Lending Club is a p2p lending site that matches lenders with borrowers. Lending Club loans have fixed interest rates with average loan durations of three years. Borrowers have to go through a rigorous credit check and grading process before they can start receiving loan requests. Lending Club claims to have high credit standards and they turn away a lot of too-risky borrowers. Other p2p lending sites include Zopa, Prosper and Kiva.
Lenders have some attractive interest rates. This is more secured as Borrowers will need a FICO score of at least 660 with a debt-to-income ratio (excluding mortgage) below 25%.
I have been using LendingClub since on year and have been getting 12% interest on the amount. I didn’t have any late payments till now.
LendingClub has finished their SEC filing and now all loans you take on can now be sold on a secondary market at FOLIOfn, so if you need your money back it is possible.
Free $50 Lender Bonus
As a new promotion with LendingClub, if you click through this specific link and sign up as a new lender, you can get a $50 bonus. There is no credit check and you don’t have to deposit anything. After you are approved, the $50 should show up in your account balance, and you can lend it out immediately however you like.