Comments on: Lending Club Review – Peer to Peer Lending Site

By: MoneyNing

MoneyNing — Wed, 04 Nov 2009 00:50:37 +0000

Once you invest in a note through Lending Club, you will get payments as the borrower sends them on a predefined schedule. You can also sell your note through folion, which is a open market place for these types of notes. In there, you can buy and sell your notes at any price you wish (face value, above, or below what the outstanding balance of the note is).

As linking, it’s like any online bank account. You set it up and transfer is done through ACH. You can wire money into the lending club account, and I do not believe you can wire money out but ACH works fine for me so far.

By: Jeff Curious

Jeff Curious — Wed, 04 Nov 2009 00:38:39 +0000

I am researching whether or not to become a Lender investor in the club. At this point, I am unclear on how can sell the note or route borrower payments to an external account. (e.g. my personal checking account).

… any insight would be helpful …

Regards cosmo …

By: P-Walk

P-Walk — Tue, 13 Oct 2009 00:05:50 +0000

I am fairly new to P2P lending and the Lending Club, but I see it as a very interesting concept and a new investment opportunity to those investors with less capital to invest who typically only have the stock market to “gamble” in. The quote, “the rich get richer” is so true of our investment opportunities, very little opportunities exist to somebody with only $15,000 to invest. With the Lending Club, somebody can almost become their own bank, pooling equity and investing it through available loans. I am highly involved in the institutional real estate investment world, and rarely would somebody with >$15,000 have the opportunity to invest in a commercial or residential development or opportunistic fund that is our raising capital to take advantage of the next real estate cycle. My question to you investors, would this opportunity interest you??

By: Chris

Chris — Fri, 31 Jul 2009 01:16:57 +0000

Lending Club has a very good track record and so far I’m very impressed. My loans are coming out to be 8%+ and I can’t say that I’m not happy. I wish more people would learn about its service because it’s clearly a better way to invest than those stocks that seem to go up and down without merit.

By: Dan

Dan — Tue, 28 Apr 2009 21:39:26 +0000

I’ve had only positive experiences, but it’s a new development, and like all new technologies it needs to further develop and reach critical mass…

By: Lender

Lender — Fri, 17 Apr 2009 04:04:29 +0000

There’s really no buyer for your notes, unless you sell for a loss. Recently, the number of people lending money have dropped off drastically. As for you paypal deposit, you have to use it all with LendingClub or they’ll lock your account out. Imagine that, having your account locked out when it’s not even in the contract.

A company that makes up new unadvertised rules with your money. You decide.

By: Diggy

Diggy — Sun, 12 Apr 2009 20:43:05 +0000

The stock market is going gang busters the last few weeks but Lending Club for me was about diversification. Like others, I’ve been getting unbelievably high returns so it’s all good so far.

I would definitely check it out and hopefully Lending Club stays profitable in the future because i’m loving it!

By: K-Van

K-Van — Sat, 28 Mar 2009 13:28:57 +0000

MoneyNing:
I wish you had done this review a year ago when I was trying to decide whether to try Prosper or Lending Club. I ended up picking prosper for being the oldest and largest. Not doing bad there, have several defaults, but all-in-all, I’m making around to 3-4%. I then moved to Lending Club when Prosper decided to shut down last year. Much better selection of loans. I know this is a matter of preference, but I love the fact I don’t have to bid to lend to somebody, and I much rather invest in better borrowers, than spend tons of time picking and choosing. I’m averaging 12% after 6 months, only 1 default out of 100+ loans.

By: dk from lendingclub

dk from lendingclub — Fri, 27 Mar 2009 20:38:33 +0000

@NHMatt – Javelin Research did a very detailed investment analysis of us a few months back, analyzing our default rate from real data. You can find the report on the homepage. It’s pretty extensive reading, but really gets into the nitty gritty calculations.

Also, our minimum FICO score is 660, we really focus on listing high quality borrowers.

DK
Product Ambassador
lendingclub.com

By: NHMatt

NHMatt — Thu, 26 Mar 2009 20:38:42 +0000

I thought prosper.com was attractive when I first signed up, but then the bottom dropped out. After 2+ years of lending, I’m just ahead of breaking even. I wonder if Lending Club will be any better in the long run.