Lending Club

They have an offer where you get a $100 amazon GC for taking out a $2k loan + $10 fee.

Quote from flatlight : They have an offer where you get a $100 amazon GC for taking out a $2k loan + $10 fee.

info?

Anyone know if Lending club is actually legit and should i waste my time with it?

Never heard of them but looking at their website, they look like all the other high risk lenders. Just read all the fine print very carefully.

I have a 5 iron you could borrow.

I have not personally used them, but I read an in-depth article in Forbes about the site. It is indeed peer-to-peer, where people lend their money via micro-loans to other people through the site, depending on the class of loans (determined largely by credit score it appears), you can receive various amounts of return.

I was actually looking into testing the waters with loans; Forbes was stating it may be a feasible way to get 5-10% return on your money vs. just having it sit in CD's or the market.

can someone please help me figure the following out since my math is horrible.

Whats the formula to calculate how much interest I will earn per month on the following

Invest 1k in $25 note spread across on 6% I.R on a 36 month loan
Invest 1k in $25 note spread across on 6% I.R on a 72 month loan

Invest 10k in $25 note spread across on 6% I.R on a 36 month loan
Invest 10k in $25 note spread across on 6% I.R on a 72 month loan

and lastly

Invest 20k in $25 note spread across on 6% I.R on a 36 month loan
Invest 20k in $25 note spread across on 6% I.R on a 72 month loan

assuming every single one is paid back on time

Quote from chyamor : can someone please help me figure the following out since my math is horrible. Whats the formula to calculate how much interest I will earn per month on the following Invest 1k in $25 note spread across on 6% I.R on a 36 month loan Invest 1k in $25 note spread across on 6% I.R on a 72 month loan Invest 10k in $25 note spread across on 6% I.R on a 36 month loan Invest 10k in $25 note spread across on 6% I.R on a 72 month loan and lastly Invest 20k in $25 note spread across on 6% I.R on a 36 month loan Invest 20k in $25 note spread across on 6% I.R on a 72 month loan assuming every single one is paid back on time

LOL! A 6% IR is way too low for an unsecured loan. even benevolent credit unions charge 8%

I am not looking to take one out, I am looking to invest

Quote from chyamor : I am not looking to take one out, I am looking to invest

i know. 10%+ is available for a tiny increase in risk over notes @ 6%

examples:

https://www.lendingclub.com/brows...ous=browse

https://www.lendingclub.com/brows...ous=browse

https://www.lendingclub.com/brows...ous=browse

I see, I used 6% as a very safe and conservative number just to see how much interest I can make if I was to get involved in lending club

Mint is promoting this. I am considering investing. Any updates from those with experience with it?

Looks like it's only available in certain states. I was going to try it out, and invest enough money to get a $100 sign up bonus.

I invested only $250.00 as a feel out process I felt like if I lose my money then its only $250 and I will give it a shot

I invested in 10 loans in December right now all my accounts are up to date it says I am at 12.13% return with my account total at $256.61

my cash on hand is $14.49 which means next month I will have another $25.00 in cash and can buy another loan having 11 loans out at once then 3 months later buy another loan

I know its slow but I am taking the cautious approach until I can buy 1 new loan a month then I will start withdrawing money get my $250 back in a few years and just play with the houses money