P2P lending will change the world! Banks make too much money!
In an effort to better understand the entire marketplace, I have decided to signup and start a small portfolio at LendingClub. My screen name at Lending Club is RateLadder…
I guess I am just not hip, because for me it took the off facebook launch to push my into action.
The signup process as a lender was fairly straight forward.
- Fill in your general information.
- Choose lender or borrower (not both).
- Agree to some basic agreements.
- My identify was verified automatically.
- Enter bank account information.
- I am waiting for my confirmation deposit to very my bank account.
- After I verify my bank account, I will make a deposit
- The fun begins.
As much as I love p2p lending, I am a little nervous joining a new company. So far the experience has been clean and bug free, if it continues to be so particularly in the areas of accounting my nervousness will subside. The Lending Club marketplace is smaller and thinner than the Prosper marketplace. With larger marketplaces I feel there is less of a chance of imbalance. My early days in Prosper felt like the wild wild west (sometimes they still do).
Anybody interested in discussion about Lending Club (or any of the other p2plending sites) please join me at the P2P No Bank Forum (independent forums for all P2P lending sites).
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