What are the eligibility requirements to invest through LendingClub?
Financial Suitability Requirements
While you can choose a spectrum of risk and return scenarios when building your LendingClub Notes portfolio, no matter what your investment strategy is, any security carries risk. Related to Notes, investors must meet certain standards in order to invest, which include state of residence, income and net worth requirements.
State of Residence
At this time, investing through LendingClub is only available to individuals residing in the U.S. Due to current restrictions, investors who reside in the states below have limited investment access to Notes:
- Residents of Alaska, New Mexico, North Carolina and Pennsylvania can only purchase Notes through the secondary market. These are known as trade-only states.
- Ohio residents aren’t able to invest in Notes at this time.
If you previously had limited access to LendingClub because of your state of residence and have since relocated to an eligible state, contact Investor Services at email@example.com to update your account and get full investing access.
Income and Net Worth
Individuals interested in investing in Notes must not invest more than 10% of their net worth, which is determined exclusive of homes, home furnishings, and automobiles. Additionally, depending on which eligible state you reside in, the following income and net worth requirements apply if you wish to invest more than $2,500.
- California – Residents must either have:
- a minimum net worth of $85,000 and a minimum annual gross income of $85,000 during the prior and current tax years; or
- a net worth of $200,000.
- Other eligibile states – Residents must have:
- a minimum net worth of $70,000 and a minimum annual gross income of $70,000 during the prior and current tax years; or
- a net worth of $250,000.
You should evaluate your financial circumstances, investment goals and risk tolerance to determine if Notes are right for you.