I'm an undergraduate student with some money made from summer jobs, the few loans that I have are all subsidized so I'm not paying any interest. I'm looking to invest some of my savings into something better than .05% APR.
I just learned about Lending Club and thought it was a really cool way to make micro loans and make some money at the same time. My question is about the accreditation process that Lending Club goes through, if anyone knew more about it.
Lending Club (or some other legal authority really) requires 70,000 in income for lenders. I'm wondering how they follow this up, if I have the money to give them, it doesn't matter, right? Is there any legal implication for me if I check the box saying that I do have that much income? Or will I just get "caught" by them and not allowed to put money forward?