Lending Club is excited to announce that we have partnered with 5 of the best "DebtBuster” bloggers to offer advice and encourage those with credit card and personal debt to commit to getting rid of it during this holiday season.
If you’re like most Americans, you probably have more than $5,000 in credit card debt, according to Experian, a credit reporting agency. The Federal Reserve also confirms American’s infatuation with debt: the size of the total consumer debt grew nearly five times in size from 1980 ($355 billion) to 2001 ($1.7 trillion). Consumer debt in 2009 now stands at $2.5 trillion.
Lending Club offers a way out of debt: a no-hassle fixed rate personal loan at interest rates that are typically lower than those of a personal loan from a bank or credit cards.
Take the DebtBuster Challenge
Take your credit cards or outstanding loans and find out their balances and rates. Check your rate for free at Lending Club and compare the rate you got. Chances are it would be lower. If you can commit to the monthly payment, you can pay off your debt in 3 years or less! It's that simple.
So take the Lending Club DebtBuster Challenge. Get a better rate at Lending Club. Commit to getting out of debt.
As a little extra incentive, we’ll send you a nifty Lending Club t-shirt or back pack when you list your loan at Lending Club from one of our blogging partners below.
Read up on How to manage your debt
Starting today until January 15th, our amazing DebtBuster blogging partners will be writing about how to consolidate, manage and reduce your current debt. Don’t miss out on this useful series or articles from the following folks:
Flexo @ Consumerism Commentary
Matt @ Debt Free Adventure
DK @ DebtKid
Steve the GetOutOfDebtGuy
Silicon Valley Blogger @ TheDigeratiLife
For the remainder of 2009 and to celebrate this holiday season: Lending Club will give each investor you refer $64.62 to start peer investing.
Why $64.62?... that's odd!
According to FDIC’s Quarterly Data Profile, banks made $6.462 billion in profits last quarter and we doubt you, your friends, your family or colleagues got a piece of that action. With Lending Club, you do!
How do I spread the wealth?
Log into your investor account and invite your friends from there. You are sure to bring a smile to somebody's face and perhaps you may get away with making this your holiday gift.
Not a member yet? Join Lending Club and start investing like a bank.
Lending Club, the world leader in peer to peer lending (based on loans issued each month in 2009), eliminates the high cost and complexity of traditional banking and gives investors direct access to better returns: 9.67% on average (as of Dec 10, 2009). Lending Club notes are offered by prospectus filed with the SEC.
According to Bankrate.com, banks are currently offering three year CD's at average returns of 2.3% as well as high-yield savings or money market accounts at average returns of 1.07%
So don't invest with a bank, invest like a bank.
The special referral bonus program begins December 3, 2009. Referrals must use your special code between 12.03.09 and 12.31.09 at midnight in order to qualify for the $64.62 bonus. Your invitee must complete registration as a Lending Club investor and link a bank account in order to receive the bonus funds. Bonus funds may not be withdrawn and must be invested in Lending Club notes. Funds received may be taxable, please consult with your tax advisor. Recipient is responsible for all taxes, if any, due.
Scott Langmack, noted author, analyst, and peer lending investor, will explain his view of the "Borrower Repayment Cycle". Scott will discuss why in his experience a majority of defaults come in the first 18 months of a loan's life.
Mr. Langmack believes this phenomenon can cause many investors to feel as if they are in worse shape than they are. "Most investors see a steady decline in Net Annualized Return from months 6 to 18, which is disappointing if you don't understand that returns comes back up after that," says Langmack.
In addition, Scott will explain how investors can smooth their returns and increase their stated Net Annualized Return by building a diversified portfolio over a period of months.
The Borrower Repayment Curve:
Why 6% Net Annualized Return today can be on track for 9.5% overall return
Register Now >>>
Limited space, so save your spot today.
Thursday, December 10th
4:00pm PT (7:00pm ET)
See you there,
SVP of Investor Services
Last Thursday, we hosted a WebCast with our special guest Rob Garcia to demonstrate how investors with different investment profiles (loan picker, diversifier, and diversipicker) can use our new investor interface.
Participants were shown how the new tools can help to quickly identify notes they may be interested in investing, while filtering out notes that do not fit their investment criteria. Rob also presented our automatic portfolio builder, which allows investors to create a diversified portfolio in seconds without sacrificing control.
If you missed this exclusive WebCast, or would like to view it again:
Replay Webcast Now>>>