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An Anonymous Coward writes:

By law

"Our investment offerings are not currently available to all investors in all states. Investors may invest in loans facilitated by Lending Club only if they reside in one of the states listed here and also meet that state’s Financial Suitability conditions."

"(a) an annual gross income of at least $70,000 and a net worth (exclusive of home, home furnishings, and automobile) of at least $70,000 or

(b) have a net worth of at least $250,000 (determined with the same exclusions).

Investors who are residents of California must have:

(a) an annual gross income of at least $85,000 and a net worth of at least $85,000 (exclusive of home, home furnishings, and automobile) or

(b) have a net worth of at least $200,000 (determined with the same exclusions) or

(c) invest no more than $2,500 in Notes if the investor does not meet either of the tests set forth in (a) or (b)."

https://help.lendingclub.com/hc/en-us/articles/216092827-What-are-the-requirements-to-become-an-investor- [lendingclub.com]

The lending club facilitated loans are (as even stated by lending club) the low risk loans. The trading platform is the high risk platform. The government is forcing you to invest in a high risk platform if you want to invest your money if you are poor (ie: the stock market is high risk and you are giving money to people that won't owe any of it back when you invest and that won't owe you a return. The banks give very low interest rates).

How can the government pass two sets of laws, one for the poor and one for the rich, intended to keep the poor poor or to make them take higher risks if they want to invest. This is an absolute outrage.

Original Submission