Latest responses to “Lending Club Review - Social Network Peer Loans and Borrowing” Copyright 2012, MoneyBlueBook.com 469990 2011-01-29T21:45:30-08:00 jkhdasjd please disclose details of your relationship with Lending Club - This review smacks of sponsorship. 436990 2010-05-04T18:43:10-07:00 Richard What's to prevent someone from withdrawing the money from the bank where all that money is located? All these details should be made public to the potential investors...details which I have not seen, yet. What is the name of the institution where the money is invested while it's awaiting for people to makes loans? As we all know, there are people in jail today for stealing other people's money. One is never too careful! 436800 2010-01-05T07:17:03-08:00 Donald Baliszewski Is Lending Club FDIC ? If money placed in savings/CD where is the money deposited if only web based ? Thanks Don 436960 2009-11-25T15:14:35-08:00 Charles I would like a disclaimer on this site as to how much income you are receiving from Lending Club. You list it as the top choice for online savings and make no mention anywhere that it is not FDIC insured and, in one page, actually indicate that it is FDIC insured. "All of the online banks listed below have indicated that they are fully FDIC insured..." Yes, your cash holdings are in an FDIC insured bank, but that's not where you make the interest you indicate. I also notice this review is a glowing review with little mention of the downsides and risks. The only reason anyone goes to Lending Club for a loan is because they have been turned down everywhere else. I notice all of the links have associated ID values, so I assume you are receiving a payment for links to the site. You should disclose that in your review. 436980 2009-11-23T14:12:52-08:00 agency collection The biggest Scam now is that Credit card companies are feeding on consumers with scar tactics about credit fraud. I have been in the credit industry for 20 years and credit fraud is no more common than it was then. The difference is that 3million scared consumer X 6$ per month turns into a 72 million dollar industry alone per card company. 436970 2009-10-24T13:58:10-07:00 steve I tried out Propser Early 2007 After invested over $8000 and I'm still short from break even. I did have 30-40% loans in C or D rated loans. 436940 2009-09-07T22:01:20-07:00 Peter Jim- I Googled Lending Club review and found this blog post as well. I've also tried to sign up for Lending Club for myself as someone who lives in a state that doesn't qualify for Lending Club as of yet. I know the company is expanding the number of states involved but right now, my state doesn't qualify for it. I haven't been able to find a loop hole either. I think the only thing we can do right now is either wait for Lending Club to get the proper paper work for all states to qualify for the P2P offer, or in the alternative, you might want to try piggy backing off a friend or relative who lives in a qualifying state. My parents live in a qualifying state for Lending Club purposes so I basically used them (with their permission of course) to invest in P2P loans. Being able to earn a fairly steady APY interest rate of 9.00% has been pretty sweet! Another idea is to use one of the other P2P social loan companies like Prosper. While not as good as Lending Club from what I hear, I think they offer more qualifying states...but don't quote me on this! 436870 2009-09-05T15:28:51-07:00 Jim Hi Ray, it seems not anyone could sign up for lending tree. It limits registration to certain states according to the FAQ's: (Lending Club's current list of qualified states) Any easy way around this? 436950 2009-09-01T23:45:21-07:00 Robert Humburg Okay I got hurt 5 years ago and have been digging out of debt since then. I was hospitalized for 1 year unable to work or even walk. Meantime my credit went to hell in a hand basket. I have a steady income now that comes every month and I am trying to get a loan for 3k to finally get caught up on my past due bills. Well Prosper and lending club wouldnt even consider me and banks laugh at me along with credit unions. I am willing to borrow 3k for 2 years and will pay 14.5 interest which is what a bank would charge if they would loan me the money. Question now is where can I go to get this loan and get back on my feet? I have direct deposit so it would come out of my bank account the 3rd of every month. 436840 2009-03-31T18:07:20-07:00 irene More detail please, if you would... How does LC evaluate a debt to income ratio (excluding mortgage) below 25%? What does this exclusion apply to? Application for a mortgage loan or exclusion of mortgage debt from the 25% requirement? Thx