LendingClub is running a promotion where lenders that lend at least $5000 by February 3rd, 2008 will receive a 5% bonus on the amount that they lend ($5000 * 5% = $250)… The more you lend the more your bonus… For example, $7,500 * 5% = $375.
Plus by signing up with my referral link you can receive $25 ($50 if you deposit $1000 or more). I would also receive the same amount… Sign up with this link and don’t close your browser until signup is complete to receive the bonus: LendingClub Signup.
I believe your portfolio should have no more that 2% in a single loan. So for me to lend $5,000 I would need 50 $100 loans… At this time there is over 100+ listings at Lending Club so it could be done.
Funds count as lent once a portfolio (or portfolios) is submitted during the aforementioned eligibility period. The loans do not have to be issued by February 3rd to qualify.
As some loans in my previous portfolios have not turned into loans, I had a question on the details and have submitted it to LendingClub…
Do the loans in the portfolio actually have to become loans to count? Or do the portfolios just need to be submitted?
So will I attempt to participate? I would like to, but I am not sure my piggy bank has that many pennies at this exact moment. Things change and if I could sneak in a $5000 portfolio at the deadline I might… However, at this point in time I will continue to add to my p2p lending portfolios in small, ongoing, sustainable chunks. For me slow and steady wins the race. If I had $5K sitting unused I would go for it.
If you are thinking of signing up at Lending Club you might as well get the signup bonus: LendingClub Signup.
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4 comments ↓
5% might sound good but your money is tied up over a period of 3 years. The boost to your ROI would be roughly 2% per year. You would need an amortization schedule to figure out the exact amount.
The 5% is paid immediately… You can even withdraw the money… The 5% is not amortized, but your ROI is… I am fairly confident in p2p lending producing a positive ROI, the question is and will be for some time is what is the expected ROI?
My point was that the reason someone has not lent on the lending club as yet is because the ROI might be too low. Now that the 5% bonus is added to the pot then the total ROI would include that bonus. What I was saying is that the 5% bonus would only raise that total ROI by about 2%.
@pjz
Ok fair enough… If you don’t belive your base ROI will prove out over time I can see your point…
I personally would only invest play money… Some people have more play money than I do.
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