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Prosper Marketplace issue their revised S-1/A 5th Dec 2008
We will issue the Notes in series. Each series will correspond to a single consumer loan originated through our person-to-person online credit auction platform or a previously-funded single consumer loan offered for sale on our platform by one of our financial institution members. In this prospectus, we refer to these consumer loans generally as “borrower loans” and we refer to previously-funded consumer loans listed on our platform by one of our financial institution members as “previously-funded loans.” We refer to the borrower loan upon which a series of Notes is dependent for payment as the “corresponding borrower loan” for the series.
LendingClub Discloses Changes to How It Sets Interest Rates
The big news, at least for borrowers and lenders, is LendingClub’s disclosure of a new way to calculate interest rates. Recall that Prosper and LendingClub set rates differently. Prosper’s rates are based entirely on an auction style bidding process similar to EBay. In contrast, LendingClub sets interest rates itself based on certain credit criteria of the borrower.
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The big news, at least for borrowers and lenders, is LendingClub’s disclosure of a new way to calculate interest rates. Recall that Prosper and LendingClub set rates differently. Prosper’s rates are based entirely on an auction style bidding process similar to EBay. In contrast, LendingClub sets interest rates itself based on certain credit criteria of the borrower.
SEC S-1 LendingClub
LendingClub issue revised S-1 - Aug 1, 2008
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SUBJECT
TO COMPLETION, DATED AUGUST 1, 2008
$600,000,000
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