Archive for the ‘lending club’ Category
Lending Club Update: SEC Filing for $600 Million in Member Payment Dependent Notes
Lending Club in the US have officially filed with the SEC today. Filing is here. We are still analysing what the application means, and they are still under ‘quiet period’ pending approval.
Below is the announcement that Lending Club is making today regarding their moving forward. Here’s my simple take – lenders will buy “notes” and then use the funds from those notes to provide loans to Lending Club members. Since this information is very specific, I’ve decided to post the entire press release below. It’s important to note that Lending Club is still in a quiet period until the filing is effective.
UPDATE:
This from the S-1 filing:
The proceeds we receive from the sale of each series of Notes will be designated by the lender members who purchased the Notes of that series to fund an unsecured consumer loan originated through our platform to an individual consumer who is one of our borrower members.
…
A series of Notes will be issued only if and when the corresponding member loan closes and is funded. A member loan will close and be funded if the borrower member loan request has received full funding commitments, or if the borrower member chooses to accept partial funding of the loan request after receiving funding commitments for the loan request.
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We will offer Notes to our lender members at 100% of their principal amount. The Notes will be offered only through our website, and there will be no underwriters or underwriting discounts.
This is the S-1 definition of the mechanics for lenders at LC investing in borrower loans.
Congratulations to Lending Club win the webby award
Congratulations to Lending Club, a social lending company in US for winning the Webby Award for Banking/ bill payment category.
The webby’s are kind of like the oscars for web sites.
Webby Award Winner
Lending Club
http://www.lendingclub.com Lending clubPeople’s Voice Winner
Mint Mint
http://www.mint.com Mint team
