Is Lending Club Available in My State?
Is Lending Club available in my state? That is one of the most frequently asked questions from those thinking of borrowing or investing through Lending Club.
Ultimately, we want residents of all states to be able to borrow and invest through Lending Club. However, each state has individual laws about investments in securities, as well as lending rules and regulations. Consequently, it can sometimes be confusing – residents of some states may borrow but not invest, residents of some states can invest but not borrow, and many lucky folks can do both.
Here is an up-to-date view of states where residents can invest through the Lending Club platform:
To invest in Lending Club Prime Consumer Notes (“Notes”) through the Lending Club platform, you must reside in one of the following 26 states and meet that state’s financial suitability conditions: California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Kentucky (Accredited Investors only), Louisiana, Maine, Minnesota, Mississippi, Montana, New Hampshire, Nevada, New York, Rhode Island, South Dakota, Utah, Virginia, Washington, Wisconsin, West Virginia, and Wyoming.
If your state is not listed above, you may be eligible to trade Notes via the FOLIOfn Investments, Inc. Note Trading Platform.* At this moment, residents of the District of Columbia, Kansas, Maryland, Ohio, Oregon, and Vermont are not eligible to trade Notes on the Note Trading Platform.
To borrow through Lending Club, you must be a US citizen, permanent resident, or be in the United States on valid long-term visa, and be at least 18 years old with a verifiable bank account. At this time, we are unable to facilitate loans to residents of five states: Iowa, Idaho, Maine, North Dakota, and Nebraska.
For more details on borrower requirements, visit our help section on borrowing.
All personal loans made through Lending Club are issued by WebBank, a Utah-chartered Industrial Bank.
Notes offered by prospectus filed with the SEC.
* FOLIOfn Investments, Inc. (“Folio Investing”) is a registered broker-dealer and a member of FINRA and SIPC. It is based in Vienna, VA and is not affiliated with LendingClub Corporation. Folio Investing operates the Note Trading Platform as an SEC approved alternative trading system (ATS). More information about Folio Investing is available at www.folioinvesting.com.
Monday, July 7th, 2014 at 1:44 pm