Lending Club Investors $25 + $2,500 Giveaway

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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.

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

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Comments

  1. 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)

  2. 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?

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