For all those people who have deposited or borrowed money from LendingClub.com ( person-to-person lending ) and curious about what’s going on as it has suspended new lender registration, affiliate program on April 8th 2008; there is good news.
It has posted updates about the quiet period. Today, they have filed a registration statement with the SEC to issue up to $600,000,000 in Member Payment Dependent Notes that Lending Club will offer. So, once the registration process is completed, all the loans to borrower will be backed up by promissory notes issued to lenders. Till then, lenders will be able to access their accounts, monitor their portfolios, and withdraw available funds without changes.