Maybe you’ve been following my Lending Club experiment for months, or you’re just hearing about how to invest money with Lending Club now. Either way, I’m sure you’re intrigued by the idea of a free $64.62 bonus!
Why $64.62? According to the email Lending Club sent me, it’s because “last quarter, banks made $6.462 billion in profits and we doubt either you or your friends got a share. With Lending Club you will.” I’ve had an overall pleasant experience with Lending Club, despite one of my borrowers declaring bankruptcy. And why doesn’t that bother me? Because the money I lent that borrower was bonus money!
I took advantage of an opportunity not unlike this one and put Lending Club’s money at risk. It’s great to be able to try out their service without feeling like my own money is on the line. It’s given me a good enough taste that I’m confident in putting my own money in (at a later date). If that sounds like something you would want to do, here’s what you need to do:
- Read through my Lending Club Experiment archives to familiarize yourself with the process – it won’t take you long to read it!
- Sign up for online investing with Lending Club. Important: when you get to the “Referred by” field, you must enter kgazette to get your bonus. If you leave this field blank, you will not get your $64.62.
- Link a bank account. You do not have to transfer any money, and they’re not going to take any money without your permission, but you must link a bank account to get the bonus.
- You’re done! Now to invest…
This is where you have to pay attention to some of the rules.
If you don’t meet Lending Club’s location or income requirements, you can invest using their FOLIOfn trading platform. This is where you can buy notes that other investors wish to sell. People might be selling because they want to spend the money in their account, or for a variety of other reasons. Yes, some people are trying to unload bad loans, but that just means you have to spend a little time reading before you buy! (More about this in a future Lending Club Experiment post.)
If you do meet the location and income requirements, you can invest directly in peer-to-peer loans. You can learn more about this by reading my Lending Club Experiment archives.
This offer expires December 31st 2009, so don’t wait!