Curse words in lending club sec filing

[stktrader]

did you hear about the curse words in lending club sec filing today? classic.

[sean bash]

did you hear about the curse words in lending club sec filing today? classic.

??? Do you have a link?

[stktrader]

it was on stocktwits somewhere. Let me see if I can dig it up.

[stktrader]

It's in here http://www.sec.gov/Archives/edgar/da...p_20121113.htm

search for the f word and s word. The filing is from 2012. I heard that borrowers don't get to write in those fields anymore. I wonder why

[sean bash]

oh man I see it. Wait, did this loan actually fund too?!

[sean bash]

It funded! I just checked. Oh man

[stktrader]

It funded! I just checked. Oh man

no way. how do you find that out?

[sean bash]

This became its own post thanks to you. http://debanked.com/2015/04/lending-...hocking-twist/

[stktrader]

I really didn't think this was a loan they got issued. I don't know what I thought it was to be honest. Should I short the stock before your little post about this goes viral?

Great now I don't know what to do.

[platformlending]

My guess is that Lending Club would prefer situations like these not brought to light. The real issue here is the possible perception that humans are asleep at the wheel while the automation and algorithms are suddenly in charge of all the loan decisions.

Looking back if there is ever a future credit crisis, this 'F you' approval could be used as an example of what went wrong.

I'd have to bet that the 256 peers that funded this loan probably used automated bots with preset filters. It's kind of eye opening. Sean, let me know what kind of response that blog post of yours generates.

[mayi]

hahahahahaha

[stktrader]

has this gone viral yet?!

[sean bash]

It's gotten some decent view numbers but I don't know about viral...

I still can't believe that loan went through.

[stktrader]

so I saw you wrote something about rising interest rates could impact companies like lending club. Do you think it matter that individual lenders [retail investors] on the platform move their money elsewhere to vehicles like savings accounts and CDs as you say to lending club's profitability? or will the big financial institutions just step in and take their place and no one will notice?

[Vince-Investing]

Oh my gosh this is my worst fear! Am I wrong to assume that a human is at least looking at every loan application? Now I am having 2nd thoughts. n