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.
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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?