Comments on: Lending Club Puts Hold on Lending Activity While It Sorts Out Some Legal Issues

By: Prosper Files Amended S-1 with SEC | P2P Lending News

Prosper Files Amended S-1 with SEC | P2P Lending News — Wed, 15 Apr 2009 17:29:55 +0000

[...] original S-1 filing from late 2007, although it is possible that it was that filing, coupled with Lending Club’s shutdown in April 2008 that prompted the SEC to investigate the company, leading to the eventual shutdown in October 2008. [...]

By: Lending Club Gets A $12 Million Credibility Boost

Lending Club Gets A $12 Million Credibility Boost — Thu, 19 Mar 2009 14:19:50 +0000

[...] provider for social money lending, hasn’t had it easy so far. In April 2008, it was forced to put a hold on lending activities because of legal issues, and ultimately filed for SEC registration over the Summer of that year. [...]

By: LendingClub Suddenly Halts Lending | P2P Lending News

LendingClub Suddenly Halts Lending | P2P Lending News — Thu, 05 Mar 2009 00:12:53 +0000

[...] LendingClub stopped allowing new lenders to register and fund loans on their site, and entered a “quiet period” in which they [...]

By: Prosper And Other P2P Lenders Get Squeezed By The Credit Crunch

Prosper And Other P2P Lenders Get Squeezed By The Credit Crunch — Thu, 16 Oct 2008 16:10:27 +0000

[...] Club previously had to do the same thing and suspend new lending last April . (The S.E.C just gave it the green light to start lending again on Tuesday). Zopa shut down [...]

By: Lending Club Files For SEC Registration, Hopes To Resume Service

Lending Club Files For SEC Registration, Hopes To Resume Service — Sat, 21 Jun 2008 00:22:20 +0000

[...] Pending their approval, the site should be able to relaunch its lending service, which has been on hiatus since April (while the company didn’t provide an explanation for the shutdown at the time, we [...]

By: GreenNote Offers More Peer-to-Peer Loans To Tackle the College Funding Gap

GreenNote Offers More Peer-to-Peer Loans To Tackle the College Funding Gap — Mon, 02 Jun 2008 17:00:47 +0000

[...] load testing, but should be up fully by Wednesday). Prosper, Zopa, and Lending Club (which is under regulatory scrutiny) already offer general P2P loans, but GreenNote is more like Fynanz or China’s QiFang, in [...]

By: Prosper Loan Update - 28 April - Stock Market Analysis at DeepMarket

Prosper Loan Update - 28 April - Stock Market Analysis at DeepMarket — Mon, 28 Apr 2008 22:29:32 +0000

[...] Lending Club Puts Hold on Lending Activity While It Sorts Out Some Legal Issues [via Zemanta] [...]

By: Prosper Loan - Spring Cleaning - Stock Market Analysis at DeepMarket

Prosper Loan - Spring Cleaning - Stock Market Analysis at DeepMarket — Thu, 24 Apr 2008 13:39:03 +0000

[...] Lending Club Puts Hold on Lending Activity While It Sorts Out Some Legal Issues [via Zemanta] [...]

By: Lending Club's Future

Lending Club's Future — Wed, 16 Apr 2008 13:46:45 +0000

[...] Tech Crunch – Lending Club Puts Hold on Lending Activity While It Sorts Out Some Legal Issues [...]

By: P2P-Banking.com

P2P-Banking.com — Tue, 15 Apr 2008 16:46:07 +0000

@Vinny

Forget about my last comment. Prosper eliminated state rate caps today – national limit (with 2 exceptions) is now 36% interest

By: DebtKid

DebtKid — Sat, 12 Apr 2008 23:25:46 +0000

My guess is that this will allow Lending Club to operate a secondary market as well as make sure all is kosher with the SEC. If they can get it done, all good things for the peer to peer lending industry.

http://www.debt...ec-registration

I think many people are getting the story wrong.

By: P2P-Banking.com

P2P-Banking.com — Sat, 12 Apr 2008 11:33:42 +0000

Vinny,

Prosper publishes the licenses it operates under on this page:
http://www.pros...d_licenses.aspx

By: Vinny

Vinny — Sat, 12 Apr 2008 08:39:06 +0000

P2P-Banking, thanks for the info.
is it save to assume that Prosper has such a broker-dealer license state by state?

If Prosper also has to borrow from the users, then it’s not clear to me that they are any different from Lending Club. Which one is a “true” P2P model?

By: P2P-Banking.com Blog » Lendingclub quiet period - lenders can not sign up or bid on new loans

Fri, 11 Apr 2008 16:06:15 +0000

[...] Techcrunch there is speculation that "Lending Club is looking to obtain a broker dealer license from the [...]

By: P2P-Banking.com

P2P-Banking.com — Fri, 11 Apr 2008 16:04:22 +0000

@Vinny,

looked it up for you in my files:

Lendingclub partnered with WebBank, which is a FDIC-insured, state-chartered Industrial Bank under the laws of the State of Utah. Lending Club loans are regulated under WebBank’s Industrial Loan Charter

By: P2P-Banking.com

P2P-Banking.com — Fri, 11 Apr 2008 15:03:21 +0000

@Vinny

http://www.wise...roller-coaster/

Lendingclub since Dec. 07 cooperates with a bank and uses their national license

By: Is Lending Club Bankrupt?

Is Lending Club Bankrupt? — Fri, 11 Apr 2008 11:25:03 +0000

[...] at TechCrunch, there is speculation that Lending Club needs to get a broker-dealer license from the SEC to legitimize its operations. If [...]

By: Vinny

Vinny — Fri, 11 Apr 2008 07:56:52 +0000

Can someone point to any news coverage (or anyone knowledgeable) how prosper or lending club are setting up their legal structure? Does Prosper have a state lender license? do they have a broker-dealer license?

In Lending Club’s case, “issuing promissory note”, does it mean the P2P lender now actually make loans to Lending Club, and then lending club lends to the borrower?

What if the borrowers are not individuals but legal entities? (e.g. a corporation?)

By: Lazy Man and Money » Lending Club is Dead

Lazy Man and Money » Lending Club is Dead — Fri, 11 Apr 2008 07:54:33 +0000

[...] is, “How long will everyone be in limbo?” Tech Crunch suggests that they might need to obtain a broker-dealer license from the SEC that would legitimize its operations. If this is the case, it might be quite a few months. You don’t just get a broker-dealer [...]

By: Corey Kossack

Corey Kossack — Thu, 10 Apr 2008 07:46:14 +0000

I’ve been following peer-to-peer lending for a while now and think it is a great idea that has promise, and something that may help entrepreneurs in a crunch for cash, among other things. Question now though is, what’s the deal with Prosper? Prosper CEO Chris Larsen has been interviewed in the past stating that he believed their competitive advantage lied in the lead time it would take to comply with all regulatory issues, which Prosper said took them an extensive period of time to get through. Does that mean that Prosper covered all their legal bases but Lending Club didn’t?

By: kendy

kendy — Thu, 10 Apr 2008 07:28:27 +0000

http://www.watchhandbag.com

By: More Lending Club Quiet Period Announcement Links | Personal Loan Portfolio

More Lending Club Quiet Period Announcement Links | Personal Loan Portfolio — Thu, 10 Apr 2008 00:32:29 +0000

[...] he no longer thinks that the filing is to create a secondary market. He based this seemingly on a one line quote at tech crunch by a lawyer who is probably speculating like the rest of the [...]

By: Turns Out P2P Lending Might Run Afoul Of Securities Law As Well | bitbucket.kylewelsh.com

Wed, 09 Apr 2008 22:17:52 +0000

[...] and, unfortunately, it appears that Lending Club may not have either. Apparently, Lending Club has put all new lending activity on hold, as it needs to deal with certain regulatory matters. The company won’t provide any additional information on what’s going on (even, I assume, to those [...]

By: Turns Out P2P Lending Might Run Afoul Of Securities Law As Well - BuzzYA!

Turns Out P2P Lending Might Run Afoul Of Securities Law As Well - BuzzYA! — Wed, 09 Apr 2008 22:15:24 +0000

By: Webstop: Przystanek Web » Blog Archive » Problemy Social Lending za oceanem - kolejny serwis zamknięty

Wed, 09 Apr 2008 20:48:54 +0000

[...] Amerykański serwis pośredniczący w pożyczkach P2P, zawiesił wczoraj działalność. Serwis nadal obsługuje udzielone wcześniej pożyczki ale nie pozwala na zawarcie żadnych nowych [...]