I really liked the observation that in exchange for your deposit (investment in a note) not being liquid (secondary market notwithstanding), Lending Club is abl

I really liked the observation that in exchange for your deposit (investment in a note) not being liquid (secondary market notwithstanding), Lending Club is able to match the maturity of their assets and liabilities, thus eliminating this portion of risk from themselves. Theoretically, this could be one of the causes for the lower rates borrowers can obtain and the higher returns that investors get. (Obviously a portion of the higher returns come from the lack of liquidity offered by the notes)