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Lending Club is now available in Maryland, experiences?

tetzaboca 217 14 February 19, 2016 at 07:13 PM
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Hey guys,

I have been interested in lending club for a while and heard they are finally available in my state of Maryland. Considering interest rates have been so low for so long I have been trying to use lending club for a while. Does anyone have any experiences with their automated investing that they would like to share?

Thanks

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Joined Dec 2008
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#2
I have been with Lending Club since the beginning. Just start reading up on some strategies online and go for it. My rule of thumb is to go with a max of investment of $25 in each loan. Provides great diversification.

Have been on auto-investments for 2 years or so now, contribute $50 per month and have a return around 8%.

...now, their stock IPO. Well, that didn't go so hot, lol.
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#3
never done the automated. i like to pick and chose after reading a few articles. i'm averaging about 8% too.
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so i spent time making a signature. only to realize that you couldn't put an image in the signature. please enjoy the link to my signature, assuming it works.

http://imgur.com/FtBghZ2
#4
I recently received a letter from lending club that MD investing was available. Any idea what law changed in MD to allow this? Thx
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#5
don't forget that the maximum amount you can deduct for losses is limited to 3k for tax returns.
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#6
Quote from Averwind View Post :
don't forget that the maximum amount you can deduct for losses is limited to 3k for tax returns.
I hope we won't need to worry about that!
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#7
Quote from mike-d View Post :
I hope we won't need to worry about that!
well depends on how much you are putting in. Just keep in mind that there WILL be charge-offs.
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#8
Quote from Averwind View Post :
well depends on how much you are putting in. Just keep in mind that there WILL be charge-offs.
Lol i still plan on maxing my Roth contribution for the year but i thought I could take some of my savings which is getting less than 1% apy and try it out.
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#9
I've been with LendingClub for about 3 years and I have been earning a little over 8%. Like mentioned above, I also try to keep as many notes as possible to diversify. I would recommend giving it a try.
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#10
Quote from tetzaboca View Post :
Lol i still plan on maxing my Roth contribution for the year but i thought I could take some of my savings which is getting less than 1% apy and try it out.
Just don't put something like 50k, which with charge-offs can easily go over the 3k limit.
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