Is Lending Club available in my state? As Lending Club reviews their customer service questions they've stated that questions about Lending Club states are one of the most frequently asked questions from those thinking of borrowing or investing through their peer-to-peer lending platform. Well, investors concerned about Lending Club states are getting even more good news and we'll tell you about it and how to get started today.
Welcoming New Lending Club States
Lending Club (NYSE: LC), the largest American peer-to-peer online marketplace connecting investors and borrowers, recently announced that its P2P marketplace is now available to retail investors in Alabama, Kentucky, Michigan, and Washington, D.C., bringing the total number of Lending Club States open to retail investors to 42 plus the District of Columbia. Lending Club's platform was previously available to accredited investors only in Kentucky.
Lending Club founder Renaud Laplanche was quoted as saying, "Individual investors continue to be key to the long-term growth and efficiency of the Lending Club marketplace, and are fueling many of the network effects that have helped the platform to double again over the last 12 months," he added , "There are now well over 100,000 active retail investors participating in the Lending Club marketplace, and we're excited that investors in 42 Lending Club states and our nation's capital can now enjoy the benefits of investing in consumer credit, an asset class that was previously only available to banks and large institutions."
Lending Club Investors Track Record of Positive Returns
As of the date of this article, 99.9% of Lending Club investors across all Lending Club states have seen positive returns among the investors who own 100 or more Notes of similar size representing loans to different peer loan borrowers.
Lending Club is a two-sided marketplace that brings together borrowers looking for lower rates and a great experience, and investors looking for attractive returns. Individual retail investors use the U.S. peer-to-peer lending platform to access consumer credit as an asset class that wasn't previously available to normal everyday people.
Peer-to-peer loan investors on the Lending Club platform can invest in loans in increments (known as "Notes") as low as $25, enabling them to diversify across hundreds or even thousands of P2P loan borrowers, to quickly and easily build an investment portfolio that aligns with their objectives. Each fraction of a loan is invested in through a Note. Lending Club Notes have Net Historical Returns by Grade A-C of 5.23% to 8.82%.*
Now in the newest Lending Club states Alabama, Kentucky, Michigan, and Washington, D.C. residents can open an investing account at www.lendingclub.com, and choose either a traditional investment account or retirement account (IRA). peer-to-peer lending investors receive monthly payments of principal and interest as P2P borrowers repay their loans, and can withdraw available cash at any time via a linked bank account.
*As of September 30, 2015. To be included in the Historical Returns calculation, a Note must have been originated prior to March 31, 2014. Historical Returns are Lending Club's adjusted net annualized returns (Adjusted NAR) for Notes with Grades A through C. Adjusted NAR is calculated using the formula described on their website. Historical Returns are not a promise of future results. LendingClub Notes are not guaranteed or insured and loan investors may have negative returns. Individual portfolio results may be impacted by, among other things, the diversity of the portfolio, exposure to any single Note or group of Notes, as well as macroeconomic conditions.
Notes are offered by prospectus filed with the SEC and you should review the risks and uncertainties described in the Lending Club prospectus prior to investing in the Notes.
About the Peer-to-Peer Lender: Lending Club
Lending Club's mission is to transform the banking system to make credit more affordable for people and investing more rewarding. The company's technology platform enables it to deliver innovative solutions to borrowers and investors. Since launching in 2007, the Lending Club platform has facilitated over $13.4 billion in consumer loans and has more than doubled annual loan volume each year. The largest U.S. P2P lending company operates at a lower cost than traditional bank lending programs, so they're able to pass the savings on to peer-to-peer loan borrowers in the form of lower rates and to peer-to-peer loan investors in the form of solid returns.
Lending Club has been prominently recognized as a leader for its growth and innovation, including being named one of Forbes' America's Most Promising Companies three years in a row, a CNBC Disruptor two years in a row, a 2012 World Economic Forum Technology Pioneer, and one of The World's 10 Most Innovative Companies in Finance by Fast Company. Lending Club is based in San Francisco, California. More information is available at https://www.lendingclub.com.
Lending Club States - Check this list of Lending Club states, currently only residents of the following states may invest in Lending Club notes: AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, ME, MI, MN, MO, MS, MT, NE, NH, NV, NY, OK, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, or WY. All loans made by WebBank, a Utah-chartered Industrial Bank, Member FDIC.
How To Get Started With Lending Club P2P Loan Investing
One of the best part about investing in Lending Club is the ease of getting started. So if you live in one of the Lending Club states, simply go to their website and fill out the information they require for you to open your account. If you're not in one of the Lending Club states, check back with us as we continue to update you.