Lending Club, the P2P money lending site, has filed registration forms with the SEC. 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 speculated that they lacked the proper licenses).
From the release:
The registration statement seeks to register the offer and sale of up to $600,000,000 in Member Payment Dependent Notes to be issued by Lending Club in a continuous offering following the effective date of the registration statement. The Notes will be issued in series with each series of Notes corresponding to a single consumer loan to a borrower member.
Lending Club originally launched as a Facebook app that allows users to lend money between themselves. But because the company acts as a middleman for transactions rather than connecting users directly, it requires a broker-deal license from the SEC. For time being Lending Club will remain in hibernation, but the company hopes to resume business as soon as the forms are approved.
Good luck on getting thing back in line. Maybe they can lend me some money to come down for the screening. I’ll go over to Facebook an apply right away
They think big - the registration statement is for $600 million!
Anyone use Prosper? I imagine they had to go through the same filing?
3. Prosper have not done any new filings. They made one last October, but it went no-where.
P2P in is current form has -in my opinion- not much to say. It is a sort of Subprime thing Part II. However with some evolutions it can become a revolution. I have my own project (www.caprital.com) ready to make a try when the industry heates up.
Please let us be informed about P2P!
[Good luck on getting thing back in line. Maybe they can lend me some money to come down for the screening. I’ll go over to Facebook an apply right away ;-)]
I agree with Peter Urban .
@Francisco - Lending Club’s borrowers are all prime (minimum 640 FICO, low DTI) and there has been less than 0.3% default after 1 year.
Rex Dixon - Former Director of Social Media Content, Lending Club
Current Publisher Relations, Lookery
@Francisco - Lending Club’s borrowers are all prime (minimum 640 FICO, low DTI) and there has been less than 0.3% default after 1 year.
When is Loanio launching? I saw a pre-announcement on Money-Rates.com like 6 months ago but their site has been static
They think big - the registration statement is for $600 million!
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@Rex - good to see you commenting on LC. It’s been awful quiet during the quiet period. I guess since you are the former director of social media content you are free to talk.
@Celine - They are in beta testing now.
Congrats to LC for getting this done. One thing that is not clear from the S-1 is the participation of investors. Will anyone be able to participate in LC as an investor when they re-launch? Any insights out there?
@Tom - Nice to see you around again. Hope all is well!
I am commenting as a person who works in the industry…
… actually my comments are more like educated guess(es)
-1- P2P will grow and will scale
-2- cost per lead is >$25
-3- stop using the phrase sub-prime just because you read it (or reddit)
-4- SEC interaction is ‘interesting’ but more interesting is the liberal intepretation of FCRA and the sale of personal info by Trans Union, Equifax and Experian
-5- The average FICO in American is 585. I wrote a post on how the average VC FICO is 678 in a post, “10 VCs and their secret FICO Scores” (Google it!). Fair Isaac is quoting the average to be 720 on their homepage which is one of the biggest urban credit legends with staunch advertorial support.
I have other thoughts that I’ll share on my office line: (650) 566-9600 or (650) 566-9696 direct. Also you can text me Q?s at (650) 283-8008
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