Just wanted to let everyone know that the kind folks at LendingClub are offering a $25 sign up bonus for new lenders for the month of November only exclusively through lendingstats.com. If your interested click here to sign up. (Thanks Rob)

I have checked out their site and here are some comparisons to Prosper:

• Borrowers are screened more thoroughly. Better quality listings but lower quantity compared to Prosper
• Minimum bid amount is $25 vs $50 for Prosper
• LendingClub has their secondary market running already. Prosper is still in the quiet period.
• User interface seems easier to learn then Prosper’s, however advanced search seems to be lacking
• Similar to Prosper, I think the best credit grades to invest in are B and C

Furthermore, I chatted with Rob from LendingClub to get a feel for the company. Overall a positive experience. Here’s what I learned:

• They filter borrowers before they are approved to request a loan on the site. (90% are rejected)
• There is a credit approval status for each listing, status can be either ‘In Review’ or ‘Approved’. Approved listings many times have their employment and income verified.
• How interest rates are set. From my perspective, the interest rates should be higher to account for the credit environment we’re in.

Overall, I’ll be testing the site out with a small amount of money in the coming months to monitor performance etc.

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