Comments on: Lending Club Experiment: Loans Issued http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/ Money issues for college students and 20-somethings, without being boring. Tue, 24 Apr 2012 13:02:17 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Stephanie http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-73586 Stephanie Tue, 14 Apr 2009 00:18:30 +0000 http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-73586 @Phil low: No, you don't have to recruit friends at all to use the service. You put up a loan listing, and people who are interested will contribute to it. Prosper (a similar service) had a feature where friends could give "endorsements" of you, which might help you loan get fully funded, but you don't have to have any friends on the service in order to use it. @Phil low: No, you don’t have to recruit friends at all to use the service. You put up a loan listing, and people who are interested will contribute to it. Prosper (a similar service) had a feature where friends could give “endorsements” of you, which might help you loan get fully funded, but you don’t have to have any friends on the service in order to use it.

]]> By: Phil low http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-73585 Phil low Mon, 13 Apr 2009 23:54:01 +0000 http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-73585 I think this kind of loan process is somewhat helpful for those who needs money. But you have to recruit friends in order for the club gives you a loan am I right? That's my understanding...Thanks for this. I think this kind of loan process is somewhat helpful for those who needs money. But you have to recruit friends in order for the club gives you a loan am I right? That’s my understanding…Thanks for this.

]]> By: Lending Club Adventures | The Amateur Financier http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-73240 Lending Club Adventures | The Amateur Financier Thu, 26 Mar 2009 05:09:11 +0000 http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-73240 [...] about Lending Club before, but finally decided to take the plunge when I read Stephanie’s review of Lending Club on Poorer than You (which, as a side note, is one of the coolest named blogs out [...] [...] about Lending Club before, but finally decided to take the plunge when I read Stephanie’s review of Lending Club on Poorer than You (which, as a side note, is one of the coolest named blogs out [...]

]]> By: Ashley http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72606 Ashley Sun, 15 Mar 2009 15:36:18 +0000 http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72606 How are you able to do that when in the FAQ it says this about lenders: "In addition, individual lenders who are residents of states other than California must (a) have an annual gross income of at least $70,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $70,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000. Individual lenders who are California residents must (a) have an annual gross income of at least $100,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $100,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000." How are you able to do that when in the FAQ it says this about lenders:

“In addition, individual lenders who are residents of states other than California must (a) have an annual gross income of at least $70,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $70,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000. Individual lenders who are California residents must (a) have an annual gross income of at least $100,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $100,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000.”

]]> By: Sally http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72177 Sally Thu, 05 Mar 2009 17:09:58 +0000 http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72177 Researched a little more for those who are on the tentative side and found a research report on the company. http://www.thedigeratilife.com/images/javelin-2.pdf Hope this people really look at the site a little better. Researched a little more for those who are on the tentative side and found a research report on the company.

http://www.thedigeratilife.com/images/javelin-2.pdf

Hope this people really look at the site a little better.

]]> By: Sally http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72174 Sally Thu, 05 Mar 2009 16:23:31 +0000 http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72174 So I signed up this morning with great ease. I selected two notes without a problem. The site is extremely user friendly. The only problem I am having is after inviting friends to join the website, they become extremely suspious of the offer. Stating it is too good to be true, some even saying it is a pyramid scheme. No matter how I endorse the site, friends are just too scared. I even sent them copies of this blog to show them I'm not crazy. So I signed up this morning with great ease. I selected two notes without a problem. The site is extremely user friendly.

The only problem I am having is after inviting friends to join the website, they become extremely suspious of the offer. Stating it is too good to be true, some even saying it is a pyramid scheme. No matter how I endorse the site, friends are just too scared. I even sent them copies of this blog to show them I’m not crazy.

]]> By: Bosstones http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72135 Bosstones Wed, 04 Mar 2009 11:32:21 +0000 http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72135 I got the referral bonus but had the same problem as MK (my state is not available). But you can invest in the notes (independent of the state) in the secondary market, which is a list of loans already bought by other lenders who want to cash out. i bought a couple at a slight discount. You should check it out. I got the referral bonus but had the same problem as MK (my state is not available). But you can invest in the notes (independent of the state) in the secondary market, which is a list of loans already bought by other lenders who want to cash out. i bought a couple at a slight discount. You should check it out.

]]> By: MK http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72096 MK Tue, 03 Mar 2009 18:20:49 +0000 http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72096 How could I go about getting a referral? I did see the previous post, and have done some thinking about it, and all in all it seems like a great idea! Like you said in your first post, you aren't really losing anything with these loans since this was free money you received from a referral. How could I go about getting a referral? I did see the previous post, and have done some thinking about it, and all in all it seems like a great idea! Like you said in your first post, you aren’t really losing anything with these loans since this was free money you received from a referral.

]]> By: Rich @ richlikeyou.com http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72026 Rich @ richlikeyou.com Tue, 03 Mar 2009 03:18:35 +0000 http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72026 I was going to lend the $ but I cant do it in my state unless I go thru some stake trading site. I havent done anything else with it since then. I will likely cash out if i can and throw it toward my financial goals. I am interested to see how it works out for you though. 13% is a nice rate :-D I was going to lend the $ but I cant do it in my state unless I go thru some stake trading site. I havent done anything else with it since then. I will likely cash out if i can and throw it toward my financial goals. I am interested to see how it works out for you though. 13% is a nice rate :-D

]]> By: Eric http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72000 Eric Mon, 02 Mar 2009 21:19:10 +0000 http://poorerthanyou.com/2009/03/02/lending-club-experiment-loans-issued/#comment-72000 I put my $50 into loans (thanks Stephanie). I pulled in skills from my time working in a bank. I used to look at credit reports and income making loan decisions and I followed similar logic today. I looked at it more as a process of elimination strategy. If someone had high credit card debt (over $10k) or were using a large portion of revolving credit (over 10%) I took them off the list. Next I looked at income compared to the loan payments. I looked at the type of person, why they wanted the money, and if they could afford to keep paying. I ended up with 2 that I hope will keep on paying. I put my $50 into loans (thanks Stephanie). I pulled in skills from my time working in a bank. I used to look at credit reports and income making loan decisions and I followed similar logic today.

I looked at it more as a process of elimination strategy. If someone had high credit card debt (over $10k) or were using a large portion of revolving credit (over 10%) I took them off the list.

Next I looked at income compared to the loan payments. I looked at the type of person, why they wanted the money, and if they could afford to keep paying.

I ended up with 2 that I hope will keep on paying.

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