Buy yourself something pretty

The Lending Club, a P2P lending service with an app on everyone's favorite social network, has just exceeded US$1 million in loans on Facebook, reports TechCrunch.

The application went live just 3 1/2 months ago.

The Lending Club also plans to expand beyond Facebook to other professional organizations and alumni associations. The company recently raised US$ 10.26 million in Series A funding from Canaan Partners and Norwest Venture.

A recent survey found that while most Americans are uncomfortable with debt, they tend to borrow anyway. The prolific availability of cash on P2P borrowing sites such as Lending Club certainly encourage the trend.