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I have been investing money at Lending Club for over a year now, so it seemed like a good time to review my progress. While I started small, I have been adding a small amount to my modest portfolio each month. I’ve been lucky to this point; none of my loans have charged off. Here is [...]Post by Frugal Dad
I just checked my Lending Club account. And I saw my first charge off. My part of the charge off was only $20, but the loan was for someone doing a $15,000 kitchen and bath remodel. The part that surprised me, was that it was an A grade loan. However even with an A grade, Jill may be onto something when she filters for loans under $10,000 in How to Earn High Returns with Lending Club. The part I
Lending Club has a new bonus that’s a fantastic follow up to the great discussion earlier this week on social lending arbitrage. It is this week’s Free Money Friday offer! Lending Club rolled out a new website, and sent an email to current investors detailing the bonus offer. How to Get Your $150 BonusBe an existing Lending Club investor and apply for a new loan.List the loan by Febru
As a followup to my previous article on tracking Lending Club investments in Quicken, I wanted to share how I account for defaults. If you’ve been reading my updates, then you’ll know that I had a borrower default last fall. It wasn’t until recently, however, that I decided how best to tackle this situation in [...]
Lending Club has a new bonus offer. They sent an email a couple weeks ago highlighting the new Lending Club bonus offer. The $100 is this week’s Free Money Friday offer!How to Get Your $100 Sign Up BonusOpen a new Lending Club borrower account (separate from your investor account).Apply for a loan of at least $12,000.Bonus will be deposited into your account within 30 days after loan is ful
After 10 months, and multiple 5 figures invested with Lending Club, here are more thoughts on this alternative investment.I’ve been thinking about and gathering notes for this article for a while now. Partly because many of you actually wrote to me with questions after my initial Lending Club review, and also because there are many [...]
Almost two years ago I opened a P2P lending account with Prosper. I invested in about 20 loans before they shut down for SEC registration. I switched to more stringent lending criteria after having a few loans default early on, but still had many defaults. Those defaults made me a little turned off by the idea of P2P lending, but then Lending Club offered $50 to sign up and I couldn’t resist! So
About 2006, Peer to Peer (P2P) lending emerged as a new way for people to lend money to each other without going through banks or other traditional avenues. Since then, the two largest players in the P2P market have been Prosper (our review) and Lending Club (our review). Both sites allow borrowers to make loan requests for various purposes up to $25,000. Interested lenders can get together and f

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