Last month, peer-to-peer lending website LendingClub reached $50 million in issued loans. This month, they are expected to get their 25,000th registered investor, and are going to give that lucky lender $2,500 cash. The rules:
* To enter the contest simply open a free investing account by completing all three steps of the investor registration process: create a password, verify your identity and link your bank account
* No purchase is necessary to win
* The winner will be announced after October 31, 2009
$25 New Lender Bonus
In addition, you can still use this special $25 lender sign-up link to get a free $25 to try it out with no future obligation. There is no credit check and you don’t even have to deposit anything. After you are approved, the $25 will show up in your account balance, and you can lend it out immediately. You must reside in a state that allows such investments.
Want to learn more? See my previous posts on LendingClub. I’ve invested in everything from someone’s $38,000 house to a taiko drumming training center.
The Best Credit Card Bonus Offers – March 2024
Big List of Free Stocks from Brokerage Apps
Best Interest Rates on Cash - March 2024
Free Credit Scores x 3 + Free Credit Monitoring
Best No Fee 0% APR Balance Transfer Offers
Little-Known Cellular Data Plans That Can Save Big Money
How To Haggle Your Cable or Direct TV Bill
Big List of Free Consumer Data Reports (Credit, Rent, Work)
I’m trying to fully understand lendingclub’s lender fee schedule, it says on their site:
“The service charge paid by lenders is one percent (1%) of all amounts paid by the borrowers to Lending Club.”
if a borrower takes out a loan for say 10k, then repays it a month later with one payment, would then lending club charge lenders 100 dollars? That would be more then the interest the lenders make that month, making it a loss to the lenders…
along the same lines, from lendingclub’s website: “The 1% service charge impacts the lenders’ annual returns by less than 1% because it is not an annual charge. ”
if they charge 1% of all money that is paid by borrowers, can someone explain the math to make the above claim valid? (suppose a loan that is paid on time every month for the three years)
Done. Just opened my account. I’ve been meaning to try it out, and who knows… maybe I win $2.5k for just opening my account? That’d be sweeeet! Wonder what investor number I was… do you know how close they are?