LendingClub Promotion
November 19th, 2008 | LendingClub, News & UpdatesJust 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.
December 11th, 2008 at 5:21 pm
I joined LendingClub now that Prosper is out - only to realize that people in some states can’t bid on loans. The other thing that’s different with Prosper is that they require lenders to make more than $70K/year and have a net worth of more than $70K without counting their property! You might want to mention that to people on your site before they try to sign up.
December 16th, 2008 at 9:49 am
Not exclusive to lendingstats.com; I signed up for the same promotion on mymoneyblog dot com.