Comments on: Lending Club Loans Reach 8 Figures

By: lulugal11

lulugal11 — Tue, 04 Mar 2008 16:08:36 +0000

I made small loans on Prosper that have just started to pay and I have a couple on Lending Club as well. I only put in $100 total into the two because everyone says you should only put in what you can afford to lose.

I like Lending Club because they gave me a loan to pay off higher rate credit cards and my first payment is due tomorrow.

Some people say that the people who borrow on these sites are bums who cannot get a loan anywhere else…but I am not a bum. I am happy that I got a rate that is lower than my credit cards and I have the money set to pay back my lenders every month.

I guess you can say I love Lending Club…regardless of wht the naysayers think. :-)

By: Lazy Man

Lazy Man — Mon, 03 Mar 2008 18:44:29 +0000

Brandon, you’ve got a point there. I’m not so sure that line of thinking is going to work with my wife.

By: Brandon

Brandon — Mon, 03 Mar 2008 18:26:19 +0000

Unrelated to the post, but I think you may not be able to claim to be a “Lazy Man” with your finances when you do P2P lending, it is totally like 100x less lazy than index funds =P

By: budgets are sexy

budgets are sexy — Mon, 03 Mar 2008 16:42:12 +0000

Thx for the great info Lazy Man! While the whole idea seems a bit scary (as w/ any new concept involving money), I haven’t had a chance to dive right in yet and learn more. So thanks for all the links and articles on here, it’ll def. help to get me started.

By: Lazy Man

Lazy Man — Mon, 03 Mar 2008 15:05:50 +0000

It seems like Lending Club aims to keep many of the low credit borrowers away. Prosper is more open to allowing low credit borrowers, and leaves it up to lenders to price the risk appropriately.

By: Saving Freak

Saving Freak — Mon, 03 Mar 2008 13:20:31 +0000

P2P lending can be a great addition to your portfolio, but be careful. Taking risks with low credit borrowers is not a good way to make money. Just ask the sub prime mortgage people.