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Lending Club

stickb0y89 10 June 26, 2012 at 02:28 PM
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Has anyone used Lending Club? I have some outstanding CC debt with fairly high interest rate. I recieved an offer in the mail from lending club to cut down my interest rate. I read online that its a peer to peer lending service and is pretty good.

28 Comments

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#2
They have an offer where you get a $100 amazon GC for taking out a $2k loan + $10 fee.
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#3
Quote from flatlight View Post :
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?
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#4
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.
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#5
I have a 5 iron you could borrow.
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#6
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.
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#7
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
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#8
Quote from chyamor View Post :
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%
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#9
I am not looking to take one out, I am looking to invest
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#10
Quote from chyamor View Post :
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
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#11
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
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#12
Mint is promoting this. I am considering investing. Any updates from those with experience with it?
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#13
Looks like it's only available in certain states. Frown I was going to try it out, and invest enough money to get a $100 sign up bonus.
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#14
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
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#15
Lending Club is legit. Lots of borrowers use it, lots of lenders use it. I've invested with it for 3+ years and while I have had some defaults, my real rate of return is ~8%.

Go for it.
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