Posted by Lending Club :: June 10, 2011 @ 7:31 am

This is one of the most frequently asked questions from those thinking of borrowing or investing via Lending Club.

Yes, it can be confusing.  Every state has its own laws about investments and securities as well as lending rules and regulations.  Here is an up-to-date view of states in which residents can obtain personal loans, invest or trade, via Lending Club as of today:

Investing

To invest in Lending Club Prime Consumer Notes, you must reside in one of the following 28 states and meet that state’s financial suitability conditions: California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Kentucky, Louisiana, Maine, Minnesota, Missouri, Mississippi, Montana, New Hampshire, Nevada, New York, Rhode Island, South Carolina, South Dakota, Utah, Virginia, Washington, Wisconsin, West Virginia, and Wyoming.

If your state is not listed above, you may be able to trade notes via FOLIOfn's Note trading platform.  At this moment, applicants from District of Columbia, Kansas, Maryland, Ohio, Oregon, and Vermont are not eligible to become trading members with FOLIOfn.

Notes offered by prospectus filed with the SEC.

Borrowing

All personal loans made through Lending Club are issued by WebBank, a Utah-chartered Industrial Bank.  We accept loan applications from US citizens or permanent residents of at least 18 years old with a valid bank account, a valid social security number and a FICO score of at least 660.  At this time, we are not accepting loan applications from the following 8 States: Iowa, Idaho, Indiana, Maine, Mississippi, North Dakota, Nebraska, and Tennessee.  For more details on borrower requirements, visit our help section on borrowing.

For the latest updates:

@RobGarciaSJ