Lending Club is the largest peer-to-peer lender in US based upon issued loan volume and revenue, followed by Prosper. Lending Club is also the largest peer-to-peer lending platform worldwide. The interest rates range from 5.6%-35.8%, depending on the loan term and borrower rating. The default rates vary from about 1.5% to 10% for the more risky borrowers. Executives from traditional financial institutions are joining the peer-to-peer companies as board members, lenders and investors, indicating that the new financing model is establishing itself in the mainstream.