Author Topic: Lending Club: Has Anyone Heard Of Them?  (Read 11019 times)

Offline Yeki89

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Lending Club: Has Anyone Heard Of Them?
« on: September 05, 2012, 12:17:40 AM »
I was playing around with my mint.com account when they recomended me to use lending club.
1) Did you hear of them?
2) Would you lend them money?
www.lendingclub.com/

Offline CholentTheTraveler

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #1 on: September 05, 2012, 12:25:43 AM »
I was playing around with my mint.com account when they recomended me to use lending club.
1) Did you hear of them?
2) Would you lend them money?
www.lendingclub.com/
I have heard about them and if you want I believe Bloomberg Newsweek had an article on them about 3 months ago. I wouldn't lend anyone there money as it seems like there is a lot of risk.
There are roughly 5 similar sites that I am aware of each has it's own niche. Sofi is a unique concept, you lend money to people attending your old college and in return get a fairly healthy return(as long as they don't default).

Are you looking to lend or loan funds?

Offline Name Changed

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #2 on: September 05, 2012, 12:43:49 AM »
I would not recommend anyone to borrow from them unless your credit is shot, as their interest rates are so high.

Offline Fan of Dan

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #3 on: September 05, 2012, 12:44:04 AM »
I was playing around with my mint.com account when they recomended me to use lending club.
1) Did you hear of them?
2) Would you lend them money?
www.lendingclub.com/
I looked into it once. Seems pretty risky which is why there is a decent return if it works out. You have zero protection and no recourse if they default.

Offline AsherO

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #4 on: September 05, 2012, 01:44:58 AM »
There are roughly 5 similar sites that I am aware of each has it's own niche.

I think prosper.com was first, no?
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Offline Drago

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #5 on: September 05, 2012, 02:24:05 AM »
I think prosper.com was first, no?
I was in on that, but it ended up backfiring. Luckily, I didn't go in too deep.

Offline AsherO

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #6 on: September 05, 2012, 02:25:26 AM »
I was in on that, but it ended up backfiring. Luckily, I didn't go in too deep.

Smelled the rat on that one, I tend to err on the side of caution (read: orange triange, slow moving vehicle lol)
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Offline Yeki89

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #7 on: September 05, 2012, 07:24:23 AM »
i was looking at the lending option.

Offline AsherO

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #8 on: September 08, 2012, 10:11:53 PM »
i was looking at the lending option.

Risky, with no recourse. But if you're (still) willing to risk it, that's your choice.
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Offline CholentTheTraveler

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #9 on: September 09, 2012, 02:57:38 AM »
I think prosper.com was first, no?
When I was doing research a few months back both popped up at the same time and seem connected somehow(which in itself is not a positive thing).

Offline AsherO

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #10 on: September 09, 2012, 03:08:25 AM »
When I was doing research a few months back both popped up at the same time and seem connected somehow(which in itself is not a positive thing).

I don't think Prosper and Lending Club have a business relationship, but they do have similar business models.
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Offline Yeki89

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #11 on: September 09, 2012, 09:38:12 AM »
After further research its too risky

Offline jmail

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #12 on: February 11, 2013, 11:05:54 AM »
Smelled the rat on that one, I tend to err on the side of caution (read: orange triange, slow moving vehicle lol)

What was the issue? Seems that there a range of risks. Obviously these are not as stable as bank deposits or other secured investments, but none of those are going to give you a base 5% return.

Offline Drago

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #13 on: February 11, 2013, 01:08:34 PM »
What was the issue? Seems that there a range of risks. Obviously these are not as stable as bank deposits or other secured investments, but none of those are going to give you a base 5% return.
They had no way of forcing ppl to pay back the loan, nor did it go on their CR (if my memory serves me correctly)

Offline ash

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #14 on: February 11, 2013, 02:16:56 PM »
I have a Lending club lenders acct ..... when i first heard of them they gave you $50 when you signed up and that was a couple of years ago I keep on lending the same money over this is my third round and no one has defaulted on me but i never put any of my own money inside ................. i currently have 3 loans and they are all ok

Offline Kvending

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #15 on: February 11, 2013, 03:01:30 PM »
I have a Lending club lenders acct ..... when i first heard of them they gave you $50 when you signed up and that was a couple of years ago I keep on lending the same money over this is my third round and no one has defaulted on me but i never put any of my own money inside ................. i currently have 3 loans and they are all ok

What's your interest rate?


Offline Emkay

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #16 on: February 11, 2013, 03:46:39 PM »
I have had an account for two years and lend very risky  people, giving me an average APR of 17.2 which they tell you based on experience of people defaulting will go down to 12.8.  So far I've had one default on me but because of their unique system of lending each person a minimum of $25 I've only lost $18 over two years while making hundreds more

Offline Redbull3

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #17 on: February 11, 2013, 05:04:51 PM »
They had no way of forcing ppl to pay back the loan, nor did it go on their CR (if my memory serves me correctly)

I know nothing about these sites, but I would think there has to be something... anything... stopping people from just signing up and claiming free money otherwise the sites would be relying purely on the honest nature of the human spirit AKA would collapse in 2 seconds.

Offline Emkay

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #18 on: February 12, 2013, 01:29:57 AM »
I know nothing about these sites, but I would think there has to be something... anything... stopping people from just signing up and claiming free money otherwise the sites would be relying purely on the honest nature of the human spirit AKA would collapse in 2 seconds.
It does affect your credit. And they claim their screening process eliminates 9/10 applicants

Offline yuneeq

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Re: Lending Club: Has Anyone Heard Of Them?
« Reply #19 on: February 12, 2013, 01:55:35 AM »
CMIIW, It seems that you would have a problem of charging ribbis if the borrower is Jewish.
Visibly Jewish