$64.62 LendingClub Bonus

If you are looking to start getting into the P2P (person to person) lending game, LendingClub is offering a $64.62 bonus when you open a new account and start investing. They came up with that amount since they say that banks made $6.462 billion last quarter, so they are offering you a piece of that.

If you have read my previous posts I have been burned doing p2p loans through Prosper.com.

LendingClub has always prided themselves in having a stronger review process. I have a few loans with LendingClub and believe it or not they are all current with no charge offs. I am currently earning a 9.86% return from what they tell me, which if those loans stay current isn’t that bad considering how low interest rates are. I have been debating throwing a little more money into LendingClub but Prosper has left such a bad taste in my mouth I am still on the fence.

Regardless, just remember that if you start p2p lending you are doing so at your own risk. I imagine now that the economy is turing around a bit the chance of defaults is probably much lower than what I went through.

To qualify for the $64.62 you need to open a new account through this promotion link and link a bank account. Once that is complete the bonus will be deposited into your account. You must invest that bonus into lending club loans and cannot withdraw it.

Unfortunetly the link they gave me doesn’t talk about the bonus, but here is the small print I was sent:
** The special referral bonus program begins December 3, 2009. Referrals must use your special link between 12.03.09 and 12.31.09 at midnight in order to qualify for the $64.62 bonus. The referral must complete registration as a Lending Club investor and link a bank account in order to receive the bonus funds. Bonus funds may not be withdrawn and must be invested in Lending Club notes. Funds received may be taxable, please consult with your tax advisor. Recipient is responsible for all taxes, if any, due.

And here is a screenshot of the promo info when I log into my account. Click on it for a larger photo…

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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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