These charts show statistics for the performance of all Lendingclub.com loans. Each curve represents the set of loans that were created in one calendar month. The vertical axis is the fraction of those loans that have "gone bad", in other words are 1 month late or worse (up to and including default). The horizontal axis is the observation date. All data comes from Lendingclub's performance web page.
The curves are "noisy" (ie they jump up and down a lot) and are not as orderly as the curves on the prosper chart. That's because the volume of loans at Lendingclub is still too low to get really good stats.
Lets slide these curves over to a common origin, so we can visualize how common their shapes are...
Just look at where these curves crossed the 390 day line, (ie 30 days after the 360 day line, because it takes 30 days for a loan to become 1 month late) or visualize where they might cross the 390 day line as they extend, and that tells you what fraction of loans went bad in the first year. This is then an estimate of the annual default rate for Lendingclub loans.
Yipes! What you see is that these various cohorts are defaulting at rates between 9%/year and 17%/year. Conclusion: These are pretty junky loans. It seems unlikely that lenders will do well when such a large fraction of borrowers are not repaying lendingclub loans.
The best discussion among P2P lenders occurs at www.prospers.org. See you there!