Comments on: Who Can Invest at Lending Club?

By: servusdei

servusdei — Thu, 17 Mar 2011 19:04:33 +0000

Great article. It pains me that I live in Maryland too and it is excluded. The local banks must have paid huge bribes to Maryland to protect their business here, so they can continue to lend money to people at excessive interest rates like 20% APY and pay only 0.01% APY for their savings accounts. I hate these corrupt Maryland politicians. Let’s hope we can move out of Maryland some day to a freer state.

By: Inaudiblepc

Inaudiblepc — Mon, 24 Jan 2011 17:46:27 +0000

So, say I want to invest and I don’t meet the income requirements. If I invest am I breaking a law? If so what is the penalty for doing so? I really want to invest in LC, any advice would be appreciated.

By: RB

RB — Wed, 01 Dec 2010 07:03:17 +0000

The SEC does have specific standards for what they call ‘accredited investors’.

Investors qualify by having at least a certain minimum income or net worth, and are eligible to participate in certain investments not open to others.

Richard Kiyosaki discusses accredited investors and their requirements in his Rich Dad Poor Dad books.

By: aua868s

aua868s — Tue, 08 Dec 2009 17:29:53 +0000

same with me in Oregon…cant invest in LC

By: Jim

Jim — Tue, 08 Dec 2009 17:25:07 +0000

It’s because with Kiva they’re not securities, you’re just lending money with no interest. I think the issue with LC is that you can trade it like a stock.

By: echidnina

echidnina — Tue, 08 Dec 2009 17:17:32 +0000

It’s disappointing that so many people are excluded from the program because of regulations. I know it’s out of LC’s control, but why must LC follow these state restrictions and not, say, Kiva? Is it because lenders get interest back?

By: echidnina

echidnina — Tue, 08 Dec 2009 17:15:06 +0000

It’s strange that they would have such requirements. As long as you’ve got money to give, I should think that they would take it!

By: Sherman Frey

Sherman Frey — Sat, 01 Aug 2009 01:15:07 +0000

I exceed all the restrictions but I guess I can’t invest because I live in Arizona. Is that right?

By: Sean

Sean — Tue, 02 Jun 2009 13:39:31 +0000

@Splendor

Because the government is taking care of you. You must be approved to do what you want with your money little citizen, just shutup and go back to work haha.

By: EmBee

EmBee — Sat, 23 May 2009 18:36:13 +0000

Carole,
I just linked my bank account to it and deposit some money…it’s slow. at least we can buy the the other’s selling notes, I guess.

By: Splendor

Splendor — Wed, 20 May 2009 18:18:24 +0000

Weird. I wonder why there are income restrictions for lenders.

By: carole

carole — Wed, 20 May 2009 15:16:25 +0000

EmBee, I’m from NJ too. What did you find out?

By: EmBee

EmBee — Sat, 16 May 2009 14:42:40 +0000

I’m in NJ. according to the rules, not a legible state.. however, I registered to invest and my identity has been successfully verified. And I already got to the point to put an external bank account.. should I put it in?

thx

By: Jim

Jim — Sat, 16 May 2009 14:35:15 +0000

If you ask and I can answer, I try!

By: barry

barry — Sat, 16 May 2009 14:16:18 +0000

Wow Jim! Talk about service!

Thank you for putting this out there!