Got My Repayments from Lending Club

I recently wrote about how I just Paid My First Loan Payment from LendingClub but now I want to talk about my experiences as a lender.

I set up a small amount of $100 a few months ago to lend out as loans on LendingClub because I wanted to see if I could make some money online in addition to finding ways to save money.

I got everything set up and looked at the various dates that my payments were supposed to come in. Now would only be receiving amounts around 78 cents for each $25 that I lent out because I chose some of the less risky loans that naturally came with slightly lower interest rates.

I logged into my LendingClub account on March 7th and saw that the first payment had come through. This money was available for me to transfer to my Electric Orange account at no cost to me.

Now I did not want to do a transfer for just the 78 cents so I will wait for the rest of the payments to come through and I might just set up automatic payments when it reaches a certain amount (instead of waiting until it reaches $25 like with Prosper).

Author: Lulu

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6 Comments

  1. Hhmm, this is an interesting way to make money. I am VERY intrigued. What is the rate on that loan you gave out?

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  2. The rate on that loan is 8.3% because I was too chicken to go for the higher rates on the riskier loans.

    If you are going to sign up as a lender or a borrower would you PLEASE use my referral link? That way you get a bonus and I get one too! 🙂

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  3. After my post awhile ago on Prosper, someone from Lending Club contacted me. I’m intending to try them out but I haven’t gotten that round tuit yet. I’m going to do a nine day work stretch starting Monday but will be off for five days after that, so I’m hoping to work on it then.

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  4. @ Ryan:
    All the best with Lending Club.So far I am happy with it. Are they offering you a bonus to start up? If not, would you please consider using my referral link?

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  5. Hmm.. sounds interesting! I might be willing to do a few hundred dollars for some research purposes. I love this idea – I’m just not ready to jump in yet since I’m very calculating about it.

    If I do sign up I’ll use your referal link for you. 😉

    Since you have in fact tried both according to your postings do you like lending club or prosper better? I’m leaning toward LC right now.

    PennySeeds.com’s last blog post..Review: Mint.com! Save headaches, and money!

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  6. @ PennySeeds
    I prefer Lending Club just because they gave me a loan. 🙂

    No, really I like Lending Club more because they let you make a smaller loan than Prosper and the interface is easier to use.

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