The online person-to-person loan provider Lending Club Corp. said Thursday that its service is now available in all 50 states.
Person-to-person lending sites such as Lending Club and Prosper Marketplace Inc. typically allow people to lend and borrow money from each other, but the companies that run these sites must obtain licenses to operate in each state.
Lending Club, of Sunnyvale, Calif., launched its service in May for users of the social networking site run by Facebook Inc. In September, it made the service available to anyone through its own Web site, lendingclub.com.
"In the last 6 months, Lending Club was not available to borrowers in California, Michigan, Illinois, Pennsylvania, Oregon, and Nevada, and was only partially available in Texas and Ohio," Renaud Laplanche, Lending Club's founder and chief executive, wrote on his company's blog Thursday. "We did the math: that's about 108 million more Americans who can now borrow and lend directly among each other and get better rates."
