SIGN UP TO RECEIVE THE LATEST POSTS VIA EMAIL!Lending Club Update
October 10, 2008
I wanted to do a quick follow up on my Lending Club account. For those of you that don’t know what Lending Club is, they are a peer to peer loan service where regular people like you and I can get money or loan money to others. Lending Club is a competing service to Prosper.com.
Well after logging into my account, I was pleasntly surprised to see that all 25 of my loans are current. My average return is 17% on all 25 loans. My Lending Club account is far superior to my Prosper.com account where I currently have 8 loans out of 22 that are in bankrupcy. I am begining to think that Lending Club is better able to weed out the scammers.
Due to the economic slowdown I am seeing many more people trying to borrow money from Lending Club. I am going to add a few more hundred dollars into it to try to increase my return. I am also thinking of taking a Lending Club loan out and reinvesting that money back in as loans to others. Hey with an 18% return, I don’t think I could do much better anywhere else!!!
NOTE: For posts that contain bonuses, be sure to read the post for bonus expiration dates. Links may work but the bonus may have expired.
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As far as I know, Lending Club is not taking more new commitments from people as lenders. So whatever money you are loaning right now is all that is allowed.
lulugal11, wow you are correct. Not sure when they stopped taking new lenders. I guess at this point they are just looking for borrowers.
Lending Club re-opened to new lenders today! They also rolled out a secondary market as well. See: http://blog.lendingclub.com/2008/10/14/lending-club-sec-registration/
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