Personal Finance 

Lending Club New Investor Bonus $64.62

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Lending Club, one of the two most popular peer to peer lending networks, is now offering a $64.62 bonus to new investors that sign up through one of our links before December 31st, complete their registration and link a bank account to their Lending Club account. The bonus funds can’t be withdrawn and must be invested in Lending Club notes.

Until this most recent $64.62 promotional bonus offer, the most they’ve offered has been $50. While they’ve boasted over 9% returns over the last two and a half years, I’ve personally never invested in any Lending Club notes because residents of Maryland are prohibited from investing. 🙁

Lending Club notes are 3-year fixed interest loans. In theory you wouldn’t be able to withdraw the bonus funds for three years, until the loan is paid off, but nothing prevents or punishes a borrower for repaying a loan early. Also, you could always sell the note in the note marketplace or simply hold it and collect interest.

With no deposit requirements, I don’t see a downside in taking advantage of this offer.

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{ 22 comments, please add your thoughts now! }

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22 Responses to “Lending Club New Investor Bonus $64.62”

  1. echidnina says:

    I’ve been interested in Lending Club, but sadly residents of Ohio aren’t eligible either. I’ve heard great things about the program though.

  2. freeby50 says:

    I haven’t tried it myself but apparently there is a way for people in states not covered by Lending Club to invest in their loans. Lending Club has a secondary market for its notes called FolioFn which allows people to trade in the loans. Apparently anyone can buy/sell those and its not restricted to certain states.

  3. Anthony says:

    Jim, I can’t agree with you more.

    I graduated three years ago. I got married and decided to buy a house last year. Now, I am looking to advance in my career (preferably in some other state!). And my wife wants to move home (to where her mom is). If we didn’t buy a house, moving for an advance in career would have been easy (easier). But now, I feel somewhat stuck…

  4. Anthony says:

    LOL… Oops… I had two Bargaineering posts open. I posted a comment to the wrong one! Sorry!

  5. Daniel says:

    Anthony – you will do just about anything for Bargain Bucks, huh?? =)

  6. I can’t get the button to work! Is it me? I tried several times.

  7. Augiebball says:

    Lending Club has been a better experience than Prosper. I’ve been using them both for the past 2 years or so and LC is much better. (My opinion could be tainted though because my only default was incurred at Prosper).

    • Chris says:

      Do you have what you would consider a significant investment there? I am interested in moving funds there but don’t have any experience with them.

  8. daenyll says:

    I just recently started at LC, and I’m waiting to see if the first payments come in. I’m hoping this might be a good place to stash some of the money I’d put aside toward paying for student loans when they eventually come due. In theory I might have better interest from this than what my loans would cost.

  9. lostAnnfound says:

    “Residents of other states can buy notes directly from other members on the Note Trading Platform operated by FOLIOfn, except for residents of District of Columbia, Kansas, Maryland, Ohio, Oregon, Texas, and Vermont, who can neither buy notes from Lending Club nor from other members on the Note Trading Platform”.”

    I live in MA, so I was able to take advantage of the bonus they offered a few months ago by buying from another member, as per the above paragraph.

  10. Dave says:

    I’m in the military stationed in MD and I own a house in MD but my permanent home of record is in AZ. I can’t seem to find any info saying if I am elligible for Lending Club or not…any idea?

    • Jim says:

      I would think that it is based on where you file your taxes. So if you’re permanent home is AZ for tax purposes, that’s what I’d use here.

  11. Michael says:

    I’ve got $25 in Lending Club from about a year ago and have a 9.6% rate of return so far.

    The disappointing thing thing I’ve found is the quality of the applicants. I’d say that 95% of them are people trying to refinance multiple credit cards + home loans + whatever. 2% are “I paid too much for my wedding, help me finance it” and the last 3% range from poor to OK.

    It’s not that those people don’t need loans, but for a small investor the loan applicants don’t give much confidence that they will be repaid.

    Conclusion: I’m happy to play with the $25 bonus I got, but I doubt I’d put in my own money until I have significant more traditional investments.

  12. aua868s says:

    prosper gave me 50 bucks as promotion…will see how the system works and then will think about ivesting more…

  13. Seth @ Boy Meets Food says:

    To confirm what lostAnnfound said, yes you are eligible to purchase loans from the secondary market regardless of the state you live in. When I started, KY was not on the allowed list, but I was able to purchase loans from other members. The only difference is that you can participate in the initial funding. It is very common for people to sell portions of loans early in the payment schedule… sometimes even before the first payment comes in.

    • echidnina says:

      More people can use the secondary market, but not everyone: “…except for residents of District of Columbia, Kansas, Maryland, Ohio, Oregon, Texas, and Vermont, who can neither buy notes from Lending Club nor from other members on the Note Trading Platform”.

  14. Izalot says:

    I had never heard of Lending Club or the concept of investing in personal loans before. I have used Kiva, the micro loan charity organization, for a year now and have been really impressed with people paying back in a timely fashion. Very intreged about the whole concept of investing in personal loans. Is there anybody with negative experiences with the Lending Club or investing in personal loans?

  15. aua868s says:

    lending club’s loss is prosper’s gain….prosper is available in oregon but not lending club..

  16. I have never tried LC, but I HAVE tried Prosper. Quite simply, Prosper SUCKS.

    • echidnina says:

      What things didn’t you like about it? I’ve heard generally better chatter about LC than Prosper, but I hadn’t heard outright bad things about Prosper.

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