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This is a big week here at Lending Club.
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We are now available nationwide and able to serve borrowers from redwood forests of California to the New York islands! With our new national availability, our pool of borrowers has doubled in size.
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Now that the camera crews have left the building (more on that soon!), we thought we'd follow up on our post the other day announcing our national launch and let you, our loyal readers, in on the action.
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We extended an invitation to our lender community last Friday to take advantage of a fantastic offer that runs from now until February 3rd, 2008. The response has already been great, so now we want to tell the world about it: Lending Club will pay a 5% cash bonus if you lend $5,000 or more between now and February 3, 2008.
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This bonus, which has a maximum of $20,000 per person, can be used to lend or can be withdrawn to your linked checking account. This cash bonus can give your portfolio's interest rate an increase of 2.8% or more (try this in Excel: =RATE(36,-1*monthly_payment*0.99,amount_loaned*0.95)*12- quoted_rate).
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Or you can consider it loss protection as well. For a portfolio with evenly spread funds and 20 or more loans, this will cover at least one defaulted loan.
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The reviews are in, and they are good:
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We look forward to hearing from you all as we grow our community based on responsible credit and social networking. As more people like you join, everyone benefits from sea to shining sea.
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Posted by Patrick Gannon :: December 18, 2007 @ 7:52 pm
3 Comments
I think this is a great promotion... I will try hard to participate.
Thanks for mentioning my site in your article. This bonus program looks fantastic and I am thinking about transferring over enough money to participate. I have already received a few referral commissions and am planning to reinvest the money in Lending Club loans. Thanks!
[...] Prosper Lending Review and I have received a few mentions in the offical Lending Club Blog such as this announcement. Wise Clerk also linked to several of my posts. I am certain that I missed some more bloggers, but [...]
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