Lending Club (NYSE: LC), the world’s largest online marketplace connecting borrowers and investors, announced that its marketplace is now available to investors in Missouri, South Carolina, and Tennessee, bringing the total number of states available to retail investors to 39.
“We are excited to continue to expand access to consumer credit as an asset class for retail investors,” said Lending Club founder and CEO Renaud Laplanche. “There are now well over 100,000 active investors in 39 states enjoying the benefits of high yield and broad diversification that were previously only available to banks and large institutional investors.”
Lending Club is a two-sided marketplace that brings together borrowers looking for lower rates and a great experience, and investors looking for attractive returns. Individual retail investors use the platform to access consumer credit as an asset class not previously available to them. Investors on the Lending Club platform can invest in loans in increments as low as $25, diversifying across hundreds or thousands of borrowers, to quickly and easily build a portfolio that fits their investment objectives.
Missouri, South Carolina, and Tennessee residents can now create an account at lendingclub.com, and choose either a traditional investment account or retirement account. Investors receive monthly payments of principal and interest as borrowers repay their loans, and can withdraw available cash at any time via a linked bank account.