Comments on: Lending Club Note Trading: Another Way for Peer-to-Peer Lending http://www.thesunsfinancialdiary.com/personal-finance/lending-club-note-trading-peertopeer-lending/ Fri, 03 Feb 2012 17:42:24 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Mr.ArfArfhttp://www.thesunsfinancialdiary.com/personal-finance/lending-club-note-trading-peertopeer-lending/#comment-61695 Mr.ArfArf Tue, 12 Jan 2010 01:30:57 +0000 http://www.thesunsfinancialdiary.com/?p=3730#comment-61695 Actually to sign up with Folio FN (Secondary Market for Lending Club) you must first agree to the Lending Club Terms, which state that you MUST meet the requirements of an accredited investor“The requirements are too steep for me: at least for California residents, the FAQ say “Individual lenders who are California residents must (a) have an annual gross income of at least $100,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $100,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000.””So, unless I'm missing something here (please correct me if I am) you must meet a high net worth to use the secondary market. Actually to sign up with Folio FN (Secondary Market for Lending Club) you must first agree to the Lending Club Terms, which state that you MUST meet the requirements of an accredited investor

“The requirements are too steep for me: at least for California residents, the FAQ say “Individual lenders who are California residents must (a) have an annual gross income of at least $100,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $100,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000.””

So, unless I’m missing something here (please correct me if I am) you must meet a high net worth to use the secondary market.

]]> By: Jeffhttp://www.thesunsfinancialdiary.com/personal-finance/lending-club-note-trading-peertopeer-lending/#comment-53558 Jeff Tue, 17 Mar 2009 20:33:49 +0000 http://www.thesunsfinancialdiary.com/?p=3730#comment-53558 "The requirements are too steep for me: at least for California residents, the FAQ say “Individual lenders who are California residents must (a) have an annual gross income of at least $100,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $100,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000.”"To use the secondary trading platform you don't have to meet any of those requirements!From LendingClub/FolionFN's FAQ... Anyone can participate. You must first sign up as a lender with Lending Club (there is no obligation to lend money), then sign up as a trading member with FOLIOfn. Both memberships are free of charge. At this moment, applicants from District of Columbia, Kansas, Maryland, Ohio, Oregon, Texas, and Vermont are not eligible to become trading members with FOLIOfn.On that note... Happy lending Andy!:) “The requirements are too steep for me: at least for California residents, the FAQ say “Individual lenders who are California residents must (a) have an annual gross income of at least $100,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $100,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000.””

To use the secondary trading platform you don’t have to meet any of those requirements!

From LendingClub/FolionFN’s FAQ… Anyone can participate. You must first sign up as a lender with Lending Club (there is no obligation to lend money), then sign up as a trading member with FOLIOfn. Both memberships are free of charge. At this moment, applicants from District of Columbia, Kansas, Maryland, Ohio, Oregon, Texas, and Vermont are not eligible to become trading members with FOLIOfn.

On that note… Happy lending Andy!:)

]]> By: Andyhttp://www.thesunsfinancialdiary.com/personal-finance/lending-club-note-trading-peertopeer-lending/#comment-52577 Andy Sun, 01 Mar 2009 23:13:46 +0000 http://www.thesunsfinancialdiary.com/?p=3730#comment-52577 The requirements are too steep for me: at least for California residents, the FAQ say "Individual lenders who are California residents must (a) have an annual gross income of at least $100,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $100,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000." The requirements are too steep for me: at least for California residents, the FAQ say “Individual lenders who are California residents must (a) have an annual gross income of at least $100,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $100,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000.”

]]> By: Leronhttp://www.thesunsfinancialdiary.com/personal-finance/lending-club-note-trading-peertopeer-lending/#comment-52223 Leron Tue, 24 Feb 2009 15:13:58 +0000 http://www.thesunsfinancialdiary.com/?p=3730#comment-52223 Great to see such a detailed review. I've been using it for sometime to find "deals" and to sell notes I've held for a couple of months that I'd rather give up to invest in new loans. Great to see such a detailed review.
I’ve been using it for sometime to find “deals” and to sell notes I’ve held for a couple of months that I’d rather give up to invest in new loans.

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