Comments on: Lending Club Review – Social Network Peer Loans and Borrowing

By: Donald Baliszewski

Donald Baliszewski — Tue, 05 Jan 2010 11:17:03 +0000

Is Lending Club FDIC ?
If money placed in savings/CD where is the money deposited if only web based ?

Thanks

Don

By: Charles

Charles — Wed, 25 Nov 2009 19:14:35 +0000

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.

By: agency collection

agency collection — Mon, 23 Nov 2009 18:12:52 +0000

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.

By: steve

steve — Sat, 24 Oct 2009 17:58:10 +0000

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.

By: Peter

Peter — Tue, 08 Sep 2009 02:01:20 +0000

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!

By: Jim

Jim — Sat, 05 Sep 2009 19:28:51 +0000

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?

By: Robert Humburg

Robert Humburg — Wed, 02 Sep 2009 03:45:21 +0000

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.

By: irene

irene — Tue, 31 Mar 2009 23:07:20 +0000

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

By: Raymond

Raymond — Mon, 30 Mar 2009 10:13:58 +0000

Hi Chris,

Would you prefer if Lending Club had no lender income standards at all? Their slightly higher lending and borrowing standards are what actually sets them a bit apart from their social P2P lending competitors like Prosper. I’m not sure there objective was to help the rich get richer, but rather to create an environment where higher quality and more properly funded lenders can find higher quality borrowers who can make good on their loans.

By: Chris

Chris — Mon, 30 Mar 2009 06:22:12 +0000

Lender Club is joke becase it is making rich people get richer. It is only for lender who makes 70k or more. Not fair who makes less than 70k. I wanted to invest small to grow from that. But no they want to help the rich to make them richer.
Screw Lender Club

By: kim-information exchange

kim-information exchange — Sun, 22 Mar 2009 14:43:51 +0000

Thanks for the great review Raymond!I am currently looking for information about this and find your site really helpful.

By: RateNerd

RateNerd — Wed, 18 Mar 2009 23:58:29 +0000

Great review on LC. of all the peer2peer lenders, who do you think will be the ultimate winner? Zopa, Prosper, LC, Virgin Money etc they all seem to have a different spin on the concept. Your thoughts?

By: high interest savings

high interest savings — Wed, 18 Mar 2009 11:11:36 +0000

I’ve just applied as a cosigner for my son’s college loan. Will it affect my credit score and the amount I’d be eligible to borrow in the future mortgages and home equity loans? (I have a perfect credit history and some mortgage-free properties)

By: Dollar and Dollar

Dollar and Dollar — Wed, 18 Mar 2009 05:02:56 +0000

Excellent review! very detailed and helpful. Thanks

By: Charlie

Charlie — Tue, 17 Mar 2009 11:09:51 +0000

Is this similar to Zopa.com – I know a few people who have used that and been really impressed with it. Would definitely recommend peer to peer lending – expecially with the banks the way they are at the moment. Of course there’s going to be some risk involved but there are measures in place, as with any loan, to minimalise this. Good Post.