Lending Club Review, Peer-to-Peer Lending
Lending Club is a social lending network that lets borrowing members borrow money through personal loans, and lending members fund these loans by investing in Notes. Each Note corresponds to a portion of a borrower loan.
To learn more about how this system works, please read Introduction to Peer-to-Peer Lending.
Lenders can fund borrowers selected for their good credit.
- 14% of loan applications approved to date.
- Low default rate. < 3% after 18 months.
- Free, fast, easy sign-up. No hidden fees.
- Offered by Prospectus and Supplement.
- Click here to start lending at Lending Club
Borrowers with good credit can bypass the banks for better interest rates.
- Rates start as low as 7.88% APR fixed rate
- Borrow from $1,000-$25,000.
- Free, easy sign-up. Get funded within days.
- Secure & safe. Your privacy is protected.
- Click here to start borrowing at Lending Club
User Rating
(5.00 out of 5, 5 votes)
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I became a lender based on a post you did a year ago. I think it is a great concept and I’m looking to invest more. I got 1 loan that is in default, but the other 44 I made are in good shape. Overall, I’m making a good 12%. Thanks for the recommendation.
@Fay – Thank you. I have one default as well, but after looking at the portfolio carefully, it’s one of the worst credit rating loan I am carrying. Just like anything else, credit rating matters a lot. From now on, I am sticking to higher grade loans (A and B). Otherwise, the return has been terrific.
I highly recommend using Lending Club. I consolidated my high interest credit card and auto loan debt through them and am saving over $500 because of it.
As far as investing… the returns are phenomenal! I am not currently investing because I am focusing on debt repayment. But in about 6 months I hope to begin investing through LC quite heavily. It is a very solid investing option right now… especially in this down economy!
I have been getting steady 12% returns with Lending Club. So far, much better than my experience with Prosper, and I definitely recommend trying it out.
Here is my review:
http://www.mattsilverman.com/2009/08/lending-club-review.html