Friday, February 22, 2008

Instant 5% bonus becomes nearly 12% for one Lending Club lender

Odnal has been a lender on Prosper for awhile and recently started lending with Lending Club when they offered 5% bonus for lenders who invested more than $5,000 by February 3rd. Most of his loans have finally funded and he is very happy with the results. He provides a report on his blog:

"...I managed to get the minimum $5,000 invested in a portfolio, as well as an extra $375 from loans that had expired and I resubmitted. The bonus was based on how much you submitted, regardless of whether or not the loans got fully funded and approved or not. That means, the bonus was based off of my portfolios totaling $5,375 for a bonus amount of $268.75.

...When all is said and done, I will have $2950 in loans with a bonus of $268.75. That means, instead of just a 5% bonus, mine ended up at 9.11% of the loans that got funded. If I count my $75 in referral fees ($25 for signing up, $25 for referring my wife, and $25 in her account), I’ve already earned 11.65% on the money I have lent.

So far I like Lending Club."

I seriously considered lending $5,000 but let the time run out. I regret not taking advantage of the 5% bonus offer now. Lending Club - please bring it back!

1 comment:

Odnal said...

I was surprised that more people didn't take advantage of the offer. At 5%, it was a pretty good deal. At 11.65%, its immediately 3x better than most money market savings accounts would have offered.