Pricing of any loans represent two things credit risk and liquidity risk since you are risking your money for 3-5 years.
As the loan starts paying the liquidity risk keeps on decreasing so even if the credit score for a borrower does not change the pricing of the loan will go up since the liquidity risk for the loan is going down.
In addition to loan term the seasoning of loans as well as forward default curves and prepayment curves are used in determining the pricing of the loans. A sample of Charge-off curve available from Lending Club is below:
Prices are modeled once a month, when the payment information for the loans is available. After that the recommended prices are increased by the outstanding interest daily as the payment date comes near.