Comments on: Lending Club: First Payments Received

By: Stephanie

Stephanie — Wed, 22 Apr 2009 16:54:51 +0000

@Cody: Yep! Check your email.

By: Cody

Cody — Wed, 22 Apr 2009 14:28:33 +0000

Is there any way to get a referral still? I am intrigued by the simplicity….

By: Lender

Lender — Fri, 17 Apr 2009 03:54:04 +0000

There’s really no buyer for your notes, unless you sell for a loss. Recently, the number of people lending money have dropped off drastically. As for you paypal deposit, you have to use it all with LendingClub or they’ll lock your account out. Imagine that, having your account locked out when it’s not even in the contract.

A company that makes up new unadvertised rules with your money. You decide.

By: cathy

cathy — Wed, 08 Apr 2009 21:50:32 +0000

@Regina: The real concern is whether your state and the feds will consider it tax/investment fraud. Lending Club is registered with the SEC. The reason Lending Club isn’t available in all states is because not all states have agreed LC complies with their state laws.

By: LoveyDovey

LoveyDovey — Wed, 08 Apr 2009 14:19:28 +0000

Awesome to hear it’s going well.

I’m trying it to, and I think this is rad! What I recommend to do is to set up a monthly or weekly deposit of $24 or $24.25, that way when you log into your account, you can lend to another person and keep growing your account. It’s almost like a side savings for me.

By: Stephanie

Stephanie — Tue, 07 Apr 2009 23:25:45 +0000

@Regina – yeah, I would not advise that you misrepresent your state. Again, have a look at the FOLIOfn Trading Platform on Lending Club – it’s slightly different, but from what I can tell, the end result is the same.

By: Regina

Regina — Tue, 07 Apr 2009 22:46:19 +0000

Thanks again, but apparently Lending Club can’t let you invest in notes if you live in Texas.

I chose Alaska just to see if I could fake the state and it didn’t even check it against the city and let me proceed through the process to register as a lender, but I probably shouldn’t misrepresent my residency like that. Maybe they’d ruin all the fun and seize my account if they found out.

By: Stephanie

Stephanie — Tue, 07 Apr 2009 22:04:49 +0000

@Regina – check your email! I just sent a referral link to you.

By: Cathy

Cathy — Tue, 07 Apr 2009 20:34:52 +0000

Hi Stephanie. I usually withdraw my earnings. I transfer back any new funds I want to reinvest in $25 increments. It keeps my accounting cleaner. I can see earnings and contributions easier.

By: Regina

Regina — Tue, 07 Apr 2009 20:06:10 +0000

You wouldn’t happen to have any more referrals, would you?