Lending Club is a peer-to-peer money lending/borrowing site that offers nice returns on invested money, better than banks at least! Lending Club will take %1 of the interest you gain each month, other than that, there are no fees for lending. This was quite possibly the easiest money I've made. As far as I know, even if you don't want to try out the service, you are able to take out the money as soon as you open the account and it is deposited. Since the money was free, you might as well try out the service though...nothing to lose!
Currently, lending/borrowing money through the site is only open to people living in these states: California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Louisiana, Minnesota, Mississippi, Montana, New Hampshire, Nevada, New York, Rhode Island, South Carolina, South Dakota, Utah, Virginia, Washington, Wisconsin, West Virginia, and Wyoming. For those not in those states, you are given the option to join a sister company and use your funds to invest there. Hope this helps some people!
Note: This money is only available by signing up through a referral link of an existing member. The referrer will gain nothing, but it allows you to get the $50 bonus. Make sure to choose "lending" when you sign up. Please do not beg for a referral in this thread.
EDIT: It appears that this offer is only available to members of 44 of the 50 states, and not DC. The known states it does not allow are: Texas and Maryland. Please let me know if there are any more you find out.
rigor said: i thought this place closed up shop after everyone lost their arses on bad loans.
I think that was some fiasco last year. Appears like they are backed up now by bigger guns...but we'll see I suppose. Thing is though, it's $50 you get without risking any of your own money! Worth a shot!
dragoon976 said: Also was wondering.. anyone know if signing up requires a hard pull?
I'm really surprised more people aren't jumping on this deal. I thought it was pretty obvious how to get an invite...lol. I don't see why signing up as a LENDER would make for a hard pull, but I believe signing up as a buyer might as they have a credit minimum for borrowing.
solarUS said: now, i wonder what the rate of default is...i am wondering whether to go low-risk or high-risk...return is about double.
From what it seems, borrowers do have their credit score on the line, plus everyone who borrows is required to have a credit score over a certain minimum (650 or something?). I'd suggest trying both since it isn't really YOUR money on the line :-P See which works better!
Mikawl said: solarUS said: this is legit people - i just went through the very simple process, and my $50 is sitting in my account.
How long did it take? Did you have to verify your bank account before they add the $50 to your account? THanks.
Yo udo not have to do anything with your bank accounts or funding in order to get the money. All you do is sign up with your info and they verify your identity, that's it! $50 will appear in your account as soon as you are signed up!
I have been using this for a while and invested a little bit(only 2k) and am up almost 10% in 5 months through selling loans after a few months at markup and monitoring credit scores of all loans i have, if they dip i dump sell them. No hard pull as 4 of my family members signed up from me for the bonus and none of us had any pulls
I need to research on the whole 'notes' business. I am a recent immigrant from India where we do not have any 'note' system, so pardon me when I ask this rather stupid question. What is a note? I Googled a bunch of explanations but they are too vague.
unclassifiedguy said: By the way thanks a bunch to Crazy Kole !
No problem! I had to talk with the mods a little to allow the topic lol. I thought it would be worth it though because it is such an easy $50 for people!
As for a "note", I believe it is just a more official way of saying an IOU. Instead of lending money, you are actually buying a "note" which is an acknowledgment of the debt to you. If you check out the link on wikipedia I had in the first post, I believe it may help!
i requested a $50 check via email from the "club"...let's see how fast it is processed. thanks again CrazyCole!
edplayer
Senior Member - 1K
posted: Mar. 29, 2009 @ 1:05a
Thanks for the invite and the info
Crazykole5 said: Note: This money is only available by signing up through a referral link of an existing member. The referrer will gain nothing, but it allows you to get the $50 bonus.
Why did you post the referrer will gain nothing when on your OWN blog you state that there is a $25 1st tier referral bonus (along with a $15 2nd tier and $10 third tier)?
I don't think there is anything wrong with making a bonus like that but you should be honest about it. Did you tell the mods that when you started this thread?
He gets nothing for referring you as a lender. You get $50.
If he refers you as a borrower, then there's the tiered bonus you were talking about.
Somehow, I doubt that anyone reading FW is about to sign up there as a borrower...
edplayer said: Thanks for the invite and the info
Crazykole5 said: Note: This money is only available by signing up through a referral link of an existing member. The referrer will gain nothing, but it allows you to get the $50 bonus.
Why did you post the referrer will gain nothing when on your OWN blog you state that there is a $25 1st tier referral bonus (along with a $15 2nd tier and $10 third tier)?
I don't think there is anything wrong with making a bonus like that but you should be honest about it. Did you tell the mods that when you started this thread?
bittul said: He gets nothing for referring you as a lender. You get $50.
If he refers you as a borrower, then there's the tiered bonus you were talking about.
Somehow, I doubt that anyone reading FW is about to sign up there as a borrower...
So I go over to lending club and read it directly there and you are right. I was just going on what Crazykole5 posted on his blog (which didn't mention the bonus was when borrowers signed on)
edplayer said: bittul said: He gets nothing for referring you as a lender. You get $50.
If he refers you as a borrower, then there's the tiered bonus you were talking about.
Somehow, I doubt that anyone reading FW is about to sign up there as a borrower...
So I go over to lending club and read it directly there and you are right. I was just going on what Crazykole5 posted on his blog (which didn't mention the bonus was when borrowers signed on)
Sorry Crazykole5, thanks bittul
You are correct. I misunderstood at first as well, however, I forgot to change what I entered in on my blog. I am going to fix this right now since I forgot lol. Thanks for reminding me!
bittul said: He gets nothing for referring you as a lender. You get $50.
If he refers you as a borrower, then there's the tiered bonus you were talking about.
Somehow, I doubt that anyone reading FW is about to sign up there as a borrower...
edplayer said: Thanks for the invite and the info
Crazykole5 said: Note: This money is only available by signing up through a referral link of an existing member. The referrer will gain nothing, but it allows you to get the $50 bonus.
Why did you post the referrer will gain nothing when on your OWN blog you state that there is a $25 1st tier referral bonus (along with a $15 2nd tier and $10 third tier)?
I don't think there is anything wrong with making a bonus like that but you should be honest about it. Did you tell the mods that when you started this thread?
This is EXACTLY correct. Thank you for making this point for me. I, like many others, first misunderstood the referral system of Lending Club. They seem to be a little sneaky with the whole use of the word "borrower" and "lender". You would think that they would be happy to get any new members to the site and offer you an incentive to do it...though, those bonuses would add up really fast. The reason why I stated in the OP that I didn't get the bonus was because of the confusion the "invite" section caused. Trust me, I'd love to be getting $25 a pop! lol
Technique
Senior Member
posted: Mar. 29, 2009 @ 11:08a
Edited the quick summary section to include that only residents of certain states are eligible:
At the moment, individual lenders can invest in Notes if they are a resident of one of the following States: California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Louisiana, Minnesota, Mississippi, Montana, New Hampshire, Nevada, New York, Rhode Island, South Carolina, South Dakota, Utah, Virginia, Washington, Wisconsin, West Virginia, and Wyoming.
Technique said: Edited the quick summary section to include that only residents of certain states are eligible:
At the moment, individual lenders can invest in Notes if they are a resident of one of the following States: California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Louisiana, Minnesota, Mississippi, Montana, New Hampshire, Nevada, New York, Rhode Island, South Carolina, South Dakota, Utah, Virginia, Washington, Wisconsin, West Virginia, and Wyoming.
Edited as well to more clearly state the terms of the offer.
So has everyone been entering their SS number while enrolling (I know its required) just a little iffy about entering it.
gregorpb
New Member
posted: Mar. 29, 2009 @ 12:59p
So I'm new here, but thought I'd add that I've read a bit about Lending Club and it seems like a great idea. You can review the notes you invest in and give to people/causes you believe in, such as helping someone start a business or make a home downpayment or consolidate their debt. With the $50 sign-up bonus, you can start investing without risking any of your own money. This seems like a no brainer to me.
newbietx said: So has everyone been entering their SS number while enrolling (I know its required) just a little iffy about entering it.
Yes, it is required. When you think about it, it really is there to protect you. In order to borrow, they have to check your credit score, and they also want to make sure it really is you, and that you only have one account. Also, it is necessary for tax purposes...kind of think of it as the "people's bank" lol.
Technique said: Any minimum time requirements or can you simply withdraw and close the acct after getting the bonus?
As far as I know, you can withdraw the money. Would love someone's feedback once someone has done it though!
Skipping 211 Messages...
kjgco
Senior Member - 1K
posted: Mar. 13, 2010 @ 8:00a
vstrt said: Did anyone get a 1099 from lending club???I don't recall receiving any notification (and a couple of accts did receive more than $10 in interest), but if you log in and select Statements; then click Year-End Statements. You should then be able to access a pdf file with the relevant info.
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