Lending Club Review 1st payment

Well I have not updated this blog in a long time. But, I wanted to wait until I got my first payment. I did today. So far so good. I'm earning an average of 18.63%. That is way better then the bank would ever do.

Lending Club Review

I now have three official Lending Club loans out. The total amount that I have invested is: $600.00. It is very exciting. The money is earning interest on a daily basis. I have three loans out at: 15%, 19% interest, and 21% interest. That is at least 10x more then the bank would ever give on a CD, and about the same versus a US bond investment.

As always, i'll post the links for bonus opportunities for potential investors:


I have another great offer for potential investors. If you sign up and invest $500, you will receive a $50 bonus (10% bonus if you do the math). If you sign up and invest $2500, you will receive a $100 bonus.

Lending Club $100 bonus
Lending Club $50 bonus

Lending Club bonus

My second Lending Club loan is now offical.

I have another great offer for potential investors. If you sign up and invest $500, you will receive a $50 bonus. If you sign up and invest $2500, you will receive a $100 bonus.

Lending Club $100 bonus
Lending Club $50 bonus

“By the time a man realizes that maybe his father was right, he usually has a son who thinks he's wrong.” - Mark Twain

Lending Club default rate

Loan #1 has now earned: $1.11 in interest since 09/11/2010. Pretty nice.

Loan #2 is now 100% funded and awaiting to become the second fraction of a loan that I own. (say that 5 times fast). Very exciting. I assume it will become official this Monday.

By the way, follow me on twitter, and digg me on digg.com.

I am going to re post this fact:



Another question I know people are asking is: "What is the default rate on Lending Club Loans?"


Answer:

The overall annualized default rate since our inception in 2007 has been below 3%. Our stated returns to investors is measured after taking into account that default rate. Our default rate remains low because we are very diligent in both our selection criteria and our collection activities. Since inception, we have been approving less than 1 in 10 loan requests submitted to Lending Club. You can monitor the defaults and delinquencies of loans funded through Lending Club by reading our SEC filings at www.sec.gov and on our Statistics page.

Lending Club default rate statement

If you sign up under my referral link and have an initial investment of $500 or more, you and I will each earn $50. If you invest exactly $500, the $50 you receive is a 10% bonus if you do the math. Not bad. Do your own due diligence when investing, I am not responsible for your investments, nor am I employed or paid for advertisement in any manner by Lending Club.

Learn more here.

So far no real updates. Loan #1 has earned $1.09 interest since 9/11.

Loan # 2 is 90% funded at $18,000. This loan is very exciting. By next week I will own a fraction of two loans. That is a pretty cool feeling at 20 years old. But now comes the waiting game. But investments take time.

It's very interesting to see how you can make your money work if you just learn about the options available to you. So far P2P lending has been great. It would have taken me nearly 6 months to earn $1.09 in interest in my "interest work perks checking account."


Another question I know people are asking is: "What is the default rate on Lending Club Loans?"


Answer:

The overall annualized default rate since our inception in 2007 has been below 3%. Our stated returns to investors is measured after taking into account that default rate. Our default rate remains low because we are very diligent in both our selection criteria and our collection activities. Since inception, we have been approving less than 1 in 10 loan requests submitted to Lending Club. You can monitor the defaults and delinquencies of loans funded through Lending Club by reading our SEC filings at www.sec.gov and on our Statistics page.

Lending Club default rate statement

If you sign up under my referral link and have an initial investment of $500 or more, you and I will each earn $50. If you invest exactly $500, the $50 you receive is a 10% bonus if you do the math. Not bad. Do your own due diligence when investing, I am not responsible for your investments, nor am I employed or paid for advertisement in any manner by Lending Club.

Learn more here.

Loan #1 has so far earned $1.09 in interest since 09/11/2010. I receive my first payment on October 11th.

Loan #2 is now 80.00% funded at $16,000. I predict that by Sunday night it will be completed in funding and be the second, of hopefully many loans that I own a percentage of in the near to distant future.


I have noticed through my blog statistics that more and more people are reading my blog either through in person referrals or my twitter account.

"Instead of your children or friends having to teach you about P2P lending in 5 years when this industry explodes, be the one who teaches them."

As always i'll post my referral link:

If you sign up under my referral link and have an initial investment of $500 or more, you and I will each earn $50. If you invest exactly $500, the $50 you receive is a 10% bonus if you do the math. Not bad. Do your own due diligence when investing, I am not responsible for your investments, nor am I employed or paid for advertisement in any manner by Lending Club.

Learn more here.