Peer to Peer Lending and State Residency

So I went to open an account at Prosper.com (in part so I could write a thorough review about it) when I realized I wasn’t allowed to.  This is bizarre since the bank actually making the loans for both Prosper and Lending Club is located IN MY STATE!  Due to licensing issues, there are 5 different eligibility lists: Prosper investors, Prosper borrowers, Lending Club investors, Lending Club traders (can trade over Folio, but not buy notes directly) and Lending Club borrowers.  If you’re interested in getting into Peer to Peer Lending, look up your state below to check your eligibility.  These data, of course, are subject to change, so if you’re reading this blog post in later months and years, it might be worth checking with the companies directly.

Prosper Lending Club
State Invest Borrow Invest Trade Borrow
Alabama X X X
Alaska X X X X
Arizona X X X
Arkansas X X X
California X X X X X
Colorado X X X X X
Connecticut X X X X
Delaware X X X X X
District of Columbia X X X
Florida X X X X X
Georgia X X X X X
Hawaii X X X X X
Idaho X X X X
Illinois X X X X X
Indiana X X
Iowa X
Kansas X X
Kentucky X X X X
Louisiana X X X X X
Maine X X
Maryland X X
Massachusetts X X X
Michigan X X X
Minnesota X X X X X
Mississippi X X X X
Missouri X X X X X
Montana X X X X X
Nebraska X X
Nevada X X X X X
New Hampshire X X X X X
New Jersey X X X
New Mexico X X X
New York X X X X X
North Carolina X X X
North Dakota X
Ohio X X
Oklahoma X X X
Oregon X X X
Pennsylvania X X X
Rhode Island X X X X X
South Carolina X X X X X
South Dakota X X X X X
Tennessee X X
Texas X X X
Utah  X X X X X
Vermont X X
Virginia X X X X X
Washington X X X X X
West Virginia X X X X
Wisconsin X X X X X
Wyoming X X X X X

If you’re one of the lucky winners that can invest in either company, congratulations.  For 7 states, you can only invest in one.  Your decision is easy.  And for the unlucky 20 states that can’t invest in either, sorry.
invest, investor, investing, lending