Suddenly, it really does
grow on trees

In just two months, the Lending Club has issued over $500,000 in microloans to Facebook members, reports ReadWriteWeb.

The Lending Club is made up of Facebook members and operates as a peer-to-peer lending service. It closed its first loan on June 6th, less than two weeks after launching on May 24th of this year. Community members list needs, then funds are drawn from what other members make available.

Lending Club is billed as a way to secure a small loan without the hassle of going through a bank. The current interest offered by the club is a bit on the high side, at 10.71 percent, but this doesn't seem to discourage use.

To date, 104 loans have been issued.