The Lending Club, the international peer lending network, has named Carrie Dolan as its new chief financial officer.

Dolan was previously the senior vice president and treasurer for The Charles Schwab Corporation. At CFO, she will be responsible for the group's financial management and strategy at its moves toward further growth.

The Lending Club, which was established in 2007, removes banks from the lending process by offering a platform that allows clients to obtain fixed rate loans and investors to capture the spread on consumer debt. It has since earned a net annualized return of more than 9.5 per cent and borrowers have obtained loans at rates 20 to 30 per cent below marketplace alternatives.

Headquartered in Redwood City, California, the club focuses on high-credity-worthy borrowers to reduce default risk and opens membership only to individuals with a minimum net worth of $70,000.