LendingClub.com is back!

LendingClub.com announced yesterday that they have reopened the investing portion of their website. This is great news especially for those who have existing loans or investments using their service. In late 2007 LendingClub.com froze the investing portion of their site, and did not accept any new registrations. I’ll be posting a review on their service hopefully within a week or two.

“We are delighted to share with you the good news that we have completed our SEC registration and reopened the site to lenders this morning. You can now login to your account and invest by clicking here. What does this registration mean for you? Under the new program, you will now invest in notes that correspond to portions of loans made to borrower members. The notes have stated interest rates ranging from 6.69 percent to 18.63 percent, after a 1 percent service charge is applied. By partnering with Foliofn Investments, Inc., a registered broker dealer, Lending Club becomes the first social lending network where you have the option of a Trading Platform to put your notes up for sale in the event you need liquidity before the 36-month term of a note. Any new note (issued after October 12, 2008) can be traded on the Trading Platform. You can also buy notes from other lenders.

The Lending Club community has continued to show responsible borrowing behavior over the last 18 months and our collection process has proved very efficient, as demonstrated by the fact that since May 2007 the default rate has remained lower than 2 percent. Please also take the time to review the statistics page to monitor the general evolution of the loan portfolio. ” LendingClub.com