Comments on: Lending Club Update http://www.personalfinanceplaybook.com/2009/07/lending-club-update/ A Blog About Personal Finance & Investing Wed, 10 Mar 2010 20:02:10 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Todd Metheny http://www.personalfinanceplaybook.com/2009/07/lending-club-update/comment-page-1/#comment-1424 Todd Metheny Fri, 31 Jul 2009 20:32:23 +0000 http://www.personalfinanceplaybook.com/?p=1163#comment-1424 <a href="#comment-1421" rel="nofollow">@Daniel</a> I emailed them about the process and the time frame and Rob (above) emailed me back (but only after I wrote a post about Prosper and complained that he hadn't. He said that he couldn't answer my questions but had forwarded them on to his "legal department" (which is probably one guy with an office down the hall from Rob). That's how small companies try to sound big - by breaking things into departments. I'm in the same boat you are. I'll let you know something as soon as I do. MO isn't approved on Prosper yet, either, but they are evidently already up to 23 states. They seem to be moving quickly. @Daniel
I emailed them about the process and the time frame and Rob (above) emailed me back (but only after I wrote a post about Prosper and complained that he hadn’t. He said that he couldn’t answer my questions but had forwarded them on to his “legal department” (which is probably one guy with an office down the hall from Rob). That’s how small companies try to sound big – by breaking things into departments.

I’m in the same boat you are. I’ll let you know something as soon as I do. MO isn’t approved on Prosper yet, either, but they are evidently already up to 23 states. They seem to be moving quickly.

]]> By: Daniel http://www.personalfinanceplaybook.com/2009/07/lending-club-update/comment-page-1/#comment-1421 Daniel Fri, 31 Jul 2009 19:16:42 +0000 http://www.personalfinanceplaybook.com/?p=1163#comment-1421 Have you heard anything back from them? I live in St. Louis and recently transferred $500 to Lending Club and just noticed the state requirement. I feel duped that I've wasted a week transferring money and now cannot invest it and must wait another week to get it back. I want to click the checkbox and invest, but I also don't want to get legally screwed later. It'd be nice to know a timeline of when Missouri might become an acceptable state. Can find any other discussion of this online. Thanks Lending Club. Have you heard anything back from them? I live in St. Louis and recently transferred $500 to Lending Club and just noticed the state requirement. I feel duped that I’ve wasted a week transferring money and now cannot invest it and must wait another week to get it back.
I want to click the checkbox and invest, but I also don’t want to get legally screwed later. It’d be nice to know a timeline of when Missouri might become an acceptable state. Can find any other discussion of this online.

Thanks Lending Club.

]]> By: Todd Metheny http://www.personalfinanceplaybook.com/2009/07/lending-club-update/comment-page-1/#comment-1324 Todd Metheny Mon, 20 Jul 2009 23:05:03 +0000 http://www.personalfinanceplaybook.com/?p=1163#comment-1324 Rob - Thanks for responding. I think I will email you some questions. I'm curious about the process of becoming approved in a state and if I'm curious about it, my readers may be as well. Rob – Thanks for responding. I think I will email you some questions. I’m curious about the process of becoming approved in a state and if I’m curious about it, my readers may be as well.

]]> By: RobG http://www.personalfinanceplaybook.com/2009/07/lending-club-update/comment-page-1/#comment-1319 RobG Mon, 20 Jul 2009 21:27:00 +0000 http://www.personalfinanceplaybook.com/?p=1163#comment-1319 Hey Todd Thanks for raising the issue up. As your reader pointed out, our offering has not been cleared by the State of Missouri. If this is your state of residence, you should not buy notes from Lending Club. The reason why you were able to register with Lending Club is that you can use the Note Trading Platform operated by Foliofn to buy/sell notes directly from other members. You have my email if you'd like to discuss further. Best, Rob from Lendingclub Hey Todd

Thanks for raising the issue up.

As your reader pointed out, our offering has not been cleared by the State of Missouri. If this is your state of residence, you should not buy notes from Lending Club.

The reason why you were able to register with Lending Club is that you can use the Note Trading Platform operated by Foliofn to buy/sell notes directly from other members.

You have my email if you’d like to discuss further.

Best,
Rob from Lendingclub

]]>