Comments on: Big Lending Club News — Quiet Period Underway for Secondary Market

By: Lending Club Updates Lending Functionality | P2P Lending, Peer to Peer Lending, People to People Lending | P2P Lending News, Information, Borrowing and Lending Strategy

Mon, 21 Jul 2008 18:32:16 +0000

[...] it has taken me this long to cover the update, but I have been busy at work and frankly without lenders having the ability to lend money I was lacking motivation. Well I got to it this weekend and so I thought I would give a quick [...]

By: Lending Club Files S1 with SEC | P2P Lending, Peer to Peer Lending, People to People Lending | News, Information, Borrowing and Lending Strategy

Sun, 22 Jun 2008 13:11:58 +0000

[...] continues the Lending Club quiet period started on 4/8/2008. Originally I had guessed 7 months to 1.5 years for the Lending Club quiet [...]

By: Zopa, Lending Club, and Kiva all Score at The Webby Awards | P2P Lending, Peer to Peer Lending, People to People Lending | News, Information, Borrowing and Lending Strategy

Thu, 15 May 2008 15:38:23 +0000

[...] Webby in Banking / Bill Paying (Mint was People’s Choice). Lending Club is currently in a quiet period and is not currently accepting new commitments from lenders or allowing new members to register as [...]

By: RateLadder

RateLadder — Fri, 09 May 2008 18:01:51 +0000

@eee

maybe… but Prosper did not go into a quiet and they are registering with the SEC in order to do the same thing…

http://www.rateladder.com/2007/10/30/prosper-files-s1-with-sec/

By: eee

eee — Fri, 09 May 2008 16:51:39 +0000

I think you’re all missing the point…

I suspect the point here is to enable people to trade their owned debts like securities. This would provide some liquidity to lenders.

IOW, if I have $50k to invest and I put it into Lending Club loans, but six months later I find a need $40k back, what can I do? Nothing, right now.

But if those loans held could be sold to others, I can pull my money out.

I think that’s the end goal… but in the interim, they have a hold on taking new deposits from lenders. To keep the borrowing side of the business open, they’re funding the loans themselves. It’s a temporary situation until registration is completed.

That’s my speculation, anyway.