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Lending Club Personal Experience
By Hustla | December 22, 2007
A week ago, I wrote about the Lending Club and their $25 bonus when you deposit $1. At first I was a little skeptical about signing up to Lending Club, but I found that they are legit after doing a little research. They have been featured in Business Week, Barron’s, and the Street.
The main reason I want to sign up is because of the bonus money. From the website:
When you refer friends to Lending Club and they become borrowers or lenders, we will deposit a bonus into each of your Lending Club accounts. You will each earn:
* $25 when your friend successfully submits a loan application
* $25 when your friend opens a lender account with $1-$999
* $50 when your friend opens a lender account with $1,000 or more
Here’s what to do:
- Go though this Lending Club link
- Fill in your name, email, password, and make up a user ID.
- Verify your identity
- Add your bank account and wait them to withdraw an amount less than $1
- Wait for a few days, and verify the amount that has been withdrawn.
- Deposit the amount you want. $1000 in order to get a $50 bonus or $1 to get $25 bonus.
- Bonus show up 4 days after the initial deposit.
My experience has been a positive one. Since I have $1000 in my account that I don’t need, I went ahead and deposit the $1K in order to get the maximum bonus money. If you don’t have the $1K, then deposit $1 to get your $25 bonus. I’m not worry about depositing $1K because I went ahead and withdraw the $1K from Lending Club back into my bank account. I lost a week of interest, but gain $50 bonus. Not bad of a deal. The best part about Lending Club is you don’t even need to lend out any money to get your bonus money. There is also no hard pull on your credit report. Although I recommend to loan out your $50 bonus just to give them a try. You can’t lose anything since it’s free money and the average return is 12.32% (The Street).
I also got $100 bonus for referring people. Again, thanks for signing up through my referral link.
If you are interested in making another $25 bonus, check out my Prosper Review.
Topics: Free Money | 4 Comments »
December 22nd, 2007 at 1:13 pm
Hustla:
Thanks a lot for spreading the word.
We welcome anybody interested in trying out social lending on us with the free $25.
Don’t sign up to just get the $25 and run. Be nice to our small company.
As you said, our platform is currently yielding 12%+ annual return. Not bad, eh?
Rob
December 24th, 2007 at 9:52 am
[...] Lending Club Personal Experience @ My Deals Blog: Here’s something I would like to do at one point but haven’t yet done — a review of a peer-to-peer lending service! ~ooOoo~ [...]
December 24th, 2007 at 3:07 pm
Interesting concept. In your case you may more money on referrals than actually lending the money.
Best Wishes,
D4L
December 26th, 2007 at 8:12 am
[...] Tontines, Arisans and Peer to Peer Lending My Deals Blog wrote a story on him joining the Lending Club, where he mentions his reason for signing up as the $25 bonus the LC gives when you sign [...]