November 30th, 2008
Loanio.com has entered a quiet period as they begin the registration of promissory notes. Well.. at least it isn’t floating alone as it shares the boat with Prosper.com. Lendingclub.com finished the process earlier this year and is free sailing.
The thing that I have a hard time understanding is why Loanio even opened their doors for business. They delayed the grand opening multiple times… opened shop… just to close it two months later. Hopefully while they stand idle, they get licensing for more states. I figure if you’re going to have a grand.. grand.. reopening, truly have “Peer Lending For Everyone”. Good Luck Loanio.com!
“Loanio, Inc. has suspended its business activities so that we may begin the process of registering our promissory notes with the appropriate securities authorities. Please be advised that effective immediately, Loanio will no longer be accepting registration from lenders or borrowers or accepting new loan requests until further notice. We appreciate your understanding and patience during this “quiet period” and hope to reopen for business as soon as possible.
During this period we will not be responding to press, blogs, or other member inquiries specifically related to the suspension of business. However, if you have questions related to your account, loans, or any other related issues, you may contact us, as always, by logging into your account and creating a customer support ticket. ” Loanio.com
October 19th, 2008
Prosper is now in a “quiet period” as it registers for appropriate securities authorities. LendingClub went off line for a good period of time for a similar registration process. I like how the news is a discreet broadcast on their site. All you can find is a tiny announcement saying “lender activity limited”. If you are borrowing you are referred to a cheesy looking site called Freedom Financial Network. Here is the announcement when you finally find it:
“Prosper Filing Registration Statement; Enters Quiet Period
Prosper has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future.
The registration filing is a necessary step toward making the secondary lending market available to the community. This is something many of you have been asking for, and we believe the liquidity of a secondary market will make Prosper even more vibrant.
Until we complete the registration process, we will not accept new lender registrations or allow new commitments from existing lenders. If you’re an existing lender, your current lender agreements will be unaffected; your existing loans will continue to be serviced; you’ll be able to track and monitor your loans; and you’ll be able to withdraw funds from your Prosper account.
If you’re a borrower with an existing loan, you will continue with your current borrower agreement and be unaffected by the registration process. If you’re a borrower seeking a loan, you will still be able to create a new loan listing, which we will endeavor to fulfill through alternative sources.
A successful registration can take several months, but we assure you we will do our best to move forward as quickly as possible. Until this process is complete, we’re required to be in a quiet period and will be unable to respond to press, blogger or other inquiries about Prosper or the registration filing until it becomes effective.
We apologize for any inconvenience this may cause, and want to thank you in advance for your understanding and support.”
We hope to see you return Prosper… Good luck…lend
