Prosper.com was the first big name in the person-to-person lending space. Things have been quiet recently, as they took a while getting SEC approval for their investment notes. In addition, the problems with “old” Prosper included the fact that they let just about anyone apply for a loan in the beginning, including people with horrible [...]
Here’s an update for my person-to-person (P2P) lending activity at LendingClub, which are unsecured loans between U.S. residents. It could be to help people pay off credit card debt, home improvements, business financing, or even buying a house. You can think of it as taking out the bank middleman, which pays tiny interest on checking [...]
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 [...]
Here’s an update for my person-to-person (P2P) lending activity, which for me are unsecured loans between U.S. residents. It could be for credit card debt consolidation, car financing, business financing, or even buying a house. You can think of it as taking out the bank middleman, which pays tiny interest on checking account balances and [...]
Many people agree that there should be more personal finance education in school. This is supposed to be one of the keys to making the average person save more money, have less credit card debt, and invest wisely. You know, teach a high schooler the wonder of compound interest and the related trap of credit [...]
While looking for more LendingClub P2P loans to fund today, I ran across a couple that was trying to buy a tiny home called a Lodge-on-Wheels. The current model is 10 ft. by 20 ft. and costs $37,900. I thought it was pretty neat to help fund this loan for people trying to achieve financial [...]
Peer-to-peer lending site LendingClub has a feature called LendingMatch that allows you build a portfolio of multiple notes simply by choosing a desired risk profile. Even though I’ve funded over 30 loans, I never touch the thing. Now, I think in general LC does a decent job rating their loans from A1-A5, B1-B5, all the [...]
I’ve been meaning to post some smaller updates about my ongoing experiences with person-to-person lending at LendingClub, but I decided to wait and roll them up into one larger post. Current Portfolio I now have a total of 32 active loans with $1,122.21 in outstanding principal. Most are A grade, with a few Bs. Here [...]
Back in December, I wrote a detailed review of the “new” LendingClub, a site which lets individuals lend money directly to other individuals and earn 7-20% interest (depending on credit scores). Many of you sent additional questions about LendingClub, and Rob Garcia, Director of Product Strategy, was gracious enough to answer them. I want to [...]
Now that LendingClub has finished their SEC filing and is one of the only P2P lenders currently operating (everyone else either shut down or is in an SEC quiet period), let’s take a look at some of the changes. You are now officially “investing” in notes offered by LendingClub, as opposed to directly “lending” to [...]
I was trying to run some more recent numbers to update my most recent concerns regarding person-to-person loans at Prosper.com. Essentially I was wondering if the loan performance would continually get worse over time. I was curious because it’s one thing to advertise 8-12% returns when the loans are new, but what really matters is [...]
I can’t stop the stock market from tumbling any further, but here’s a quick roundup of promotions by companies willing to pay you to try out their services. None of these listed require even a credit check. Additional information can be found through the links provided. LendingClub $25 Bonus. Just sign up as a peer-to-peer [...]
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