I just made a new Lending Club loan this month with the money that has been repaid in interest from past loans. My goal has always been to be able to fund a new loan every month with the money that I get from the repayments, as well as to be able to withdraw some money as income.
I used to withdraw a small amount every week but then I was not left with enough at the end of the month to fund a new loan. I have now decided to begin every month by waiting until there is $25 to fund a new loan and THEN I will withdraw any additional money that comes in.
My goal is to withdraw $10 every week for the last three weeks of the month so that I have $30 in income. Since I just made my first loan this month I have to wait a few days to get enough to withdraw $10 so we will just see how that goes.
Remember that you can join Lending Club as a lender by going directly to their site OR you can use one of my links on the blog and I will get a referral for that!!!!