Lending Club Files For SEC Registration, Hopes To Resume Service

Friday, June 20th, 2008

Jason Kincaid currently works as a writer at TechCrunch. He grew up in Danville, California and later relocated to UCLA in Los Angeles, California, where he studied biology with a minor in ‘Society and Genetics’. You can reach him at jkincaidtc@gmail.com (he has other addresses too, so don’t worry if you have a different one). → Learn More

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.

http://documents.scribd.com/ScribdViewer.swf?document_id=3506575&access_key=key-2m8aaa7cxqhdmedv3mne&page=2&version=1

Read this document on Scribd: lendingclub

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