Lending Club is a source of inexpensive,low interest rate loans. It's a great alternative to the big banks and credit cards. Lending Club has low fixed rates on loans up to $35,000 for anyone who needs money to pay off high interest credit cards or to combine payments into one account. Lending Club is also an alternative to credit cards by loaning money to individuals based on a simple application process and invested in other individuals like you and me.
It's also an excellent investment vehicle for someone who is willing to loan out money to others. It's all private and confidential. No names are any identifying information is used. The borrowing members pay you back your principle with interest each month. You can view the borrowers creditworthiness before you loan them money and determine if they have the ability and credit history to pay the loan back. You can also limit your exposure to each borrow to just a few dollars (generally most people only invest as little as $25 or less into each loan).
You can pick and choose who to invest in based on criteria you decide. For example: no one with a credit score below 700 and debt-to-income ratio above 80%. It's all up to you to determine which loans are good to invest in.
The application to become a lender or a borrower only takes a few minutes and is completely confidential, secure and online.
Find out more
here.
Lending Club respects the privacy of its members. Your personal information, whether you borrow or not and how much you borrow will always be kept totally confidential from other members -- including me.
Lending Club is slightly different if you live in one of these states:
Alabama, Alaska, Arizona, Arkansas, Indiana, Iowa, Massachusetts, Michigan, Nebraska, New Jersey, New Mexico, North Carolina, North Dakota, Oklahoma, Pennsylvania, Tennessee, and Texas.
Read more about P2P Investing through the brokerage FOLIOfn here:
LendingClub Investing with FOLIOfn
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