Comments on: Lending Club $50 Bonus To New Investors

By: Kevin M

Kevin M — Tue, 11 Aug 2009 15:15:37 +0000

I’d like to try this, but it’s not available in my state (MO). Oh well.

By: Alex

Alex — Mon, 10 Aug 2009 08:15:03 +0000

To follow up on above, I emailed tech support and the problem was quickly fixed. Sorry to repost but I don’t like to leave undeserved criticism online in a world where reputation means so much.

By: someitguy

someitguy — Sat, 08 Aug 2009 05:36:45 +0000

On the wealth req. I believe its Securities Law dating back to the 30s. Lending Club is not “safe” investment according to our Govt.

By: almost there

almost there — Sat, 08 Aug 2009 03:09:10 +0000

#1 couldbebetter, the fine print says that there is a regular 1099 tax for sent at year end for the interest earned.

By: Alex

Alex — Sat, 08 Aug 2009 00:24:30 +0000

Why is there a wealth requirement anyway? I don’t see why I need to make $70k/yr (something like twice the average American income) just to lend out a few hundred dollars I could legally blow in a casino.

By: someitguy

someitguy — Sat, 08 Aug 2009 00:22:30 +0000

They don’t enforce the wealth or state requirements. I answered them it still lets you invest.

By: Alex

Alex — Sat, 08 Aug 2009 00:17:07 +0000

I tried twice and the $50 didn’t materialize. I did enter the referral code both times, but I might have made a mistake.

By: almost there

almost there — Fri, 07 Aug 2009 22:01:38 +0000

Darn, I just signed up for lending club prior to the $50 offer. I did send the email along to friends and family. Some balked because the rules said you had to have a high income or net worth. I can see that for borrowers but not lenders. I am conservative with the automatic selection of funds via Lending Match for a and b rated funds only. Cashed in some 5% apy cds and took a loss of 6 month’s interest to transfer the funds to lending club notes. If this works I will just keep rolling over the payments I get back.
Wish I could find a calculator that figures if one starts with x amount and adds y amount per month and reinvests the note payments what the return would be in z years with an average interest rate of whatever %. Too hard to pencil whip the figures.

By: Couldbebetter

Couldbebetter — Fri, 07 Aug 2009 19:31:55 +0000

Just curious. How does all this work with income taxes at the end of the year? Do you receive the proper forms, or do you have to keep track of things yourself?