Feb 26, 2009

Lending Club: Thumbs Up

I'm liking Lending Club thus far. If you've been reading my blog for a while, you already know that I was pretty happy over at Prosper lending out money at good rates to borrowers, but then Propser went into a quiet period and I was left with no where to lend my money... or so I thought. Then I found Lending Club. I have $250 out right now at an average rate of 11% - which is way better than what the stock market is doing.

One thing I haven't focused on much is how great these P2P lending sites are for people who need to borrow cash. Apparently it's near impossible to get a loan these days, even if you have good credit. And even if you do get a loan, the rates suck. If I needed cash, I'd definitely look into borrowing through Lending Club. Actually, as a borrower I don't see a reason not to borrow through lending club if you have a decent credit rating. The risk in Lending Club comes from the lender, not the borrower. Just pay back the money on time and it's a good deal all around.

The latest deal I read about for those with good credit? Personal Loans at rates as low as 7.88%. Borrow up to $25,000.

Have any of you used Lending Club as a borrower? What have your experiences been?


lulugal11 said...

I used it as a lender and a borrower. I will be done paying off my loan next month and I was happy with the customer service.

They let me pay extra when I needed to and I have never been late.

As a lender my experience was also good. I have one loan that is late but one person paid up early so it is okay as the late loan was $25 which I could afford to lose.

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