This is a big week for Lending Club – we are now available nationwide. Lending Club wants to thank our lending community by rewarding you with a 5% cash bonus if you lend $5,000 or more by February 3, 2008. This bonus can be used to lend or can be withdrawn to your linked checking account.
Lending Club members have loaned and borrowed more than $3.5 million, growing 100 percent monthly since launching six months ago. With our new national availability, our pool of borrowers has doubled in size.
Lenders have earned an average 12.2% annualized return after fees and losses, and defaults on the loans have remained under one percent, attributable to the existing connections between members as well as Lending Club’s commitment to responsible lending.
HOW TO PARTICIPATE
If you are not yet a lender, you must become a lender by visiting this web page: https://secure.lendingclub.com/startLending.action.
You will qualify for the bonus by lending $5,000 or more to borrowers (at https://secure.lendingclub.com/portfolio/makeloans.action) between December 14th, 2007 and February 3rd, 2008 (at 11:59PM Pacific time). Your bonus will be 5% of the amount you lend.
For example, if you lend $7,500 Lending Club will credit your Lending Club account with $7,500 * 5% or $375. Funds count as lent once a portfolio (or portfolios) is submitted during the aforementioned eligibility period. The loans do not have to be issued by February 3rd to qualify.
We will notify you of the amount of your bonus by the end of day, Friday, February 8th, 2008, and your account will be credited with your lending bonus by Friday, February 15th, 2008. No special sign-up or tracking is required – we will run reports on the system to determine bonuses. Feel free to email us at lender.offer@lendingclub.com to ask about your bonus.
If you need to add funds to your account, click on the Add Funds button on your account page, found here: https://secure.lendingclub.com/account/addFunds.action.
Click here to read more about lending: http://www.lendingclub.com/info/about-lending.action.
Click here to review our statistics page to see how Lending Club loans and portfolios have performed since inception: http://www.lendingclub.com/info/statistics.action.
Important notes:
1. If you are not already a lender, we recommend you allow 8 days for all bank account verification and signup to be completed
2. Once you have submitted your portfolio(s), use Lending Club's refer-a-friend functionality to get an additional $50 for every friend who lends $1,000 or more: https://secure.lendingclub.com/account/friends.action
3. Lenders can each earn a maximum payout of $20,000 (if they lend $400,000). Lending Club will cap the total payout from this campaign to all lenders at $1,000,000 total (if a combined $20,000,000 in portfolios are created). We will post a message on our blog (http://blog.lendingclub.com) if that happens.
4. The Team at Lending Club is very excited about this offer, and wants as many lenders as possible to participate. Lending Club reserves the right to withhold bonus payments in the case of fraudulent activity or any other violation of the Terms of Use, found here: http://www.lendingclub.com/info/terms-of-use.action
