Comments on: Lending Club Review

By: Mike

Mike — Sat, 22 Aug 2009 14:59:05 +0000

Prosper’s default rates are much higher than Lending Club’s. I have been pretty happy with my LC experience so far. Averaging 11% with no defaults yet.

By: Lending Club Review

Lending Club Review — Sat, 22 Aug 2009 01:12:07 +0000

The relatively small pool of loans to purchase should hopefully get better as the publicity of Lending Club increases. Do you have any experience with Prosper?

By: Lending Club $50 Bonus To New Investors | Frugal Dad

Lending Club $50 Bonus To New Investors | Frugal Dad — Fri, 07 Aug 2009 18:01:02 +0000

[...] posted a couple Lending Club reviews here before, along with the occasional progress report. The last thing I want to do is bombard you [...]

By: Mike

Mike — Mon, 13 Apr 2009 03:24:27 +0000

Keep in mind this is a highly speculative investment as these loans are UNSECURED. Be prepared to invest $$ you can afford to lose. Default rates are about 8% of all loans. Lenders beware.

By: gaurav

gaurav — Tue, 07 Apr 2009 15:17:24 +0000

Thanks Barrett…

By: Barrett

Barrett — Tue, 07 Apr 2009 15:05:33 +0000

There’s no bonus for referring a lender, as far as I can tell (I think I mistakenly said there was above, but it’s only for referring a borrower).

I haven’t referred any borrowers, so I can’t answer your second question on when the bonus occurs.

By: gaurav

gaurav — Tue, 07 Apr 2009 14:47:22 +0000

Hi..
I have another question about their referral scheme, a member gets $25 when he refers a borrower; what does he get if he refers a lender member?

Secondly, what triggers accrual of referral bonus – the referred member’s registration as a borrower or when the referred member posts his first loan request or when the referred member’s loan gets funded? Similarly, what triggers referral bonus in case the referred member becomes a borrower?

By: Osito

Osito — Sun, 05 Apr 2009 17:51:19 +0000

Hi Barrett – I just signed up with your referral, thanks for the 50 bucks! I’m a little nervous about investing my own money right now because I’m worried about the increasing number of bankruptcies. Also, some of the unverified incomes seem suspiciously high – a lot of people earning more than 20k a month. But the extra 50 dollars will go a long way in hedging my bets, especially since I won’t be investing big bucks.

By: Barrett

Barrett — Thu, 02 Apr 2009 12:09:00 +0000

On my invite page it still says “We’ll Pay Your Friends $50 when they become lender members” – so I assume so. I can’t recall if it ever explicitly said anything when I was signing up, but immediately after signing up the referral bonus was there.

By: Gaurav

Gaurav — Thu, 02 Apr 2009 10:45:07 +0000

Are they still giving out the referral bonuses??
I do not see a mention of that on their website..??