Lending Club Introduces the First Self-Directed IRA to Enable Investments in Peer Lending
New Asset Class for Retirement Accounts
Sunnyvale, CA - March 25, 2009 - LendingClub.com, the peer lending network that brings together investors and creditworthy borrowers, today announced the availability of the first Self-Directed Individual Retirement Account to enable investments in peer lending. EntrustCAMA, part of the Entrust Group, a leader in account administration for self-directed retirement plans, serves as the administrator for these accounts.
This new Self-Directed IRA investment choice gives individuals the ability to build a portfolio of Lending Club notes and hold that portfolio in a tax-free or tax-deferred account. To meet the Federal deadline for this tax season, applications must be completed online, printed and postmarked before April 15, 2009. The account application is available at https://www.lendingclub.com/sdIRA/registerIRA.action.
More information about this Self-Directed IRA and details on opening an account are available at https://www.lendingclub.com/public/individual-retirement-accounts.action. Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's Web site at http://www.lendingclub.com/info/prospectus.action.
About Lending Club
LendingClub.com is the leading online social lending network where people can borrow and invest money at better rates. Lending Club won the Webby Award in 2008 for the "Best Banking Website" and has been nominated for "Top 100 Innovators" by The Industry Standard. It was recently recognized as one of the 20 "Breakthrough Ideas for 2009" by Harvard Business Review. Lending Club is headquartered in Redwood City, CA. More information is available at: http://www.lendingclub.com.