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Peer-to-Peer Lending

Net Worth Update: November 2012

Net Worth Update: November 2012

I’ve been testing out some new money tactics, with the goal of getting my net worth up to $0 by September 2014. But November, the month of a big charity event and the lead-up to Christmas, is a tough place to start. How am I doing? Change: +$379 or +1.76% Upwards! But not upwards “enough” […]

Get $64.62 to Invest with Lending Club

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 […]

Lending Club: One of My Loans Defaulted

Buzz kill time! After five on-time payments, one of my Lending Club loan borrowers has just stopped paying the bill. I’d hoped this wouldn’t happen (of course I hoped this wouldn’t happen!), but it is sort of interesting to see how Lending Club handles it when someone stops returning their phone calls (literally). When I […]

Lending Club: First Payments Received

Lending Club: First Payments Received

Late in February, I decided to start experimenting with Lending Club by investing the $50 bonus that was deposited into my account when I signed up (using a referral link). I chose two loans, which were issued and entered repayment. Last week, I received the first payment from each loan! You can see a snapshot […]

Lending Club Experiment: Loans Issued

Lending Club Experiment: Loans Issued

Last week, I started up my Lending Club Experiment: to take the $50 bonus given to me for becoming a lender at Lending Club, and use it to test drive the service. It’s a hot topic – I can tell because I received a slew of emails asking me for referrals to get $50 bonuses. […]

Lending Club Experiment: Starting Out

Lending Club Experiment: Starting Out

Those of you who have been following the site for a long time will remember that I used to be a member of (and cheerleader for) the peer-to-peer (p2p) lending service Prosper. A little while ago, Prosper voluntarily halted its operation while it seeks to become registered with the SEC. I never got around to […]

Get Paid for Turning Your Friends Into Loan Sharks (or Debtors)

Ok, I’m just kidding about the loan shark thing. Most of you have surely heard of Prosper before, but in case you haven’t, here’s the quick rundown: Prosper is peer-to-peer lending, often called “the eBay for loans.” You can go on there as a borrower and apply for a loan, and lenders will bid on interest […]