Source: Lending Club
Lending Club, an online social lending network, announced today that the registration statement it filed with the Securities and Exchange Commission under the Securities Act of 1933 relating to its social lending platform has been declared effective, and beginning today it will accept new lender member registrations and investments at lendingclub.com.
The registration is for 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 starting today. Under this new offering, Lending Club lender members invest in Notes that have stated interest rates of 6.69 to 18.63 percent-after a 1 percent service charge is applied-and which represent portions of loans made to borrower members.
Lending Club is offering the Notes only through its Web site directly to lender members. The Notes will be transferable only through the Note Trading Platform operated by Foliofn Investments, Inc. a registered broker dealer.