In the comments of the $100 Lending Club giveaway , Reader Barry said it would’ve been nice if I had notified you all about the restriction on Lending Club  investors. Well Barry, you asked and thus you shall receive!
There are two parts to Lending Club. There is the actual Lending Club site, where you invest in notes (loans), and there is the Note Trading Platform, where you can trade notes.
Lending Club Investor Rules
At the moment, you can invest in Lending Club notes if you live in the following states: California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Louisiana, Minnesota, Mississippi, Montana, New Hampshire, Nevada, New York, Rhode Island, South Carolina, South Dakota, Utah, Virginia, Washington, Wisconsin, West Virginia, and Wyoming. As you can see, my home state of Maryland is not included.
In addition to the state restrictions, there are income and net worth requirements as well. If you live in an eligible state outside of California, you need:
- a gross income greater than $70,000 and a net worth (excluding home, car, and home furnishings) of at least $70,000, or
- a net worth (excluding the same) of at least $250,000.
If you live in California, you’ll need income greater than $100,000 and net worth (same exclusions) of $100,000 or a net worth greater than $250,000.
FOLIOfn Note Trading Platform Investor Rules
The Lending Club Note Trading Platform is powered by FOLIOfn Investments is a registered broker dealer member of FINRA and SIPC and they manage the Note Trading Platform. You can use it to buy and sell notes if you sign up to be a trading member with FOLIOfn (free), after signing up for Lending Club. The restrictions on the Note Trading Platform are much looser, you can invest as long as you don’t live in District of Columbia, Kansas, Maryland, Ohio, Oregon, Texas, or Vermont.
Again, Marylanders are excluded. 🙁