LendingClub Service Update and FAQ’s
As of December 31st, 2020, LendingClub (LC) will not offer any new notes for purchase by retail customers, directly or through NSR Invest
- Existing LendingClub Notes will persist until they mature and will result in a cash balance in clients LC account.
- These cash balances can not be reinvested with Lending Club. One alternative is to redeploy this cash to a Prosper account linked to NSR, thus allowing for timely reinvestment.
- NSR does not have the ability to transfer balances for our clients – they must do this themselves – If you don’t have a Prosper account here is the link to get one. Don’t forget to link it to you NSR account!
- Lending Club cash balances can be withdrawn by the client and transferred into the bank account registered with the LC account. Lending Club has informed us that no direct transfers to other platforms will be supported by LC.
- Moving cash from LendingClub to Prosper for NSR linked accounts:
- Request a transfer from LC to your Bank
- Open an account at Prosper
- Transfer via your Bank to Prosper
- LINK your Account to NSR and let our investment robot do the rest!
- Moving cash balances from an LC IRA accounts to Prosper IRA for NSR linked accounts:
- On your IRA platform (Strata for example) initiate a transfer request
- Open an account at Prosper
- Initiate a second transfer request to your Prosper IRA account
- LINK your Account to NSR and let our investment robot do the rest!
- Moving cash from LendingClub to Prosper for NSR linked accounts:
- We will continue to offer risk adjusted strategies and we expect to have new options available soon.
