EBay-Style Lender Has Better Way of Keeping Books

LendingClub Corp., a so-called peer-to-peer lender with a star-studded board that's getting a lot of interest from Wall Street, is unusual in a number of ways.

Its stock isn't publicly held, but the San Francisco-based company does file financial statements with securities regulators. The company matches individual borrowers with money from outside investors -- hence, the terms "peer to peer" or "EBay-style loans." The loans go on the company's books as assets, while the notes and similar instruments that it sells to investors are recorded as liabilities.