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.
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