Comments on: Lending Club Experiment: Starting Out http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/ Money issues for college students and 20-somethings, without being boring. Wed, 08 Feb 2012 11:22:41 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Andrew Scherer http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-93828 Andrew Scherer Sat, 05 Jun 2010 05:32:21 +0000 http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-93828 @Maveth Actually no, not quite. Lending Club is a money marketplace for people who are actually responsible with their credit. If you're not responsible then you can't play in it - simple as that. Lending money isn't a charitable duty by any means and shouldn't be looked on in that way. @Maveth Actually no, not quite. Lending Club is a money marketplace for people who are actually responsible with their credit. If you’re not responsible then you can’t play in it – simple as that. Lending money isn’t a charitable duty by any means and shouldn’t be looked on in that way.

]]> By: Peer to Peer Lending | Narrow Bridge http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-82918 Peer to Peer Lending | Narrow Bridge Tue, 15 Dec 2009 05:12:42 +0000 http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-82918 [...] a great blog post at Poorer Than You, I was inspired to join my first P2P lending site. I had been intrigued by the idea ever since I [...] [...] a great blog post at Poorer Than You, I was inspired to join my first P2P lending site. I had been intrigued by the idea ever since I [...]

]]> By: Slinky http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71957 Slinky Mon, 02 Mar 2009 15:31:29 +0000 http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71957 @Roger - I think that's because it hasn't yet been approved to operate in those states by the SEC. You may want to continue checking back to see if that changes. I'm just annoyed with the net worth/income limits that prevent me from trying it out. From what I've seen you can go ahead and ignore them, but you're pretty much screwed if anything ever goes wrong because you haven't followed the terms of the agreement. @Roger – I think that’s because it hasn’t yet been approved to operate in those states by the SEC. You may want to continue checking back to see if that changes.

I’m just annoyed with the net worth/income limits that prevent me from trying it out. From what I’ve seen you can go ahead and ignore them, but you’re pretty much screwed if anything ever goes wrong because you haven’t followed the terms of the agreement.

]]> By: Weekly Wrap Up February 20-28 | Personal Finance Firewall http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71890 Weekly Wrap Up February 20-28 | Personal Finance Firewall Mon, 02 Mar 2009 02:47:48 +0000 http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71890 [...] about everyone is trying Lending [...] [...] about everyone is trying Lending [...]

]]> By: Roger http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71779 Roger Sun, 01 Mar 2009 03:46:44 +0000 http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71779 Interesting thing I've learned: apparently, Lending Club has a policy of not allowing Pennsylvania residents (as well as residents of more than half the States in the US) to buy notes directly. But, it seems there's no restrictions on buying resold notes (weird, hunh?) So, I'm currently trying to figure out the note trading system, which looks rather more complicated than the direct purchase system. So, yeah. Interesting thing I’ve learned: apparently, Lending Club has a policy of not allowing Pennsylvania residents (as well as residents of more than half the States in the US) to buy notes directly. But, it seems there’s no restrictions on buying resold notes (weird, hunh?) So, I’m currently trying to figure out the note trading system, which looks rather more complicated than the direct purchase system. So, yeah.

]]> By: Maveth http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71671 Maveth Sat, 28 Feb 2009 03:32:15 +0000 http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71671 I only make this rant because my credit score is 10 points under their minimum, even though I never make a late payment and I need the loan to fix my car to earn money to pay my credit cards so that I won't miss any payments. Double edged irony stabs me in the ass every time. I only make this rant because my credit score is 10 points under their minimum, even though I never make a late payment and I need the loan to fix my car to earn money to pay my credit cards so that I won’t miss any payments. Double edged irony stabs me in the ass every time.

]]> By: Maveth http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71670 Maveth Sat, 28 Feb 2009 03:30:11 +0000 http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71670 I hate places like these. They have a set credit limit policy that makes it impossible for people who actually NEED the loan to post. I realize it's to protect people from deadbeat borrowers, but if the point of getting a loan is to help you get out of debt, of course your credit score is going to be less than perfect. The only reason to go to a personal lender site is if the bank won't lend you the money, but apparently neither will the personal lenders. I hate places like these. They have a set credit limit policy that makes it impossible for people who actually NEED the loan to post. I realize it’s to protect people from deadbeat borrowers, but if the point of getting a loan is to help you get out of debt, of course your credit score is going to be less than perfect. The only reason to go to a personal lender site is if the bank won’t lend you the money, but apparently neither will the personal lenders.

]]> By: max http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71563 max Fri, 27 Feb 2009 04:55:51 +0000 http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71563 Great Blog <a href="http://universidade.us" rel="nofollow">:)</a> Great Blog :)

]]> By: Roger http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71526 Roger Thu, 26 Feb 2009 21:58:19 +0000 http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71526 Hunh, interesting offer. I've been considering P2P lending for a while now, but with my recent job loss and other issues, I haven't been able to try it out. I'll have to drop you a line and get an extra $50 to try it out (although, I'll likely put up some money of my own, as well). Hunh, interesting offer. I’ve been considering P2P lending for a while now, but with my recent job loss and other issues, I haven’t been able to try it out. I’ll have to drop you a line and get an extra $50 to try it out (although, I’ll likely put up some money of my own, as well).

]]> By: Jesse http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71440 Jesse Thu, 26 Feb 2009 02:57:33 +0000 http://poorerthanyou.com/2009/02/23/lending-club-experiment-starting-out/#comment-71440 This program is generating quite a net buzz. I am planning an article about my experience with it as well. I wish you the best of luck. This program is generating quite a net buzz. I am planning an article about my experience with it as well. I wish you the best of luck.

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