For those wanting to get involved in peer-to-peer lending and Lending Club activities but living in a state that doesn’t allow for investing it can be a sad situation. They still have the options to invest indirectly but that is far from ideal. For those that are living in a state that allows it, you should consider yourselves to be very lucky. Lending Club New York works without any problems as Lending Club is able to fully operate within the state of New York. Before you New York residents get too excited though there are a few requirements that you should know you have to meet before beginning to invest.
New York is one of the 28 states that is eligible for trading with Lending Club and one of the 26 states that falls under the same guidelines and requirements. To maintain a high level of quality within their business and services, Lending Club requires investors to have a certain level of income and net worth.
Applicants must have either an annual gross income of $70,000 and a net worth of $70,000 as well. This excludes your home, home furnishings and automobile. Alternatively if you want to just be assessed by your net worth then you will net to have a total net worth of $200,000 which is also exclusive of your home, home furnishings and automobile.
Additionally, you may not purchase notes in an amount that exceeds 10% of your net worth, which once again is exclusive of your home, home furnishings and automobile.
Outside of these terms, New York residents are pretty much free to use Lending Club and its services in its entirety. Residents of other states that are not able to use Lending Club are often still able to participate in the trading platform, allowing them to buy notes that have been issued in states like New York where issuing of notes through Lending Club is hassle free.
This can be a really great way for New York residents to even further their earnings with Lending Club while at the same time helping out some people who are not as fortunate to live in a state where they are allowed to participate.
Whether or not you enjoy life in New York, the fact that Lending Club in New York is a real possibility for you is a huge advantage for your state that you should feel thankful for.