Comments on: LendingClub Review: Another Peer to Peer Lending Marketplace

By: Mike S.

Mike S. — Mon, 02 Nov 2009 18:43:21 +0000

Nope, you are mistaken. Lending Tree is a gateway for these guys (lenders) to get business (us).

By: Taylor

Taylor — Mon, 02 Nov 2009 18:32:08 +0000

General comment about all posts – They should be clearly dated. The only way I can tell to determine the original posting date is to look at the comments.

By: Don

Don — Tue, 29 Sep 2009 12:28:04 +0000

I also live in MD and was wondering the same thing.

By: Anonymous

Anonymous — Wed, 05 Aug 2009 20:12:34 +0000

Mike, Lending Club is not the same as Lending Tree. I think you’re confused.

By: Jay

Jay — Thu, 30 Jul 2009 17:12:10 +0000

How did you sign up if you are a resident of the state of Maryland? For some reason MD is not listed in the states….

By: Mike S.

Mike S. — Thu, 30 Apr 2009 19:22:39 +0000

These guys at Lending Club are using the bait and switch tactic to get your business. When i applied for an auto loan on Lending Tree, they responded with a 7.370% fixed APR. This was after verifying all my info and running a credit check. When i followed the link they sent in the welcome email, i once again had to fill out the loan “paper”work on their site. I am sure another credit check was completed, so that’s TWO inquiries on my credit history. And the worst part is they gave me a rate of 12.66%! Plus they charged me $450 (or more) fee for the loan. Great business tactics! Bait and switch like some low-life used car dealer or gray market online electronics store.

By: Brett @ Personal Loan Portfolio

Brett @ Personal Loan Portfolio — Fri, 22 Feb 2008 18:55:01 +0000

Pinyo, I don't think that you will get the $25 bonus unless a person opens an account with $500 in it. You get a $50 bonus if a person signs up with $1,000. I wrote up a detailed explanation of the referral programs of Lending Club and Prosper because they have various time limits and other restrictions. I had to remove the information because I was immediately smacked down in the google rankings for a new site writing too much information about a referal program. Google assumes too much referral program info is spam from a new site. (My rankings recovered after removing the information.) If a largish personal finance blog would like me to guest post the information for your blog, please contact me. "If you think LendingClub borrowers are on the whole “better” than Prosper, I would take a step back and re-evaluate because they will be roughly the same." Overall, the defaults will be lower at Lending Club because they deny a huge amount of loans based on credit risk. Many of the loans that they deny would fund on Prosper. However, for an equivalent credit risk, a borrower on Lending Club will probably have the same default rate as on Prosper. See my post on Lending Club Denying most loans and on the Rejected Loan Statistics.

By: Pinyo

Pinyo — Fri, 22 Feb 2008 15:45:30 +0000

I haven’t got my referral bonus yet, but thank you. I have been looking at LendingClub vs Prosper as I loaned out money. I believe that LC borrowers tend to have better credit profile than Prosper borrowers.

By: Patrick

Patrick — Fri, 22 Feb 2008 14:21:29 +0000

Jim, I’ve got a little bit of money in P2P lending. I only recently started and don’t have anything to report other than how the process works. I think it is an interesting process, and a great place to get loans as a borrower.

For lenders, the opportunity is there, but there are associated risks. For now, I only plan on having a few hundred dollars in place – a very small portion of my portfolio, and something that if I lost entirely wouldn’t make me happy, but certainly wouldn’t break me either.