• Wiseclerk posted about Zopa UK planning a Young Market to target borrowers who do not have a long credit history. This sounds like a needed market niche.
• Rate Ladder presents 8 Listing Strategies for the Best Prosper Loan Rates. I must agree with his advice to borrowers. See #7 — I always search first for loans that have endorsements from friends who have put money on the line. If friends have put up some of the money, I am much more willing to put down my money.

• The blog Earthlier Happy is the Rose Distilled submitted A Borrower’s Guide to Using Prosper. The guide starts by explaining the process and then moves on to some specific tips for borrowers. The list is short but good advice. For example, I have personally passed on several loans due to spelling errors in the loan description.

• Tom blogged about the details of Fynanz offering a huge bonus to lenders at Prosper Lending Review. Tom also mentions the referral program which is similar to Prosper’s.

• Rich Leverage summarized peer-to-peer lending in the post Making Extra Money With P2P Lending.

• DJMike also summarized P2P lending and borrowing at Prosper.com. You’ll want to see the link to his stats — $2,359 in loans with the first one being over 400 days ago and so far no defaults!

Thanks to everyone who participated in the 10th P2P Lending Carnival.

The previous carnival, number nine, was hosted at Rate Ladder and the post that started it all was at Lazy Man and Money.

If you want to participate in p2p lending carnival number 11, go to the submission form. Hosts are also needed, please contact Lazy Man Money to host.

• Second Peer to Peer Lending Carnival
• First Peer-to-Peer Lending Carnival
• Submit for the next P2P Lending Carnival
• P2P Lending Carnival #4
• Advice for Potential a New Peer-to-Peer Lender

The following risk list is from the SEC S-1 filing in which there are more details, but the following list is a good, short description of the risks facing a potential P2P lender.

The risks listed sound rather scary. Although, as I think about them for a moment, none of these listed risks are things that I have not already considered. They are the basics such as “interest rates may change”, “diversify your portfolio”, “bankruptcy can happen”, etc.

RISKS RELATING TO THE NOTES AND THE CORRESPONDING MEMBER LOANS ON WHICH THE NOTES ARE DEPENDENT

You may lose some or all of your initial purchase price for the Notes because the Notes are highly risky and speculative. Only lender members who can bear the loss of their entire purchase price should purchase our Notes.

Payments on the Notes depend entirely on payments we receive in respect of corresponding member loans. If a borrower member fails to make any payments on the corresponding member loan related to your Note, you will not receive any payments on your Note.

The Notes are special, limited obligations of Lending Club only and are not secured by any collateral or guaranteed or insured by any third party.

Member loans are not secured by any collateral or guaranteed or insured by any third party, and you must rely on Lending Club and our designated third-party collection agency to pursue collection against any borrower member.

Borrower member credit information may be inaccurate or may not accurately reflect the borrower member’s creditworthiness, which may cause you to lose part or all of the purchase price you pay for a Note.

Information supplied by borrower members may be inaccurate.

While we take precautions to prevent borrower member fraud, it is possible that fraud may occur and adversely affect your ability to receive the principal and interest payments that you expect to receive on those Notes.

We do not have significant historical performance data about borrower member performance on Lending Club member loans. Default rates on the member loans may increase.

Default rates on the member loans may increase as a result of economic conditions beyond our control and beyond the control of borrower members.

If payments on the corresponding member loans relating to your Notes become more than 30 days overdue, it is likely you will not receive the full principal and interest payments that you expect to receive on your Notes due to collection fees, and you may not recover any of your original purchase price.

The member loans on which the Notes are dependent do not restrict borrower members from incurring additional unsecured or secured debt, nor do they require the borrower member’s debt-to-income ratio to remain fixed during the term of the member loan, which may impair your ability to receive the full principal and interest payments that you expect to receive on a Note.

The member loans do not contain any cross-default or similar provisions. If borrower members default on their debt obligations other than on the member loans, the ability to collect on member loans on which your Notes are dependent may be substantially impaired.

Borrower members may seek the protection of debtor relief under federal bankruptcy or state insolvency laws, which may result in the nonpayment of your Notes.

Federal law entitles borrower members who enter active military service to an interest rate cap and certain other rights that may inhibit the ability to collect on loans and reduce the amount of interest paid on the corresponding Notes.

The death of a borrower member may substantially impair your ability to recoup the full purchase price of Notes that are dependent on the member loans to that borrower member or to receive the interest payments that you expect to receive on the Notes.

The Lending Club platform allows a borrower member to prepay a member loan at any time without penalty. Borrower member loan prepayments will extinguish or limit your ability to receive additional interest payments on a Note.

Prevailing interest rates may change during the terms of the member loans on which your Notes are dependent. If this occurs, you may receive less value from your purchase of the Notes in comparison to other ways you may invest your money. Additionally, borrower members may prepay their member loans due to changes in interest rates, and you may not be able to redeploy the amounts you receive from prepayments in a way that offers you the return you expected to receive from the Notes.

If you do not diversify your Note purchases by buying Notes dependent on the member loans of multiple borrower members, you will increase your risk of losses on the Notes.

The interest rate on lender member funds placed in a Lending Club lender member account is less than the interest rate on member loans on which the Notes are dependent.

The Notes will not be listed on any securities exchange, are not presently transferable and must be held only by Lending Club lender members. You should expect to hold the Notes you purchase until they mature.

The U.S. federal income tax consequences of an investment in the Notes is uncertain.

• Lending Club SEC Update During the Quiet Period
• Speech on P2P Lending for Toastmasters
• My First Lending Club Payments All on Time
• Financial Risks in P2P Lending
• Zopa Open for P2P Lending in the USA

To submit an article, go to the carnival submission site. Please submit by the end of the day on Monday (June 30th) to be featured in the next carnival. If you miss the deadline, you will be in the next carnival posting.

The last carnival — #9 — was hosted at Rate Ladder. Number eight was hosted at Rocket Finance. Number seven was hosted at Moolanomy.

Again, you can submit articles here. The P2P lending carnival is sponsored by Lazy Man and Money.

I noticed that there is a p2p lending carnival website, but it has not been updated since the 8th carnival.

• P2P Lending Carnival #4
• Carnival of Peer-to-Peer Lending #10
• Second Peer to Peer Lending Carnival
• Contest for Prosper Loan Reviews Still Open
• First Peer-to-Peer Lending Carnival

The filing was posted to the SEC website at 5:30 PM eastern time toiday (Friday June 20th) and I am writing this less than an hour later.

Link to the Lending Club filings documents. I have not had the chance to read through the whole filing yet but I did find the attached useful graphic included in the file.

Text of the email from Lending Club making the announcement:

We filed with the SEC earlier today. You can read the registration statement on the SEC Website at www.sec.gov. This is an important step in the process that we announced on April 7. Until the registration process is complete, we continue to be in a quiet period and are not at liberty to disclose more details on the process and timing. Please find below the text of our press release.

Kind Regards,

Patrick Gannon

Lending Club Files Registration Statement with the SEC

SUNNYVALE, CA - June 20, 2008 – Lending Club announced today that it has filed a registration statement with the Securities and Exchange Commission under the Securities Act of 1933 relating to its social lending platform.

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. Lender members will direct Lending Club to apply the proceeds Lending Club receives from the sale of each series of Notes to fund a particular consumer loan selected by the lender member originated through the Lending Club platform.

A series of Notes will be issued only if and when the corresponding member loan closes and is funded. Lending Club will have an obligation to make payments of principal and interest on the Notes only to the extent that Lending Club receives payments on the corresponding member loan. The terms of the Notes, including interest rate and initial maturity, will correspond to the terms of the corresponding member loans but will reflect a four business day lag on payment dates and maturity to allow the platform to confirm payments received on the corresponding member loan.

Lending Club will offer the Notes only through its website directly to lender members.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but it has not yet become effective. Copies of the Lending Club registration statement can be accessed on the SEC website: http://www.sec.gov/. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state.

• Lending Club’s SEC S-1 Risks
• More Lending Club Quiet Period Announcement Links
• Lending Club Quiet Period: Is a Secondary Loan Market Coming?
• Prosper.com Lending Tools Webinar Cancelled
• Lending Club Quiet Period Announcement: A Blog RoundUp

My major concerns were about home ownership terms and conditions and how quickly the loan would be paid back.

The question:

It says you are a home owner. Can you give the details of your loan (rate, term etc) and your current estimated equity situation in the home? Secondly, how soon do you plan to pay back the loan considering it is only for credit building?

The answer:

“30 year fixed, 5.25%, 30k equity give or take 1 year most likely as far as pay back time (Jun-19-2008)”

I am thinking more and more about bidding on this one despite the poor lender guidance rate of return.

• Loan Money on Prosper to “The Penny Saved”?
• Review My First Prosper Loans and Win a Book!
• Boston Globe Writes about P2P Lending
• Risky Business: Using Payday Loans to Pay the Subprime Mortgage
• Lending Club late loan is current again

See the loan request.

Honestly, the interest rate of 16% is rather poor considering that the Prosper lending guidance is a negative 18% due to the C credit rating.

Normally, I won’t even consider anything with a lending guidance that takes the estimated rate of return below 6%. After all, I am in P2P lending to earn higher returns. However, it is occasionally the lower credit score loans that can offer a higher return if you have good reason to believe that the person will pay back the loan. Everyone using only standing bid orders will miss out on a loan like this, so it may offer an outsize return.

I decided to check out some posts at the website to see how this blogger thinks:

• Positive: A good understanding of supply and demand is a good thing. Penny understands energy market economics which is a good thing. Raving about oil companies charging high prices would be a bad thing.
• Slightly negative: How Penny can add one to his scoring system make 1 go to 2 and 0 go to 1.5 at the same time is a complete mystery. See the scoring jump from item one to item two and then not move between item two and three. It is just so wrong that I must be missing the scoring explanation.
  • Item #1: “Score: Not Hypocrite view 1, Hypocrite view 0″
  • Item #2: “Score: Not Hypocrite view 2, Hypocrite view 1 .5″
  • Item #3: “Score: Not Hypocrite view 2, Hypocrite view 1.5 “

  I even had to double check what I posted is correct. Yes, that is right and no the scoring system does not make any sense.

• Positive: Researching purchases in great detail is a good thing. It likely means that he is not taking this loan lightly.
• Neutral: Reasonably good investment tips although I am not sure what “Bear Stears” are. I think a Bear Steer might be a bear sans gonads, but I am not certain. I have been know to make typos too, so I won’t hold this one against you.

I am not quite certain about the loan request yet, so I decided to request the answer to a few questions before putting my money on the line. I sent a question asking Penny for details on the mortgage loan considering that he is a home owner and we are in the midst of a nasty mortgage/credit crisis. Secondly, I asked about how soon he plans to pay off the loan since the long is listed in the description for improving the borrower’s credit score. If you have been reading Personal Loan Portfolio for a while, you know that I hate early P2P loan payoffs.

I’ll let you know later the answer to my questions and if I bid or not. See the loan request.

…..

Bored of P2P Lending?

• Go find a little inspiration by watching Oprah’s Stanford Graduation Speech. The video helped out my wife with her graduate class.
• I am curious to see how this fresh google search functionality is going to impact search results. Long tail search terms might have just become even more accessible to reach traffic.

• The Penny Saved Answers My Prosper Loan Questions
• Review of Lending Club Update: New Portfolio View, FICO Score, & More
• Examining the Lending Club Risk Rating Score
• Lending Club Announces Lots of Changes
• More Time for P2P Lending Advice

Congratulations to Lending Club for winning a Webby Award. Other recipients included David Byrne, will.i.am of the Blackeyed Peas, Stephen Colbert, Lorne Michaels, Michel Gondry, and Tim and Eric. Many, many other organizations won awards including the Peace Corps which won a Webby award for a government website.

Lending Cub gave a tongue-in-cheek acceptance speech for their 2008 Webby award, but it seems to have been the only words available to a company under the a SEC imposed quiet period. That is the speech was completely silent:

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“Can’t Say Anything! Quiet Period”

Photo credit: Webby Awards

It may have been silent, but the length was spot on for the Webby awards according to tradition. Five words is the limit. As the NYT reported in 2005:

One of the more charming idiosyncrasies of the Webby Awards, the annual awards for achievement in Web creation, requires that recipients use five words, and five words only, to make their acceptance speeches.

A short video about the Webby Awards which does not include Lending Club since finance is not as cool as bunny rabbit animation or McCain Girl:

Technorati Tags: Webby Awards, Lending Club

• Speech on P2P Lending for Toastmasters
• Change in Lending Club Cash Burn Rate Due to Quiet Period
• Lending Club Quiet Period Announcement: A Blog RoundUp
• Lending Club Referral Program is Currently Dead…
• Poll Results: Lending Club will Survive

And thank you for your patience while I work out the new theme.

If you are into Wordpress or comment often on this blog, you will be interested to know that I added the following Wordpress Plugins:

• Do Follow Plugin Lucia’s Link Love: If you comment three times, your name becomes followed. After commenting five times any link you post in your comments becomes followed. This plugin recognizes that the people who comment on a blog contribute to the content.
• Most Commented Posts
• Gravatar Display but I am a little unhappy with the default Gravatar. Sign up for a Gravatar if you comment regularly to have your picture display by your comments.
• Top Commentators - I’ll probably update monthly. Regular commentators will have a followed link on each page.
• Social Bookmarking with NoFollow. I had hacked Social before myself, but Andy released the pre-hacked version after explaining why you should nofollow social bookmark links.

Technorati Tags: wordpress plugins

• Review My First Prosper Loans and Win a Book!
• Requesting Advice on P2P Lending
• First Two Months Blogging P2P Lending
• Lending Club Referral Program - It’s Official!
• Pennsylvania loans or what were early Prosper lenders thinking?

This theme is not Adsense optimized like the theme from Dosh Dosh that I was using. I liked the one from Dosh Dosh, but need to check if it was impacting the RSS feed.

I decided to try Free BizFresh Theme from PremiumThemes.Net. I think it looks good and it was quick to modify and set up. I’ll probably keep it if it works with P2P No Bank. After testing that, I will tweek it a bit more like returning commnts to be “DO FOLLOW” and adding back some Adsense ads.

Let me know if you like it.

• More Website Updates Including Following Comments
• Lending Club Quiet Period: Is a Secondary Loan Market Coming?
• Rex Dixon: Social Media Director of Lending Club Blog
• P2P Lending to Students with DUCK9: Heard of it?
• Zopa Promises to be Different

I hope that Lending Club will survive as is. I like the P2P lending platform that they built and so far my Lending Club P2P loans are still performing great. Although, I do have my fingers crossed on the loan that was late temporarily.

More interesting than the results are some of the comments received about why Lending Club will survive:

Mike @ Prosperous Land says that despite Lending Club spending a large sum of money during the quiet period keeping the lending side unaffected, they can use those loans as assets:

The main reason I think they’ll survive is that when you loan money to a person, it’s now an asset. What do you do with assets? You take out loans against them.

Lending Club can go to a bank and say “these people owe me money. Can I take out a loan against that?” and I’m pretty sure that they’ll be able to convince at least one or two banks to let them provide the loans as collateral if LC provides some headroom for some loans to go bad (as in, they only borrow 80% of the amount locked up in loans, or something similar).

Tom @ Prosper Lending does not think that they will run out of money (comment link) and think that in the long term it is going to be good for borrowers that Lending Club also has skin in the lending side of the business (link).

A few other visitors were not as positive on Lending Club’s survival.

The poll is open until July 14th: Will Lending Club Survive the Quiet Period?

Update: Daniel @ Step 3 Prophet also thinks that Lending Club will be back.

• Poll Results: Investing Next $500 with Lending Club
• Poll: Will Lending Club Survive the Quiet Period?
• Where Should I Invest My Next $500? You Decide
• Change in Lending Club Cash Burn Rate Due to Quiet Period
• More Lending Club Quiet Period Announcement Links

The text “goodkarmaplease” in the Promissory note intrigued me so I searched for that on google, but only 11 pages show up in the search results (114 pages if you choose to make similar pages appear in the search results.) None of the search results have anything to do with Lending Club. In fact, goodkarmaplease seems to be someone’s YouTube user ID.

The Lending Club Promissory Note text as of June 8, 2008 at 11PM central time:

Promissory Note for $25
PROMISSORY NOTE

$25

February 08, 2008

For value received, I (”Borrower”) promise to pay to the order of WebBank or any subsequent holder (”you” or “Lender”) of this Promissory Note (the “Note”) the principal sum of $25 with interest set forth below. Borrower will make payments by automatic debit from the Borrower’s bank account previously provided to Lender. I intend to be legally bound by this Promissory Note (the “Note”). I have read, understood, and agreed to all of the terms of this Note.

This Note bears interest during each calendar month from the date hereof until paid, at a fixed rate of 11.08 (%) annual percentage rate. In no event is the interest rate to be higher than the maximum lawful rate. Interest is calculated on a monthly basis upon the unpaid balance with each date representing 1/12th of a year.

Principal and interest is to be paid during and throughout the period of thirty-six (36) months in the following manner:

Payments of principal and interest in the amount of $0.81 are to be made by the Borrower to the Lender commencing March 07, 2008 , and on the same day of each successive month thereafter until February, 2011 , when the full amount of unpaid principal, together with unpaid accrued interest is due and payable. If the monthly anniversary is on the 29th, 30th, or 31st of the month, and the following month does not have a 29th, 30th, or 31st day, the monthly payment will be due on the last day of the month in which the payment was due. The last payment might be of a slightly different amount to adjust for rounding.

All payments on this Note are to be made in immediately available lawful money of the United States. Borrower may make monthly payments by automated withdrawal from an account designated by Borrower using an automated clearing house or electronic funds transfer or by check. This authorization does not affect the Borrower’s obligations to pay when due all amounts payable under this Note, whether or not there are sufficient funds therefor in such accounts. The foregoing authorization is in addition to, and not in limitation of, any rights of setoff Lender may have. With regard to payments made by automatic withdrawal, Borrower has the right to stop payment of automatic withdrawals or revoke Borrower’s prior authorization for automatic withdrawals by notifying his financial institution at least three (3) banking days before the scheduled date of transfer. Borrower will notify Lender of the exercise of Borrower’s right to stop a payment or revoke Borrower’s authorization for automatic withdrawals at least three (3) banking days before the scheduled date of transfer. All payments are to be applied first to the payment of all fees, expenses and other amounts due to Lender (excluding principal and interest), then to accrued interest, and the balance on account of outstanding principal; provided, however, that after an Event of Default (as defined below), payments will be applied to the Borrower’s obligations as Lender determines in its sole discretion.

If your payment is more than 15 days late, Lender may charge a late fee in the greater of 5.00% of the outstanding payment or $0.05, to the extent permitted by applicable law. Any such late fee assessed is immediately due and payable. Any payment received after 3:00 P.M. on a banking day is deemed received on the next succeeding banking day.

When an automatic debit from Borrower’s account fails and is rejected by Borrower’s bank, or when a check drawn on Borrower’s account is returned unpaid by Borrower’s bank, an unsuccessful payment fee is charged to Borrower. Each attempt to collect a payment is considered a separate transaction, so an unsuccessful payment fee will be assessed for each failed attempt. The amount of each unsuccessful payment fee is $0.05.

Borrower may make any payment early, in whole or in part, without penalty or premium at any time. Any partial prepayment is to be applied against the principal amount outstanding and does not postpone the due date of any subsequent monthly installments, unless Lender otherwise agrees in writing. If Borrower prepays this Note in part, Borrower agrees to continue to make regularly scheduled payments until all amounts due under this Note are paid. Lender may accept late payments or partial payments, even though marked “paid in full”, without losing any rights under this Note.

Borrower will use the proceeds of the loan from Lender primarily for personal, family or household use and not for commercial purposes. Borrower certifies that the proceeds of the loan will not be used for the purpose of purchasing or carrying any securities.

Borrower will be deemed in default (each, a “Event of Default”) if Borrower: fails to pay any amount due under this Note; files or has instituted against it any bankruptcy or insolvency proceedings or makes any assignment for the benefit of creditors; dies or makes any material misrepresentation in this Note or any other documents, applications or related materials delivered to Lender in connection with this Note.

Upon the occurrence of an Event of Default, Lender may exercise all remedies available to Lender under applicable law, including demand upon Borrower to immediately pay all amounts owed under this Note. Lender may assign this Note without notice to Borrower. Borrower may not assign this Note without the prior written consent of Lender. This Note inures to the successors, permitted assigns, heirs and representatives of Borrower and Lender.

Borrower hereby waives demand, notice of non-payment, protest, and all other notices or demands whatsoever, and hereby consents that without notice to and without releasing the liability of any party, the obligations evidenced by this Note may from time to time, in whole or part, be renewed, extended, modified, accelerated, compromised, settled or released by Lender.

Any changes to this Note must be in writing signed by Borrower and Lender. Notices will be mailed electronically to the addresses provided.

This Note has been executed and delivered in the state of Utah and is deemed a contract made under such state’s law. The unenforceability of any provision of this Note shall not affect the enforceability or validity of any other provision of this Note.

STATE LAW NOTICES:

CALIFORNIA RESIDENTS ONLY: A married applicant may apply for a separate account. If you take any adverse action as defined by § 1785.3 of the California Civil Code and the adverse action is based, in whole or in part, on any information contained in a consumer credit report, I have the right to obtain within 60 days a free copy of my consumer credit report from the consumer reporting agency who furnished you my consumer credit report and from any other consumer credit reporting agency which complies and maintains files on consumers on a nationwide basis.

CALIFORNIA AND UTAH RESIDENTS: As required by California and Utah law, I am hereby notified that a negative credit report reflecting on my credit record may be submitted to a credit reporting agency if I fail to fulfill the terms of my credit obligations.

MARYLAND RESIDENTS ONLY: You elect to make this loan pursuant to Subtitle 10 (Credit Grantor Closed End Credit provisions) of Title 12 of the Maryland Commercial Law Article only to the extent that such provisions are not inconsistent with your authority under federal law (12 U.S.C. § 85, § 1463(g), or § 1831d, as appropriate) and related regulations and interpretations, which authority you expressly reserve.

MASSACHUSETTS RESIDENTS ONLY: Massachusetts law prohibits discrimination based upon marital status or sexual orientation.

GEORGIA RESIDENTS: I waive any right to require you to take action against the principals as provided in O.C.G.A. §10-7-24.

IOWA RESIDENTS (If the principal amount of this loan exceeds $20,000) AND KANSAS RESIDENTS: IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS WRITTEN CONTRACT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.

MISSOURI AND NEBRASKA RESIDENTS: ORAL LOAN AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF SUCH DEBT, INCLUDING PROMISES TO EXTEND OR RENEW SUCH DEBT, ARE NOT ENFORCEABLE. TO PROTECT BORROWER(S) AND THE LENDER AND ANY HOLDER OF THIS NOTE FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING TO MODIFY IT.

NEW JERSEY RESIDENTS: The section headings of the Note are a table of contents and not contract terms. Portions of this Note with references to actions taken to the extent of applicable law apply to acts or practices that New Jersey law permits or requires. In this Note, actions or practices (i) by which I am or may be permitted by “applicable law” are permitted by New Jersey law, and (ii) that may be or will be taken by me unless prohibited by “applicable law” are permitted by New Jersey law.

NEW YORK, RHODE ISLAND and VERMONT RESIDENTS: I understand and agree that you may obtain a consumer credit report in connection with this application and in connection with any update, renewals for extension of any credit as a result of this application. If I ask, I will be informed whether or not such a report was obtained, and if so, the name and address of the agency that furnished the report. I also understand and agree that you may obtain a consumer credit report in connection with the review or collection of any loan made to me as a result of this application or for other legitimate purposes related to such loans.

OHIO RESIDENTS ONLY: The Ohio laws against discrimination require that all creditors make credit equally available to all credit-worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with the law.

WISCONSIN RESIDENTS ONLY: For married Wisconsin residents, my signature confirms that this loan obligation is being incurred in the interest of my marriage or family. No provision of any marital property agreement (pre-marital agreement), unilateral statement under § 766.59 of the Wisconsin statutes or court decree under § 766.70 adversely affects your interest unless, prior to the time that the loan is approved, you are furnished with a copy of the marital property agreement, statement, or decree or have actual knowledge of the adverse provision. If this loan for which I am applying is granted, I will notify you if I have a spouse who needs to receive notification that credit has been extended to me.

UTAH BORROWERS: As required by law, I am hereby notified that a negative credit report reflecting on my credit record may be submitted to a credit reporting agency if I fail to fulfill the terms of my credit obligations.

goodkarmaplease

BY: LENDINGCLUB CORPORATION
ATTORNEY-IN-FACT FOR BORROWER
(SIGNED ELECTRONICALLY)

• Lending Club SEC Update During the Quiet Period
• Lending Club’s SEC S-1 Risks
• P2P Borrowers Waste Time and Money with Early Payoffs
• My First Lending Club Payments All on Time
• Lending Club Statistics: Denying Most Loans

• Lending Club Statistics: Denying Most Loans
• My first late loan at Lending Club
• Prosper.com Correlations: Late Loans and Interest Rate Caps
• P2P Borrowers Waste Time and Money with Early Payoffs
• Eric Launches LendingClubStats.com