Comments on: What the P2P lending industry doesn’t want you to know: of Lending Club and Prosper http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/ Everything to do with thickening your wallet Wed, 01 Feb 2012 15:44:00 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Thicken My Wallet » Blog Archive » Inside the World of Peer to Peer (p2p) Lending http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/comment-page-1/#comment-11213 Thicken My Wallet » Blog Archive » Inside the World of Peer to Peer (p2p) Lending Wed, 04 Jun 2008 09:01:45 +0000 http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/#comment-11213 [...] Let’s wade into issues raised by Lending Club announcing: “[We have] started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through their site in the future. Until they complete the registration process, they will not accept new lender registrations or allow new commitments from existing lenders.” The issue arose because the original loans facilitated by Lending Club were not actually between the individual borrower and lender but the borrower and Lending Club who assign/transfer the loan to the lender (acknowledging in reality that the lender picks the borrower that Lending Club is lending to) and the loan created through the Lending Club service can be classified as a “security” and regulated by the appropriate regulators. [...] [...] Let’s wade into issues raised by Lending Club announcing: “[We have] started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through their site in the future. Until they complete the registration process, they will not accept new lender registrations or allow new commitments from existing lenders.” The issue arose because the original loans facilitated by Lending Club were not actually between the individual borrower and lender but the borrower and Lending Club who assign/transfer the loan to the lender (acknowledging in reality that the lender picks the borrower that Lending Club is lending to) and the loan created through the Lending Club service can be classified as a “security” and regulated by the appropriate regulators. [...]

]]> By: Color on RegD http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/comment-page-1/#comment-9370 Color on RegD Wed, 23 Apr 2008 16:06:12 +0000 http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/#comment-9370 The RegD 506 filings by Lending Club have little to do with their "marketplace". All these relate to the money they raised. The one from Feb 13th relates to just over $1MM that the company raised from investors. The RegD 506 filings by Lending Club have little to do with their “marketplace”. All these relate to the money they raised. The one from Feb 13th relates to just over $1MM that the company raised from investors.

]]> By: Carnival of P2P Lending | rocket finance http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/comment-page-1/#comment-9181 Carnival of P2P Lending | rocket finance Fri, 18 Apr 2008 21:01:25 +0000 http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/#comment-9181 [...] My Wallet further dissects the Lending Club conundrum by surmising that Lending Club will return, but with greater regulation and overhead. I just hope [...] [...] My Wallet further dissects the Lending Club conundrum by surmising that Lending Club will return, but with greater regulation and overhead. I just hope [...]

]]> By: admin http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/comment-page-1/#comment-9168 admin Fri, 18 Apr 2008 13:55:38 +0000 http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/#comment-9168 Thanks to all the industry players for their comments. I hope all of you engage the community further going forward. Thanks to all the industry players for their comments. I hope all of you engage the community further going forward.

]]> By: Tom http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/comment-page-1/#comment-9161 Tom Fri, 18 Apr 2008 11:37:18 +0000 http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/#comment-9161 "...inform me that Lending Club stopped accepting new loans while it registered with the Securities and Exchange Commission." They are actually accepting new loans, they are just not accepting new lenders or commitments from existing lenders. Thanks for putting this post together. There is lots of speculation about what is going on and it's good to hear from a lawyer on the issue. “…inform me that Lending Club stopped accepting new loans while it registered with the Securities and Exchange Commission.”

They are actually accepting new loans, they are just not accepting new lenders or commitments from existing lenders.

Thanks for putting this post together. There is lots of speculation about what is going on and it’s good to hear from a lawyer on the issue.

]]> By: Julien http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/comment-page-1/#comment-9094 Julien Wed, 16 Apr 2008 19:50:15 +0000 http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/#comment-9094 It was obvious that Colin would find this post "terrific". Even if it was quite a nice sum up (probably the best so far), you've just briefly touched the issue we got here in Canada (I'm pretty sure it's the same in the USA). I think he doesn't want people to know what are the secrets to start a successful P2P lending platform in accordance with securities authorities.. I deeply understand him. On our side, we are working with securities lawyers for many months (actually more than one year). I think it's essential to be pro-active and work jointly with provincial authorities. IOU Central have done exactly the opposite by trying to start their platform before talking with l'Autorité des Marchés Financiers (AMF). It's quite surprising that venture capital firms have invested in this company without the certainty that the project would be feasible on the regulatory side. In my opinion, IOU will never comme back again.. I honestly whish the best to Communitylend, they seem to have done a great work so far. Julien Colektivo It was obvious that Colin would find this post “terrific”. Even if it was quite a nice sum up (probably the best so far), you’ve just briefly touched the issue we got here in Canada (I’m pretty sure it’s the same in the USA). I think he doesn’t want people to know what are the secrets to start a successful P2P lending platform in accordance with securities authorities.. I deeply understand him. On our side, we are working with securities lawyers for many months (actually more than one year). I think it’s essential to be pro-active and work jointly with provincial authorities. IOU Central have done exactly the opposite by trying to start their platform before talking with l’Autorité des Marchés Financiers (AMF). It’s quite surprising that venture capital firms have invested in this company without the certainty that the project would be feasible on the regulatory side. In my opinion, IOU will never comme back again..

I honestly whish the best to Communitylend, they seem to have done a great work so far.

Julien
Colektivo

]]> By: Lending Club's Future http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/comment-page-1/#comment-9083 Lending Club's Future Wed, 16 Apr 2008 13:50:35 +0000 http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/#comment-9083 [...] My Wallet - What the P2P lending industry doesn’t want you to know: of Lending Club and Prosper addthis_url = [...] [...] My Wallet – What the P2P lending industry doesn’t want you to know: of Lending Club and Prosper addthis_url = [...]

]]> By: Intermediary on The Finance World For News and Information Around The World On Finance » What the P2P lending industry doesn’t want you to know: of Lending… http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/comment-page-1/#comment-9077 Intermediary on The Finance World For News and Information Around The World On Finance » What the P2P lending industry doesn’t want you to know: of Lending… Wed, 16 Apr 2008 10:10:58 +0000 http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/#comment-9077 [...] What the P2P lending industry doesn’t want you to know: of Lending… More to the point, this regulatory issue has highlighted the fact that the p2p lending industry is a intermediary just like a bank or credit… [...] [...] What the P2P lending industry doesn’t want you to know: of Lending… More to the point, this regulatory issue has highlighted the fact that the p2p lending industry is a intermediary just like a bank or credit… [...]

]]> By: Nancy (aka money coach) http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/comment-page-1/#comment-9065 Nancy (aka money coach) Wed, 16 Apr 2008 05:01:57 +0000 http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/#comment-9065 This is off topic (but props for a great post, chiming in with other commenters): you alluded to investment clubs. I joined one years ago, and we easily set up a bank account (3 signers) and a trading account (same signers). Last year, in a volunteer capacity, I got another one off the ground. This group didn't have it nearly so easy! (things have changed in the 10 years). They had to register with the provincial gov't as a not-for-profit (even though obviously they hope to make money, but the primary intent is education), all members had to become joints on the account, plus the gov't doc's had to be submitted for the trading account etc. I'd love a post from you on the legalities of investment clubs. More than that - if you created an e-book, I'm sure I could sell a number of them (depending on the price). sorry for such a long off-topic comment! This is off topic (but props for a great post, chiming in with other commenters): you alluded to investment clubs. I joined one years ago, and we easily set up a bank account (3 signers) and a trading account (same signers). Last year, in a volunteer capacity, I got another one off the ground. This group didn’t have it nearly so easy! (things have changed in the 10 years). They had to register with the provincial gov’t as a not-for-profit (even though obviously they hope to make money, but the primary intent is education), all members had to become joints on the account, plus the gov’t doc’s had to be submitted for the trading account etc. I’d love a post from you on the legalities of investment clubs. More than that – if you created an e-book, I’m sure I could sell a number of them (depending on the price).
sorry for such a long off-topic comment!

]]> By: admin http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/comment-page-1/#comment-9058 admin Wed, 16 Apr 2008 00:26:14 +0000 http://www.thickenmywallet.com/blog/wp/2008/04/15/what-the-p2p-lending-industry-doesnt-want-you-to-know-of-lending-club-and-prosper/#comment-9058 Thanks for the comments and the kind words! Thanks for the comments and the kind words!

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