Lending Club Loan Is Fully Paid Off!

I have finally finished paying off a loan and  I am very happy with the results. This means I am one step closer to being debt free and achieving financial peace with myself.

I took a loan with Lending Club about one year ago so that I could consolidate my high interest credit card debt at a lower rate. I had credit cards with interest rates of 19% and 21% and got a loan with Lending Club at 8.63% which allowed me to save money in fees and interest payments.

I finally made the last payment in March of 2009, which is one year from the starting date of the loan. Here is the snapshot of the final standings on the account (click to view larger)

paidofflendingclub

As you can see I would have $458 left to pay on the account if I had continued making the minimum payments every month. This is a significant amount of money that I saved just by paying off the loan early and while it means that I have less available income every month, I now have the freedom to use any extra money to pay off other bills.

I am currently a lender at Lending Club because I was so impressed with the service and the opportunity to pay off my debt at a lower rate. If you would like to lend at Lending Club and get some passive income leave me a comment or send a message through the contact form and I will send you an invitation where you can get some bonus cash for signing up.

Author: Lulu

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7 Comments

  1. I actually invested in your loan when you posted a year ago that you were getting it. At that time, I was just testing the concept. A year after, I’m a happy lender mostly due to borrowers like you. I’ve had a handful of defaults and late loans, but overall, I’m very impressed with the quality of borrowers. I think I speak for all lenders when I say “thanks for being a model borrower in the Lending Club community”.

    Post a Reply
    • Thank you for being a lender in my time of need!!!!!! 🙂 I hope you find more people who pay back their loan so you will be encouraged to keep lending.

      I am happy with the loan I got….happier that I could pay it off early and still save on interest.

      Post a Reply
  2. Total congrats are in order. I hope you pat yourself on the back nice and slowly. Do you think that using a well-scripted and practiced round of phone calls to lenders to get interest rates lowered, or doing a zero percent balance transfer would be just as good as Lending Club?

    Post a Reply
  3. I’m interested in being a lender in the Lending Club

    Post a Reply
    • There are links at the top of the blog that you click on to become a lender.

      Post a Reply

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