary of Lending Club that facilitates education and patient finance loans. LC Trust I (the Trust) is an independent Delaware business trust that acquires and holds loans from Lending Club for the sole benefit of certain investors that purchase trust certificates (Certificates) issued by the Trust and that are related to underlying loans.

The accompanying unaudited condensed consolidated financial statements include Lending Club, the Trust, LCA and Springstone (collectively referred to as the Company, we, or us). All intercompany balances and transactions have been eliminated. These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information necessary for the fair statement of the results and financial position for the periods presented. The Company's results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year or any other interim period.

The accompanying interim condensed consolidated financial statements and these related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (Annual Report).

The Company's significant accounting policies are included in "Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 – Summary of Significant Accounting Policies"in the Annual Report. There have been no significant changes to these accounting policies during the first nine months of 2015, except as noted in "Note 4 – Securities Available for Sale" and "Note 6 – Fair Value of Assets and Liabilities" of these condensed consolidated financial statements.

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Member Loans at fair value	$ 4,068,974	$ 2,798,505
Accrued interest receivable from consolidated Trust	36,544	24,262
Accrued interest payable from consolidated Trust	39,858	26,964
Notes and certificates, at fair value from consolidated Trust	$ 4,095,481	$ 2,813,618
Common stock, par value ($ per share)	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	377,289,733	371,443,916
Common stock, shares outstanding	377,289,733	371,443,916
Consolidated Trust
Member Loans at fair value	$ 2,639,651	$ 1,772,407
Accrued interest receivable from consolidated Trust	22,790	15,209
Accrued interest payable from consolidated Trust	25,868	16,989
Notes and certificates, at fair value from consolidated Trust	$ 2,656,917	$ 1,772,407

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Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss represents other cumulative gains and losses that are not reflected in earnings. The components of other comprehensive loss are as follows:

Three Months Ended September 30,	2015								2014
	Before Tax			Tax Effect		Net of Tax			Before Tax		Tax Effect		Net of Tax
Change in net unrealized loss on securities available for sale	$	(341	)	$	—	$	(341	)	$	—	$	—	$	—
Other comprehensive loss	$	(341	)	$	—	$	(341	)	$	—	$	—	$	—

Nine Months Ended September 30,	2015								2014
	Before Tax			Tax Effect		Net of Tax			Before Tax		Tax Effect		Net of Tax
Change in net unrealized loss on securities available for sale	$	(1,172	)	$	—	$	(1,172	)	$	—	$	—	$	—
Other comprehensive loss	$	(1,172	)	$	—	$	(1,172	)	$	—	$	—	$	—

Accumulated other comprehensive loss balances are as follows:

	Total Accumulated Other Comprehensive Loss
Balance at December 31, 2014	$	—
Change in net unrealized loss on securities available for sale	(1,172		)
Balance at September 30, 2015	$	(1,172	)

The Company did not have any items of other comprehensive income (loss) during the first nine months of 2014.

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Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Trading Symbol	ck0001409970
Entity Registrant Name	LENDINGCLUB CORP
Entity Central Index Key	0001409970
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		377,863,378

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Employee Incentive and Retirement Plans

9 Months Ended

Sep. 30, 2015

Postemployment Benefits [Abstract]

Employee Incentive and Retirement Plans

Employee Incentive and Retirement Plans

The Company’s equity incentive plans provide for granting stock options and restricted stock units (RSUs) to employees, consultants, officers and directors. In addition, the Company offers a retirement plan and an Employee Stock Purchase Plan (ESPP) to eligible employees.

Stock-based compensation expense was as follows for the periods presented:

	Three Months Ended    September 30,				Nine Months Ended   September 30,
	2015		2014		2015		2014
Stock options	$	8,101	$	6,996	$	23,314	$	19,484
ESPP	491		—		1,416		—
RSUs	3,037		—		5,262		—
Stock issued related to acquisition	1,850		3,541		7,566		6,405
Total stock-based compensation expense	$	13,479	$	10,537	$	37,558	$	25,889

The following table presents the Company's stock-based compensation expense recorded in the condensed consolidated statements of operations:

	Three Months Ended    September 30,				Nine Months Ended   September 30,
	2015		2014		2015		2014
Sales and marketing	$	2,048	$	912	$	5,373	$	5,029
Origination and servicing	817		599		2,405		1,427
General and administrative:
Engineering and product development	2,554		1,492		6,392		3,487
Other	8,060		7,534		23,388		15,946
Total stock-based compensation expense	$	13,479	$	10,537	$	37,558	$	25,889

Additionally, we capitalized $1.3 million and $0.6 million of stock-based compensation expense associated with the cost of developing software for internal use during the third quarters of2015 and 2014, respectively. We capitalized $3.1 million and $1.2 million of stock-based compensation expense associated with the cost of developing software for internal use during the first nine months of2015 and 2014, respectively.

Stock Options

There were no significant changes to the Company's incentive plans or valuation methodology for stock options during the third quarter and first nine months of2015.

The Company used the following assumptions in the Black-Scholes option pricing model to estimate the fair value of stock options granted during the periods presented:

	Three Months Ended    September 30,				Nine Months Ended   September 30,
	2015		2014		2015		2014
Expected dividend yield	—		—		—		—
Weighted-average assumed stock price volatility	48.7	%	50.5	%	49.4	%	54.0	%
Weighted-average risk-free rate	1.67	%	1.87	%	1.61	%	1.91	%
Weighted-average expected life (in years)	6.25		6.25		6.25		6.38

The following table summarizes the activities for the Company's stock options during the first nine months of2015:

	Number of Options		Weighted- Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2014	57,386,829		$	3.15
Options granted	1,164,929		$	20.00
Options exercised	(5,407,540	)	$	1.46
Options forfeited/expired	(1,844,875	)	$	6.45
Outstanding at September 30, 2015	51,299,343		$	3.59	7.3	$	503,203
Vested and expected to vest at September 30, 2015	50,807,451		$	3.54	7.3	$	500,401
Exercisable at September 30, 2015	26,216,233		$	1.58	6.5	$	306,781

For the first nine months of2015, we granted service-based stock options to purchase 1,164,929 shares of common stock with a weighted average exercise price of $20.00 per share, a weighted average grant date fair value of $9.80 per option share and an aggregate estimated fair value of $11.4 million. For the first nine months of2014, we granted service-based stock options to purchase 18,511,572 shares of common stock with a weighted average exercise price of $5.91 per option share, a weighted average grant date fair value of $4.37 per share and a total estimated fair value of $81.0 million.

Options to purchase 5,407,540 shares with a total intrinsic value of $75.3 million were exercised during the first nine months of2015. Options to purchase 5,638,830 shares with a total intrinsic value of $40.4 million were exercised during the first nine months of2014.

The total grant date fair value of stock options vested during the first nine months of2015 and 2014 was $26.0 million and $14.7 million, respectively. For the first nine months of2014, we incurred $3.0 million of expense for the accelerated vesting of stock options for a terminated employee that was accounted for as a stock option modification. We did not accelerate vesting of any stock options during the third quarter and first nine months of2015.

As of September 30, 2015 total unrecognized compensation cost was $100.8 million, which is expected to be recognized over the next 2.6 years.

Since the Company holds a full valuation allowance against all deferred tax benefits, no income tax benefit has been recognized for stock-based compensation expense or for exercised stock options.

During the second quarter of 2015, the Company launched a rescission offer allowing certain holders of outstanding, unexercised options and shares of common stock to rescind the grant of options and sale of shares back to the Company. The rescission offer was required by the California Department of Business Oversight to address California securities laws compliance issues raised in connection with the Company's permit for qualification filed in July 2014. The offer expired on July 15, 2015 and there were no material acceptances of the rescission offer.

Restricted Stock Units

During the first quarter of 2015, the Company began issuing RSUs to certain employees, officers, and directors. The following table summarizes the activities for the Company's RSUs during the first nine months of2015:

	Number of RSUs		Weighted- Average Grant Date Fair Value
Unvested at December 31, 2014	—		$	—
RSUs granted	3,518,967		$	16.60
RSUs vested	(99,300	)	$	20.29
RSUs forfeited/expired	(106,694	)	$	19.53
Unvested at September 30, 2015	3,312,973		$	16.39
Expected to vest after September 30, 2015	3,177,419		$	16.42

For the first nine months of2015, we granted 3,518,967 RSUs with an aggregate fair value of $58.4 million.

As of September 30, 2015, there was $54.3 million of unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over the next 3.6 years.

Employee Stock Purchase Plan

Under the Company’s ESPP, eligible employees can purchase shares of the Company’s common stock using amounts withheld through payroll deductions, subject to plan limitations. Payroll deductions are accumulated during six-month offering periods. The purchase price for each share of common stock is 85% of the lower of the fair market value of the common stock on the first business day of the offering period or on the last business day of the offering period. During the third quarter of 2015, the Company did not purchase any shares under the ESPP. The Company's employees purchased 211,256 shares under the ESPP during the first nine months of2015. As of September 30, 2015, a total of 2,788,744 shares of common stock were reserved for issuance under the ESPP.

The fair value of stock purchase rights granted to employees under the ESPP is measured on the grant date using the Black-Scholes option pricing model. The compensation expense related to ESPP purchase rights is recognized on a straight-line basis, net of estimated forfeitures, over the six-month requisite service period. We used the following assumptions in estimating the fair value of the grant under the ESPP on June 11, 2015, which are derived using the same methodology applied to stock option assumptions:

Expected dividend yield	—
Weighted-average assumed stock price volatility	38.8	%
Weighted-average risk-free rate	0.10	%
Weighted-average expected life (in years)	0.42

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Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating revenue:
Transaction fees	$ 100,420	$ 52,622	$ 258,553	$ 133,835
Servicing fees	8,999	3,053	20,870	6,301
Management fees	2,900	1,608	7,663	4,163
Other revenue (expense)	2,743	(745)	5,140	(438)
Total operating revenue	115,062	56,538	292,226	143,861
Net interest income (expense):
Total interest income	145,833	94,038	389,831	252,298
Total interest expense	(144,659)	(94,460)	(387,666)	(253,054)
Net interest income (expense)	1,174	(422)	2,165	(756)
Fair value adjustments, loans	(72,474)	(33,809)	(172,495)	(84,963)
Fair value adjustments, notes and certificates	72,514	33,757	172,529	84,865
Net interest income (expense) after fair value adjustments	1,214	(474)	2,199	(854)
Total net revenue	116,276	56,064	294,425	143,007
Operating expenses:
Sales and marketing	44,961	21,001	120,162	60,808
Origination and servicing	17,573	10,167	45,540	26,135
General and administrative	51,559	31,848	136,038	78,862
Total operating expenses	114,093	63,016	301,740	165,805
Income (loss) before income tax expense	2,183	(6,952)	(7,315)	(22,798)
Income tax expense	1,233	419	2,249	1,059
Net income (loss)	$ 950	$ (7,371)	$ (9,564)	$ (23,857)
Basic net income (loss) per share attributable to common stockholders ($ per share)	$ 0.00	$ (0.12)	$ (0.03)	$ (0.41)
Diluted net income (loss) per share attributable to common stockholders ($ per share)	$ 0.00	$ (0.12)	$ (0.03)	$ (0.41)
Weighted-average shares of common stock used in computing basic net income (loss) per share (shares)	375,982,120	59,844,394	373,605,274	57,958,838
Weighted-average shares of common stock used in computing diluted net income (loss) per share (shares)	401,934,880	59,844,394	373,605,274	57,958,838

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Fair Value of Assets and Liabilities

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

Fair Value of Assets and Liabilities

For a description of the fair value hierarchy and the Company’s fair value methodologies, see "Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 - Summary of Significant Accounting Policies" in the Annual Report. The Company did not transfer any assets or liabilities in or out of level 3 during the third quarter and first nine months of2015 or the year ended December 31, 2014.

Financial Instruments Recorded at Fair Value

See "Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 - Summary of Significant Accounting Policies" in the Company's Annual Report for a description of the fair value methodology for loans, notes and certificates. In the third quarter of 2015, the Company incorporated cumulative prepayments into the valuation of loans, notes and certificates to better reflect a market participant's view of valuation assumptions underlying unsecured consumer credit obligations. Prior to the third quarter, the effect of prepayments was reflected through an effective adjustment to the discount rates used in the fair value methodology. Cumulative prepayments are estimates of the cumulative amount of principal prepayments that will occur over the entire life of a loan expressed as a percentage of the original principal amount of the loan. The assumption regarding cumulative prepayments reduces the projected balances and expected terms of the loans, notes and certificates.

When available, the Company uses quoted prices in active markets to measure the fair value of securities available for sale. When utilizing market data and bid-ask spreads, the Company uses the price within the bid-ask spread that best represents fair value. When quoted prices do not exist, the Company uses prices obtained from independent third-party pricing services to measure the fair value of securities available for sale. The Company's primary independent pricing service provides prices based on observable trades and discounted cash flows that incorporate observable information, such as yields for similar types of securities (a benchmark interest rate plus observable spreads) and weighted-average maturity for the same or similar "to-be-issued" securities. The Company compares the prices obtained from its primary independent pricing service to the prices obtained from the additional independent pricing services to determine if the price obtained from the primary independent pricing service is reasonable. The Company does not adjust the prices received from independent third-party pricing services unless such prices are inconsistent with the definition of fair value and result in a material difference in the recorded amounts.

The following tables present the fair value hierarchy for assets and liabilities measured at fair value:

September 30, 2015	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Loans	$	—	$	—	$	4,068,974	$	4,068,974
Securities available for sale:
Corporate debt securities	—		250,113		—		250,113
Asset-backed securities	—		54,959		—		54,959
U.S. agency securities	—		20,603		—		20,603
Municipal securities	—		5,843		—		5,843
Other securities	—		7,001		—		7,001
Total securities available for sale	—		338,519		—		338,519
Servicing assets	—		—		7,249		7,249
Total assets	$	—	$	338,519	$	4,076,223	$	4,414,742
Liabilities:
Notes and certificates	$	—	$	—	$	4,095,481	$	4,095,481
Servicing liabilities	—		—		4,394		4,394
Total liabilities	$	—	$	—	$	4,099,875	$	4,099,875
December 31, 2014	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Loans	$	—	$	—	$	2,798,505	$	2,798,505
Servicing assets	—		—		2,181		2,181
Total assets	$	—	$	—	$	2,800,686	$	2,800,686
Liabilities:
Notes and certificates	$	—	$	—	$	2,813,618	$	2,813,618
Servicing liabilities	—		—		3,973		3,973
Total liabilities	$	—	$	—	$	2,817,591	$	2,817,591

As our loans and related notes and certificates, and loan servicing rights do not trade in an active market with readily observable prices, we use significant unobservable inputs to measure the fair value of these assets and liabilities. Financial instruments are categorized in the level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement. These fair value estimates may also include observable, actively quoted components derived from external sources. As a result, the realized and unrealized gains and losses for assets and liabilities within the level 3 category may include changes in fair value that were attributable to both observable and unobservable inputs.

Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs used for our level 3 fair value measurements at September 30, 2015 and December 31, 2014:

		September 30, 2015
		Range of Inputs
Financial Instrument	Unobservable Input	Minimum		Maximum		Weighted- Average
Loans, notes and certificates	Discount rates	3.5	%	17.5	%	8.9	%
	Net cumulative expected loss rates	0.3	%	22.0	%	9.7	%
	Cumulative prepayment rates	21.9	%	38.5	%	27.7	%
Servicing asset/liability	Discount rates	3.5	%	20.5	%	9.6	%
	Net cumulative expected loss rates	0.3	%	21.5	%	8.7	%
	Cumulative prepayment rates	8.4	%	48.7	%	29.0	%
	Base market servicing rates (% per annum on unpaid principal balance)(1)	0.50	%	0.75	%	0.50	%
		December 31, 2014
		Range of Inputs
Financial Instrument	Unobservable Input	Minimum		Maximum		Weighted- Average
Loans, notes and certificates	Discount rates	5.2	%	17.4	%	10.1	%
	Net cumulative expected loss rates	0.3	%	22.0	%	10.0	%
Servicing asset/liability	Discount rates	5.3	%	23.7	%	10.7	%
	Net cumulative expected loss rates	0.3	%	22.0	%	10.2	%
	Cumulative prepayment rates	16.5	%	26.7	%	20.0	%
	Base market servicing rates (% per annum on unpaid principal balance)(1)	0.50	%	0.70	%	0.50	%

⁽¹⁾ Excludes ancillary fees charged to investors that would be passed on to a third-party servicer.

At September 30, 2015, the discounted cash flow methodology used to estimate the notes and certificates fair values used the same projected cash flows as the related loans. As demonstrated in the following table, the fair value adjustments for loans were largely offset by the fair value adjustments of the notes and certificates due to the member payment dependent design of the notes and certificates and because the principal balances of the loans were very close to the combined principal balances of the notes and certificates.

The following tables present additional information about level 3 loans, notes and certificates, each measured at fair value on a recurring basis, for the third quarters and first nine months of2015 and 2014:

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at June 30, 2015	$	3,694,823		$	(57,440	)	$	3,637,383		$	3,717,556		$	(57,432	)	$	3,660,124
Purchases of loans	1,946,455			—			1,946,455			—			—			—
Issuances of notes and certificates	—			—			—			991,926			—			991,926
Whole loan sales	(954,770		)	—			(954,770		)	—			—			—
Principal payments	(481,701		)	—			(481,701		)	(478,189		)	—			(478,189		)
Charge-offs	(55,365		)	55,365			—			(55,346		)	55,346			—
Recoveries	—			(5,919		)	(5,919		)	—			(5,867		)	(5,867		)
Change in fair value recorded in earnings	—			(72,474		)	(72,474		)	—			(72,513		)	(72,513		)
Ending balance at September 30, 2015	$	4,149,442		$	(80,468	)	$	4,068,974		$	4,175,947		$	(80,466	)	$	4,095,481

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at June 30, 2014	$	2,351,515		$	(25,313	)	$	2,326,202		$	2,361,902		$	(25,307	)	$	2,336,595
Purchases of loans	994,497			—			994,497			—			—			—
Issuances of notes and certificates	—			—			—			532,034			—			532,034
Whole loan sales	(462,523		)	—			(462,523		)	—			—			—
Principal payments	(288,102		)	—			(288,102		)	(280,643		)	—			(280,643		)
Charge-offs	(28,910		)	28,910			—			(28,852		)	28,852			—
Recoveries	—			(2,594		)	(2,594		)	—			(2,589		)	(2,589		)
Change in fair value recorded in earnings	—			(33,809		)	(33,809		)	—			(33,757		)	(33,757		)
Ending balance at September 30, 2014	$	2,566,477		$	(32,806	)	$	2,533,671		$	2,584,441		$	(32,801	)	$	2,551,640

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at December 31, 2014	$	2,836,729		$	(38,224	)	$	2,798,505		$	2,851,837		$	(38,219	)	$	2,813,618
Purchases of loans	5,075,044			—			5,075,044			—			—			—
Issuances of notes and certificates	—			—			—			2,736,667			—			2,736,667
Whole loan sales	(2,338,346		)	—			(2,338,346		)	—			—			—
Principal payments	(1,280,005		)	—			(1,280,005		)	(1,268,622		)	—			(1,268,622		)
Charge-offs	(143,980		)	143,980			—			(143,935		)	143,935			—
Recoveries	—			(13,729		)	(13,729		)	—			(13,653		)	(13,653		)
Change in fair value recorded in earnings	—			(172,495		)	(172,495		)	—			(172,529		)	(172,529		)
Ending balance at September 30, 2015	$	4,149,442		$	(80,468	)	$	4,068,974		$	4,175,947		$	(80,466	)	$	4,095,481

	Loans									Notes and Certificates
	Outstanding Principal Balance			Valuation Adjustment			Fair Value			Outstanding Principal Balance			Valuation Adjustment			Fair Value
Beginning balance at December 31, 2013	$	1,849,042		$	(20,000	)	$	1,829,042		$	1,859,982		$	(19,992	)	$	1,839,990
Purchases of loans	2,628,758			—			2,628,758			—			—			—
Issuances of notes and certificates	—			—			—			1,534,011			—			1,534,011
Whole loan sales	(1,094,482		)	—			(1,094,482		)	—			—			—
Principal payments	(739,506		)	—			(739,506		)	(732,343		)	—			(732,343		)
Charge-offs	(77,335		)	77,335			—			(77,209		)	77,209			—
Recoveries	—			(5,178		)	(5,178		)	—			(5,153		)	(5,153		)
Change in fair value recorded in earnings	—			(84,963		)	(84,963		)	—			(84,865		)	(84,865		)
Ending balance at September 30, 2014	$	2,566,477		$	(32,806	)	$	2,533,671		$	2,584,441		$	(32,801	)	$	2,551,640

The following table presents additional information about level 3 servicing assets and liabilities measured at fair value on a recurring basis for the third quarters and first nine months of2015 and 2014:

	Three Months Ended September 30, 2015						Three Months Ended September 30, 2014
	Servicing Assets			Servicing Liabilities			Servicing Assets			Servicing Liabilities
Fair value at beginning of period	$	5,225		$	4,831		$	1,034		$	2,736
Issuances (1)	3,092			1,402			481			1,809
Changes in fair value, included in servicing fees	(1,436		)	(1,839		)	(182		)	(833		)
Additions, included in deferred revenue	368			—			187			—
Fair value at end of period	$	7,249		$	4,394		$	1,520		$	3,712

	Nine Months Ended   September 30, 2015						Nine Months Ended   September 30, 2014
	Servicing Assets			Servicing Liabilities			Servicing Assets			Servicing Liabilities
Fair value at beginning of period	$	2,181		$	3,973		$	534		$	936
Issuances (1)	6,476			4,340			1,355			3,464
Changes in fair value, included in servicing fees	(2,467		)	(3,919		)	(841		)	(688		)
Additions, included in deferred revenue	1,059			—			472			—
Fair value at end of period	$	7,249		$	4,394		$	1,520		$	3,712

⁽¹⁾   Represents the offsets to the gains or losses on sales of the related loans, recorded in other revenue (expense).

Significant Recurring Level 3 Fair Value Asset and Liability Input Sensitivity

Certain fair valuation adjustments recorded through earnings were related to level 3 instruments for the third quarters and first nine months of2015 and 2014. Generally, changes in the net cumulative expected loss rates, cumulative prepayment rates, and discount rates will have an immaterial net impact on the fair value of loans, notes and certificates, and servicing assets and liabilities.

Certain of these unobservable inputs may (in isolation) have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. When multiple inputs are used within the valuation techniques for loans, notes and certificates, or servicing assets and liabilities, a change in one input in a certain direction may be offset by an opposite change from another input.

A specific loan that is projected to have larger future default losses than previously estimated has lower expected future cash flows over its remaining life, which reduces its estimated fair value. Conversely, a specific loan that is projected to have smaller future default losses than previously estimated has increased expected future cash flows over its remaining life, which increases its fair value. Separately, an increase in expected prepayments will reduce the estimated fair value of a loan, whereas a decrease in expected prepayments will increase the estimated fair value of a loan.

Our selection of the most representative base market servicing rates for servicing assets and servicing liabilities is inherently judgmental. We reviewed third-party servicing rates for our loans and loans in similar credit sectors, as well as a market servicing benchmarking analysis provided by a third-party valuation firm, and determined that base market servicing rates on our products ranging from 0.40% to 0.75% per anum of outstanding principal are reasonable estimates as of September 30, 2015. The table below shows the estimated impact on the estimated fair value of servicing assets and liabilities, calculated using different base market servicing rate assumptions as of September 30, 2015 and December 31, 2014:

	September 30, 2015						December 31, 2014
	Servicing Assets			Servicing Liabilities			Servicing Assets			Servicing Liabilities
Weighted-average base market servicing rate assumptions	0.50		%	0.50		%	0.50		%	0.50		%
Change in fair value from:
Servicing rate increase to 0.60%	$	(2,566	)	$	1,764		$	(915	)	$	1,416
Servicing rate decrease to 0.40%	$	2,682		$	(1,649	)	$	965		$	(1,366	)

Financial Instruments Not Recorded at Fair Value

The following tables present the fair value hierarchy for financial instruments not recorded at fair value:

September 30, 2015	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Cash and cash equivalents	$	579,206	$	—	$	579,206	$	—	$	579,206
Restricted cash	159,216		—		159,216		—		159,216
Deposits	763		—		763		—		763
Total assets	$	739,185	$	—	$	739,185	$	—	$	739,185
Liabilities:
Accounts payable	$	3,756	$	—	$	3,756	$	—	$	3,756
Payables to investors	150,880		—		150,880		—		150,880
Total liabilities	$	154,636	$	—	$	154,636	$	—	$	154,636

December 31, 2014	Carrying Amount		Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Balance at Fair Value
Assets:
Cash and cash equivalents	$	869,780	$	—	$	869,780	$	—	$	869,780
Restricted cash	46,763		—		46,763		—		46,763
Deposits	657		—		657		—		657
Total assets	$	917,200	$	—	$	917,200	$	—	$	917,200
Liabilities:
Accounts payable	$	5,892	$	—	$	5,892	$	—	$	5,892
Payables to investors	38,741		—		38,741		—		38,741
Total liabilities	$	44,633	$	—	$	44,633	$	—	$	44,633

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Loans, Notes and Certificates, and Loan Servicing Rights

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Loans, Notes and Certificates, and Loan Servicing Rights

Loans, Notes and Certificates, and Loan Servicing Rights

Loans, Notes and Certificates

At September 30, 2015 and December 31, 2014, loans, notes and certificates measured at fair value on a recurring basis were as follows: 

	Loans						Notes and Certificates
	September 30,   2015			December 31,   2014			September 30,   2015			December 31,   2014
Aggregate principal balance outstanding	$	4,149,442		$	2,836,729		$	4,175,947		$	2,851,837
Net fair value adjustments	(80,468		)	(38,224		)	(80,466		)	(38,219		)
Fair value	$	4,068,974		$	2,798,505		$	4,095,481		$	2,813,618
Original term	12 - 60 months			12 - 60 months
Interest rates (fixed)	4.99% - 29.90%			5.79% - 29.90%
Maturity dates	≤ September 2020			≤ December 2019

We place loans on non-accrual status at the earlier of 120 days past due or when the Compay is notified that borrowers have filed for bankruptcy or are deceased. At September 30, 2015 and December 31, 2014, loans that were 90 days or more past due (including non-accrual loans) were as follows:

	September 30, 2015						December 31, 2014
	> 90 days past due			Non-accrual loans(1)			> 90 days past due			Non-accrual loans(1)
Outstanding principal balance	$	28,716		$	1,174		$	19,790		$	1,373
Net fair value adjustments	(27,102		)	(1,091		)	(18,825		)	(1,289		)
Fair value	$	1,614		$	83		$	965		$	84
# of loans (not in thousands)	2,512			94			1,797			125

⁽¹⁾ Includes all loans for which the Company has been notified that the borrower has filed for bankruptcy or is deceased, or that were 120 days or more past due.

Loan Servicing Rights

Loan servicing assets and liabilities related to retained servicing rights are recorded at fair value in “Other assets” and “Accrued expenses and other liabilities,” respectively. At September 30, 2015, loans underlying loan servicing rights had a total outstanding principal balance of $3.548 billion, original terms between 3 and 84 months, monthly payments with interest rates ranging from 2.99% to 33.15% and maturity dates through September 2022. At December 31, 2014, loans underlying loan servicing rights had a total outstanding principal balance of $1.872 billion, original terms between 12 and 60 months, monthly payments with fixed interest rates ranging from 5.90% to 33.15% and maturity dates through December 2019.

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Springstone Acquisition

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Springstone Acquisition

Springstone Acquisition

In April 2015, we completed the allocation of the purchase price of our acquisition of Springstone to acquired assets and liabilities. There were no material adjustments to the preliminary purchase price allocation as included in "Part II - Item 8 - Financial Statements and Supplementary Data - Note 17 - Springstone Acquisition"in our Annual Report.

The following 2014 pro forma financial information summarizes the combined results of operations for Lending Club and Springstone, as though the companies were originally combined as of January 1, 2013. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations which would have resulted had the acquisition occurred as of January 1, 2013, nor is it indicative of future operating results. The pro forma results presented below include interest expense on the debt financing, amortization of acquired intangible assets, compensation expense related to the post-acquisition compensation arrangements entered into with the continuing employees, and tax expense. Results for the third quarter and first nine months of2015, as presented in the Condensed Consolidated Statements of Operations, reflect consolidated results, including Springstone, for the full period.

	Three Months Ended    September 30, 2014			Nine Months Ended   September 30, 2014
Total net revenue	$	56,074		$	148,317
Net loss	$	(5,947	)	$	(21,403	)
Basic net loss per share attributable to common stockholders	$	(0.10	)	$	(0.37	)
Diluted net loss per share attributable to common stockholders	$	(0.10	)	$	(0.37	)

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Income Taxes

9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the third quarter and first nine months of2015 we recorded income tax expense of $1.2 million and $2.2 million, respectively, due to the recognition of the amortization of tax deductible goodwill that gives rise to an indefinite-lived deferred tax liability. Income tax expense was $0.4 million and $1.1 million for the third quarter and first nine months of2014, respectively.

The Company continues to recognize a full valuation allowance against deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. As of September 30, 2015, the valuation allowance was $41.3 million.

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Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Intangible Assets

The Company's intangible asset balance was $32.2 million and $36.3 million at September 30, 2015 and December 31, 2014, respectively. Amortization expense associated with intangible assets for the third quarter and first nine months of2015 was $1.3 million and $4.1 million, respectively. Amortization expense associated with intangible assets for the third quarter and first nine months of2014 was $1.4 million and $2.5 million, respectively.

Goodwill

The Company’s annual goodwill impairment testing date is April 1. In testing for potential impairment of goodwill on April 1, 2015, management performed an assessment of each of the Company’s goodwill reporting units (generally defined as the Company’s businesses for which financial information is available and reviewed regularly by management) and concluded that goodwill was not impaired.

The Company's goodwill balance of $72.7 million at September 30, 2015, did not significantly change during the third quarter and first nine months of2015. We did not record any goodwill impairment expense for the third quarter and first nine months of2015 or 2014.

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Employee Incentive and Retirement Plans - Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options Granted (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Weighted-average assumed stock price volatility	48.70%	50.50%	49.40%	54.00%
Weighted-average risk-free rate	1.67%	1.87%	1.61%	1.91%
Weighted-average expected life (in years)	6 years 3 months 1 day	6 years 3 months 1 day	6 years 3 months 1 day	6 years 4 months 18 days

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Property, Equipment and Software, net

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment [Abstract]

Property, Equipment and Software, Net

Property, Equipment and Software, Net

Property, equipment and software, net, consist of the following:

	September 30,   2015			December 31,   2014
Internally developed software	$	34,107		$	16,023
Computer equipment	12,169			7,929
Leasehold improvements	8,868			4,802
Purchased software	4,843			3,326
Furniture and fixtures	4,232			2,405
Construction in progress	2,165			549
Total property, equipment and software	66,384			35,034
Accumulated depreciation and amortization	(19,288		)	(7,983		)
Total property, equipment and software, net	$	47,096		$	27,051

Depreciation and amortization expense on property, equipment and software was $4.5 million and $1.8 million for the third quarters of2015 and 2014, respectively. Depreciation and amortization expense on property, equipment and software was $11.4 million and $4.1 million for the first nine months of2015 and 2014, respectively.

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Other Assets

9 Months Ended

Sep. 30, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

Other Assets

Other assets consist of the following:

	September 30,   2015		December 31,   2014
Prepaid expenses	$	8,829	$	6,807
Loan servicing assets at fair value	7,249		2,181
Accounts receivable	3,322		1,744
Deferred acquisition compensation	1,815		2,695
Deposits	763		657
Receivable from investors	568		155
Other	2,133		93
Total other assets	$	24,679	$	14,332

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Accrued Expenses and Other Liabilities

9 Months Ended

Sep. 30, 2015

Payables and Accruals [Abstract]

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consist of the following:

	September 30,   2015		December 31,   2014
Accrued compensation	$	23,142	$	13,659
Accrued expenses	12,818		6,220
Loan servicing liabilities at fair value	4,394		3,973
Deferred rent	4,150		1,377
Deferred tax liability	3,587		1,332
Deferred revenue	1,817		759
Loan funding payables	831		—
Contingent liabilities	810		1,995
Payable to issuing bank	703		267
Transaction fee refund reserve	672		828
Early stock option exercise and other equity-related liabilities	333		392
Other	880		818
Total accrued expenses and other liabilities	$	54,137	$	31,620

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Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,233	$ 419	$ 2,249	$ 1,059
Valuation allowance	$ 41,300		$ 41,300

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Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2015 segment
Segment Reporting [Abstract]
Number of reportable segments	1

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Employee Incentive and Retirement Plans - Black-Scholes Inputs for Employee Stock Purchase Plan (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Weighted-average assumed stock price volatility	48.70%	50.50%	49.40%	54.00%
Weighted-average risk-free rate	1.67%	1.87%	1.61%	1.91%
Weighted-average expected life (in years)	6 years 3 months 1 day	6 years 3 months 1 day	6 years 3 months 1 day	6 years 4 months 18 days
Available for ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield			0.00%
Weighted-average assumed stock price volatility			38.80%
Weighted-average risk-free rate			0.10%
Weighted-average expected life (in years)			5 months 2 days

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Employee Incentive and Retirement Plans (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

Stock-based compensation expense was as follows for the periods presented:

	Three Months Ended    September 30,				Nine Months Ended   September 30,
	2015		2014		2015		2014
Stock options	$	8,101	$	6,996	$	23,314	$	19,484
ESPP	491		—		1,416		—
RSUs	3,037		—		5,262		—
Stock issued related to acquisition	1,850		3,541		7,566		6,405
Total stock-based compensation expense	$	13,479	$	10,537	$	37,558	$	25,889

Schedule of Stock-Based Compensation Expense Recorded for Stock Options, Warrants and Series F Convertible Preferred Stock

The following table presents the Company's stock-based compensation expense recorded in the condensed consolidated statements of operations:

	Three Months Ended    September 30,				Nine Months Ended   September 30,
	2015		2014		2015		2014
Sales and marketing	$	2,048	$	912	$	5,373	$	5,029
Origination and servicing	817		599		2,405		1,427
General and administrative:
Engineering and product development	2,554		1,492		6,392		3,487
Other	8,060		7,534		23,388		15,946
Total stock-based compensation expense	$	13,479	$	10,537	$	37,558	$	25,889

Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options Granted

The Company used the following assumptions in the Black-Scholes option pricing model to estimate the fair value of stock options granted during the periods presented:

	Three Months Ended    September 30,				Nine Months Ended   September 30,
	2015		2014		2015		2014
Expected dividend yield	—		—		—		—
Weighted-average assumed stock price volatility	48.7	%	50.5	%	49.4	%	54.0	%
Weighted-average risk-free rate	1.67	%	1.87	%	1.61	%	1.91	%
Weighted-average expected life (in years)	6.25		6.25		6.25		6.38

Options Activity Under Option Plan

The following table summarizes the activities for the Company's stock options during the first nine months of2015:

	Number of Options		Weighted- Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2014	57,386,829		$	3.15
Options granted	1,164,929		$	20.00
Options exercised	(5,407,540	)	$	1.46
Options forfeited/expired	(1,844,875	)	$	6.45
Outstanding at September 30, 2015	51,299,343		$	3.59	7.3	$	503,203
Vested and expected to vest at September 30, 2015	50,807,451		$	3.54	7.3	$	500,401
Exercisable at September 30, 2015	26,216,233		$	1.58	6.5	$	306,781

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

The following table summarizes the activities for the Company's RSUs during the first nine months of2015:

	Number of RSUs		Weighted- Average Grant Date Fair Value
Unvested at December 31, 2014	—		$	—
RSUs granted	3,518,967		$	16.60
RSUs vested	(99,300	)	$	20.29
RSUs forfeited/expired	(106,694	)	$	19.53
Unvested at September 30, 2015	3,312,973		$	16.39
Expected to vest after September 30, 2015	3,177,419		$	16.42

Available for ESPP

Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options Granted

We used the following assumptions in estimating the fair value of the grant under the ESPP on June 11, 2015, which are derived using the same methodology applied to stock option assumptions:

Expected dividend yield	—
Weighted-average assumed stock price volatility	38.8	%
Weighted-average risk-free rate	0.10	%
Weighted-average expected life (in years)	0.42

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Property, Equipment and Software, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Internally developed software	$ 34,107	$ 16,023
Computer equipment	12,169	7,929
Leasehold improvements	8,868	4,802
Purchased software	4,843	3,326
Furniture and fixtures	4,232	2,405
Construction in progress	2,165	549
Total property, equipment and software	66,384	35,034
Accumulated depreciation and amortization	(19,288)	(7,983)
Total property, equipment and software, net	$ 47,096	$ 27,051

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Segment Reporting

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company reports segment information using the “management approach.” Under this approach, operating segments are identified in substantially the same manner as they are reported internally and used by us for purposes of evaluating performance and allocating resources. Based on this approach, the Company has one reportable segment. The Company's management reporting process is based on our internal operating structure.

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Net Income (Loss) Per Share and Net Income (Loss) Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Basic and Diluted Net Income (Loss) per Share

The following table details the computation of the basic and diluted net income (loss) per share:

	Three Months Ended    September 30,					Nine Months Ended   September 30,
	2015		2014			2015			2014
Net income (loss) (1)	$	950	$	(7,371	)	$	(9,564	)	$	(23,857	)
Weighted average common shares - Basic	375,982,120		59,844,394			373,605,274			57,958,838
Weighted average common shares - Diluted	401,934,880		59,844,394			373,605,274			57,958,838
Basic net income (loss) per share attributable to common stockholders	$	0.00	$	(0.12	)	$	(0.03	)	$	(0.41	)
Diluted net income (loss) per share attributable to common stockholders	$	0.00	$	(0.12	)	$	(0.03	)	$	(0.41	)

⁽¹⁾  Also represents net income (loss) available to common stockholders. In a period with net income, both earnings and dividends (if any) are allocated to participating securities. In a period with a net loss, only declared dividends (if any) are allocated to participating securities. There were no dividends declared in the first nine months of2015 or 2014.

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Fair Value of Assets and Liabilities - Additional Information about Servicing Assets and Liabilities Measured Using Different Market Servicing Rates and Different Prepayment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Base market servicing rates (% per annum on unpaid principal balance)(1)			0.50%		0.50%
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Base market servicing rates (% per annum on unpaid principal balance)(1)			0.50%		0.50%
Changes in fair value, included in servicing fees	$ (1,436)	$ (182)	$ (2,467)	$ (841)
Changes in fair value, included in servicing fees	$ (1,839)	$ (833)	(3,919)	$ (688)
Servicing rate increase to 0.60%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value, included in servicing fees			(2,566)		$ (915)
Servicing rate increase to 0.60% | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value, included in servicing fees			1,764		1,416
Servicing rate decrease to 0.40%
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value, included in servicing fees			2,682		965
Servicing rate decrease to 0.40% | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value, included in servicing fees			$ (1,649)		$ (1,366)
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Base market servicing rates (% per annum on unpaid principal balance)(1)			0.40%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Base market servicing rates (% per annum on unpaid principal balance)(1)			0.75%

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Securities Available for Sale - Gross realized losses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Proceeds	$ 59,689	$ 63,198
Gross realized gains	58	58
Gross realized losses	$ 0	$ 1

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Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss) (1)	$ 950	$ (7,371)	$ (9,564)	$ (23,857)
Other Comprehensive Income (Loss), before Tax [Abstract]
Change in net unrealized loss on securities available for sale	(341)	0	(1,172)	0
Other comprehensive loss, before tax	(341)	0	(1,172)	0
Income tax effect	0	0	0	0
Other comprehensive loss, net of tax	(341)	0	(1,172)	0
Comprehensive income (loss)	$ 609	$ (7,371)	$ (10,736)	$ (23,857)

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Securities Available for Sale

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Securities Available for Sale

Securities Available for Sale

The Company began purchasing securities available for sale during the second quarter of 2015. Securities available for sale are recorded at fair value and unrealized gains and losses are reported, net of taxes, in accumulated other comprehensive income (loss) included in stockholders' equity unless management determines that a security is other-than-temporarily impaired (OTTI). Realized gains and losses from sales of securities available for sale are determined on a specific identification basis and are included in other revenue (expense).

The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of September 30, 2015, are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	251,253	$	4	$	(1,144	)	$	250,113
Asset-backed securities	54,990		4		(35		)	54,959
U.S. agency securities	20,602		5		(4		)	20,603
Municipal securities	5,840		3		—			5,843
Other securities	7,006		1		(6		)	7,001
Total securities available for sale	$	339,691	$	17	$	(1,189	)	$	338,519

A summary of securities available for sale with unrealized losses as of September 30, 2015, aggregated by category and period of continuous unrealized loss, is as follows:

	Less than 12 months					12 months or longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	241,480	$	(1,144	)	$	—	$	—	$	241,480	$	(1,144	)
Asset-backed securities	49,955		(35		)	—		—		49,955		(35		)
U.S. agency securities	11,600		(4		)	—		—		11,600		(4		)
Other securities	4,999		(6		)	—		—		4,999		(6		)
Total securities with unrealized losses(1)	$	308,034	$	(1,189	)	$	—	$	—	$	308,034	$	(1,189	)

⁽¹⁾  The number of investment positions with unrealized losses totaled 142.

Management evaluates whether securities available for sale are OTTI on a quarterly basis. Debt securities with unrealized losses are considered OTTI if the Company intends to sell the security or if it is more likely than not that it will be required to sell such security before any anticipated recovery. If management determines that a security is OTTI under these circumstances, the impairment recognized in earnings is measured as the entire difference between the amortized cost and then-current fair value.

A security is also OTTI if management does not expect to recover all of the amortized cost of the security. In this circumstance, the impairment recognized in earnings represents estimated credit loss, and is measured by the difference between the present value of expected cash flows and the amortized cost of the security. Management utilizes cash flow models to estimate the expected future cash flow from the securities to estimate the credit loss when necessary. Expected cash flows are discounted using the security's effective interest rate.

The evaluation of whether the Company expects to recover the amortized cost of a security is inherently judgmental. The evaluation includes the assessment of several security performance indicators, including the magnitude and duration of the unrealized loss and whether the Company has received all scheduled principal and interest payments. There were no impairment charges recognized during the first nine months of 2015.

The contractual maturities of securities available for sale at September 30, 2015, are as follows:

	Within 1 year		After 1 year through 5 years		After 5 years through 10 years		After 10 years		Total
Corporate debt securities	$	28,120	$	221,993	$	—	$	—	$	250,113
Asset-backed securities	—		54,959		—		—		54,959
U.S. agency securities	—		20,603		—		—		20,603
Municipal securities	—		5,843		—		—		5,843
Other securities	—		7,001		—		—		7,001
Total fair value	$	28,120	$	310,399	$	—	$	—	$	338,519
Total amortized cost	$	28,151	$	311,540	$	—	$	—	$	339,691

Proceeds and gross realized gains and losses from sales of securities available for sale are as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2015		2015
Proceeds	$	59,689	$	63,198
Gross realized gains	$	58	$	58
Gross realized losses	$	—	$	1

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Employee Incentive and Retirement Plans - Schedule of Stock-Based Compensation Expense Recorded for Stock Options, Warrants and Series F Convertible Preferred Stock (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, net	$ 13,479	$ 10,537	$ 37,558	$ 25,889
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	2,048	912	5,373	5,029
Origination and servicing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	817	599	2,405	1,427
General and administrative: | Engineering and product development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	2,554	1,492	6,392	3,487
General and administrative: | Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	8,060	7,534	23,388	15,946
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	8,101	6,996	23,314	19,484
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	491	0	1,416	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,037	0	5,262	0
Stock issued related to acquisition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,850	$ 3,541	$ 7,566	$ 6,405

XML

Securities Available for Sale (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

The amortized cost, gross unrealized gains and losses, and fair value of securities available for sale as of September 30, 2015, are as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Corporate debt securities	$	251,253	$	4	$	(1,144	)	$	250,113
Asset-backed securities	54,990		4		(35		)	54,959
U.S. agency securities	20,602		5		(4		)	20,603
Municipal securities	5,840		3		—			5,843
Other securities	7,006		1		(6		)	7,001
Total securities available for sale	$	339,691	$	17	$	(1,189	)	$	338,519

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value

A summary of securities available for sale with unrealized losses as of September 30, 2015, aggregated by category and period of continuous unrealized loss, is as follows:

	Less than 12 months					12 months or longer				Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	241,480	$	(1,144	)	$	—	$	—	$	241,480	$	(1,144	)
Asset-backed securities	49,955		(35		)	—		—		49,955		(35		)
U.S. agency securities	11,600		(4		)	—		—		11,600		(4		)
Other securities	4,999		(6		)	—		—		4,999		(6		)
Total securities with unrealized losses(1)	$	308,034	$	(1,189	)	$	—	$	—	$	308,034	$	(1,189	)

⁽¹⁾  The number of investment positions with unrealized losses totaled 142.

Available-for-sale Securities

The contractual maturities of securities available for sale at September 30, 2015, are as follows:

	Within 1 year		After 1 year through 5 years		After 5 years through 10 years		After 10 years		Total
Corporate debt securities	$	28,120	$	221,993	$	—	$	—	$	250,113
Asset-backed securities	—		54,959		—		—		54,959
U.S. agency securities	—		20,603		—		—		20,603
Municipal securities	—		5,843		—		—		5,843
Other securities	—		7,001		—		—		7,001
Total fair value	$	28,120	$	310,399	$	—	$	—	$	338,519
Total amortized cost	$	28,151	$	311,540	$	—	$	—	$	339,691

Schedule of Realized Gain (Loss)

Proceeds and gross realized gains and losses from sales of securities available for sale are as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2015		2015
Proceeds	$	59,689	$	63,198
Gross realized gains	$	58	$	58
Gross realized losses	$	—	$	1

XML

Securities Available for Sale - Amortized cost/fair value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 339,691
Gross Unrealized Gains	17
Gross Unrealized Losses	(1,189)
Securities available for sale:	338,519	$ 0
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	251,253
Gross Unrealized Gains	4
Gross Unrealized Losses	(1,144)
Securities available for sale:	250,113
Asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	54,990
Gross Unrealized Gains	4
Gross Unrealized Losses	(35)
Securities available for sale:	54,959
U.S. agency securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	20,602
Gross Unrealized Gains	5
Gross Unrealized Losses	(4)
Securities available for sale:	20,603
Municipal securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	5,840
Gross Unrealized Gains	3
Gross Unrealized Losses	0
Securities available for sale:	5,843
Other securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	7,006
Gross Unrealized Gains	1
Gross Unrealized Losses	(6)
Securities available for sale:	$ 7,001

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Operating Lease Commitments

The Company's corporate headquarters are located in San Francisco, California, and consist of approximately 155,000 square feet of space under lease agreements, most of which expire in June 2022. Under these lease agreements, the Company has an option to extend nearly all of the space for five years.

On April 16, 2015, the Company entered into a lease agreement for additional office space in San Francisco, California. The lease agreement commenced in the second quarter of 2015 with delivery of portions of the leased space to occur in stages through March 2017. The lease agreement expires on March 31, 2026, with the right to renew the lease term for two consecutive renewal terms of five years each.

The Company has additional leased office space of approximately 26,000 square feet in Westborough, Massachusetts, under a lease agreement that expires in July 2021.

Total facilities rental expense for the third quarter and first nine months of2015 was $2.0 million and $5.0 million, respectively. Total facilities rental expense for the third quarter and first nine months of2014 was $1.0 million and $2.5 million, respectively. Minimum lease payments for the third quarter and first nine months of2015 were $1.5 million and $4.1 million, respectively. Minimum lease payments for the third quarter and first nine months of2014 were $0.9 million and $2.2 million, respectively. As of September 30, 2015, we have pledged $0.7 million of cash as a security deposit under these lease agreements.

Expected annual minimum rental payments under these leases at September 30, 2015, are as follows:

(in millions)	Minimum Rental Payments
2015	$	1.9
2016	11.4
2017	14.1
2018	15.1
2019	14.6
Thereafter	71.1
Total	$	128.2

Loan Funding and Purchase Commitments

The Company commits to fund loans resulting from our direct marketing efforts if such loans are not otherwise funded by investors on our platform. During the third quarter and first nine months of 2015, the Company was not required to fund any such loans. Additionally, loans in the process of being facilitated and originated by our issuing bank partner at September 30, 2015, were fully funded in October 2015 and the Company was not required to fund any of these loans.

Springstone has a commitment to purchase certain loans that it facilitates that are originated by an issuing bank partner if Springstone cannot arrange investors to purchase such loans. In connection with this arrangement, in June 2014 the Company entered into a contingent purchase agreement with the issuing bank and a third-party investor who agreed to purchase 100% participation interests in certain loans originated by the issuing bank through the Springstone platform. In March 2015, this agreement was extended to January 2016. The Company's contingent purchase commitment provides that if the third-party investor defaults on its purchase obligation then the Company will purchase such loans from the issuing bank. The remaining limit of this contingent loan purchase commitment under the March 2015 agreement was $32.2 million at September 30, 2015.

In July 2015, the issuing bank, the Company and a second third-party investor entered into a second loan participation purchase agreement with respect to the same type of loans covered by the March 2015 agreement. With respect to this second agreement, the Company also has a contingent purchase obligation in the event that the second third-party investor defaults on its purchase obligation. Although this second agreement does not have a purchase limit, Springstone may cease facilitating loans that are subject to these purchase commitments upon proper notice to the issuing bank.

During the third quarter and first nine months of 2015 we were not required to purchase any loan participation interests pursuant to these contingent purchase commitments. The Company does not anticipate that the Company will be required to purchase loan participation interests under these commitments.

Credit Support Agreement

We are subject to a credit support agreement with a certificate investor. The credit support agreement requires us to pledge and restrict cash in support of our contingent obligation to reimburse the investor for credit losses on loans underlying the investor’s certificates that are in excess of a specified, aggregate loss threshold. We are contingently obligated to pledge cash, not to exceed $5.0 million, to support this contingent obligation. As of September 30, 2015, and December 31, 2014, approximately $3.4 million was pledged and restricted to support this contingent obligation.

As of September 30, 2015, the credit losses pertaining to the investor’s certificates have not exceeded the specified threshold, nor are future credit losses expected to exceed the specified threshold, and thus no liability has been recorded. We currently do not anticipate recording losses under this credit support agreement. If losses related to the credit support agreement are later determined to be likely to occur and are estimable, results of operations could be affected in the period in which such losses are recorded.

Loan Purchase Obligation

Under our loan account program with WebBank, a Utah-chartered industrial bank that serves as our primary issuing bank, WebBank retains ownership of the loans facilitated through our marketplace for two business days after origination. As part of this arrangement, we have committed to purchase the loans at par plus accrued interest, at the conclusion of the two business days. As of September 30, 2015, we were committed to purchase loans with an outstanding principal balance of $14.0 million at par plus accrued interest. At December 31, 2014, we were committed to purchase loans with an outstanding principal balance of $4.1 million at par plus accrued interest.

Legal

On June 5, 2014, Springstone received a Civil Investigative Demand from the Consumer Financial Protection Bureau, referred to as CFPB, related to the period from 2009 through May 2014. The purpose of the investigation was to determine whether Springstone engaged in unlawful acts or practices in connection with the marketing, issuance, and servicing of loans for certain healthcare related financings during the period. On August 19, 2015, Springstone agreed to settle with the CFPB related to the CFPB's concerns about possible borrower confusion of the terms of a deferred interest product, which was terminated by the Company in December 2014. To resolve this matter, Springstone agreed to pay restitution of $700 thousand to certain borrowers under the Springstone finance program between 2009 and 2014. The settlement amount has been recorded as a liability as of September 30, 2015. The settlement amount is fully covered by the indemnification provisions of the Springstone purchase agreement and, therefore, did not result in an adverse financial charge to the Company.

In addition to the foregoing, we may be subject to legal proceedings and regulatory actions in the ordinary course of business. We do not believe it is probable that the ultimate liability, if any, arising out of any such matter will have a material effect on our financial condition, results of operations or cash flows.