As you may know every loan on both Lending Club and Prosper is a security that is registered with the SEC. Not only that but the quarterly and annual financial reports for both companies are also filed with the SEC.
The SEC has the Electronic Data-Gathering, Analysis, and Retrieval system, known as EDGAR, that allows anyone to query their entire database of filings for information on any registered company. Which means you can search the filings for Lending Club and Prosper.
If you type Prosper into the company search form on EDGAR you can easily find the official filings of Prosper Marketplace Inc (the official name of Prosper) as well as their new entity Prosper Funding LLC which is still in the approval process. But type in “Lending Club” and you receive the message: No matching companies. What gives?
You Need to Use LendingClub not Lending Club
Sometimes computers are not that smart. The SEC database has no idea you really mean LendingClub not Lending Club. You see, Lending Club’s official name is LendingClub Corporation and that is the name it goes by in all SEC filings. But on their own website and in their press releases they refer to themselves as Lending Club. It can be a little confusing.
So lose the space and you can find LendingClub on the SEC site. There you can see all the filings. I warn you, though, there are thousands of entries because they average about 5-6 filings a day with all the new loans that are issued. If you want to see the important filings you should use the Filing type filter (10-Q or 10-K are the most important).
Of course, you can make it easy on yourself and just go to the special SEC filing sections that both Lending Club and Prosper make available on their respective sites.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech.
LendIt Fintech conducts three conferences a year for the leading fintech markets of the USA, Europe, and Latin America. LendIt also provides cutting-edge content all year long via audio, video, and written channels.
Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.
Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.
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Peter Rentonhttps://www.lendacademy.com/author/peter-renton/
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Peter Rentonhttps://www.lendacademy.com/author/peter-renton/
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Peter Rentonhttps://www.lendacademy.com/author/peter-renton/
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Peter Rentonhttps://www.lendacademy.com/author/peter-renton/
