Lending Club opens for investors from 15 states; allows lenders to sell loans

Six months ago Lending Club halted lending operations in order to register with the SEC. They have now completed the registration and have opened their doors to lenders again from selected states. If you are from Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Louisiana, Minnesota, Mississippi, Montana, New York, Rhode Island, South Dakota, West Virginia, or Wisconsin you can lend on the new platform.

In addition, Lending Club has a trading platform where lenders can now sell loans to other investors. This is the first p2p lending company to offer liquidity.

According to the official announcement this registration will bring the following changes:

• Under the registered offering, Lending Club lenders will now invest in notes that correspond to portions of loans made to borrower members. The notes have stated interest rates ranging from 6.69 percent to 18.63 percent, after a 1 percent service charge is applied.
• By partnering with FOLIOfn Investments, Inc., a registered broker dealer, Lending Club becomes the first social lending network where lenders have the option of a trading platform. On the trading platform, lenders who become customers of FOLIOfn will be able to put notes up for sale in the event they need liquidity before the completed term of a note.