In a brief post on their web site, peer to peer lender Lending Club announced they have added another states to their growing list of places that may use their platform. While not everyone may be aware of this – not all states allow peer to peer lending as part of the idiosyncratic nature of state regulations. In four states; Maryland, Kansas, Oregon and Ohio you may not use p2p platforms at all. Kentucky only allows accredited investors. Obviously this is all changing as local legislators want to keep constituents pleased by allowing people access to less costly loans.
Lending Club stated;
Today, we’re thrilled to welcome residents of the state of Vermont to Lending Club’s investing platform and to take another step towards our mission to transform the banking system to make credit more affordable and investing more rewarding.
They also noted that Vermont was the first state admitted to the Union after ratification of the Constitution along with the fact that state “churns out” 35% of the nations maple syrup supply.
Lending Club is working on their IPO that is scheduled to occur sometime later this year. They will be the first P2P platform to go public in the United States.