Hays, Lending club is a place where you, the investor, takes the role of a bank and you loan money out to people who are applying for loans. This means that you get all the benefits of a bank such as high rate of return but you also get all the negatives such as if the person defaults then you eat it. When I was growing up I wanted to do something like this but it didn't exist.
90% of the applicants get rejected just based on lending clubs criteria, the loans that pass then go onto the website where you can view, sort, research and do anything else that helps you pick a few. The minimum investment is $25.00 so you dont have to fund the entire loan. I like this because it allows you to take your 1k investment and spread it over 40 loans instead of putting all your eggs in one loan.
I tend to pick the higher interest rate loans between 14 and 24% but I hand pick them based the criteria that I deem to be important and so far I have not had a single late payment. If I find a loan that looks really good then I will invest more than the minimum but usually its just 25 bucks per loan.
Whenever someone makes a payment I get an alert that I have money sitting in my account and I just simply reinvest that money into another loan so that in time, this account snowballs into a much larger value.
Anyway, I would love to talk strategy if anyone is interested.
Hays, Lending club is a place where you, the investor, takes the role of a bank and you loan money out to people who are applying for loans. This means that you get all the benefits of a bank such as high rate of return but you also get all the negatives such as if the person defaults then you eat it. When I was growing up I wanted to do something like this but it didn't exist.
90% of the applicants get rejected just based on lending clubs criteria, the loans that pass then go onto the website where you can view, sort, research and do anything else that helps you pick a few. The minimum investment is $25.00 so you dont have to fund the entire loan. I like this because it allows you to take your 1k investment and spread it over 40 loans instead of putting all your eggs in one loan.
I tend to pick the higher interest rate loans between 14 and 24% but I hand pick them based the criteria that I deem to be important and so far I have not had a single late payment. If I find a loan that looks really good then I will invest more than the minimum but usually its just 25 bucks per loan.
Whenever someone makes a payment I get an alert that I have money sitting in my account and I just simply reinvest that money into another loan so that in time, this account snowballs into a much larger value.
Anyway, I would love to talk strategy if anyone is interested.
This just sounds interesting. Once i graduate, find a job and have some extra cash i may look into this.
Hays, Lending club is a place where you, the investor, takes the role of a bank and you loan money out to people who are applying for loans. This means that you get all the benefits of a bank such as high rate of return but you also get all the negatives such as if the person defaults then you eat it. When I was growing up I wanted to do something like this but it didn't exist.
90% of the applicants get rejected just based on lending clubs criteria, the loans that pass then go onto the website where you can view, sort, research and do anything else that helps you pick a few. The minimum investment is $25.00 so you dont have to fund the entire loan. I like this because it allows you to take your 1k investment and spread it over 40 loans instead of putting all your eggs in one loan.
I tend to pick the higher interest rate loans between 14 and 24% but I hand pick them based the criteria that I deem to be important and so far I have not had a single late payment. If I find a loan that looks really good then I will invest more than the minimum but usually its just 25 bucks per loan.
Whenever someone makes a payment I get an alert that I have money sitting in my account and I just simply reinvest that money into another loan so that in time, this account snowballs into a much larger value.
Anyway, I would love to talk strategy if anyone is interested.
So if the person wants a 4k loan, you only have to put a min of 25.00 on that loan and then "if" the person keeps paying you get the money/interest. However if they become late what are your options? Do you have to follow up with them and what not? Also if they just stop paying are you suppose to eat that remaining 4k with interest?
Hays, Lending club is a place where you, the investor, takes the role of a bank and you loan money out to people who are applying for loans. This means that you get all the benefits of a bank such as high rate of return but you also get all the negatives such as if the person defaults then you eat it. When I was growing up I wanted to do something like this but it didn't exist.
90% of the applicants get rejected just based on lending clubs criteria, the loans that pass then go onto the website where you can view, sort, research and do anything else that helps you pick a few. The minimum investment is $25.00 so you dont have to fund the entire loan. I like this because it allows you to take your 1k investment and spread it over 40 loans instead of putting all your eggs in one loan.
I tend to pick the higher interest rate loans between 14 and 24% but I hand pick them based the criteria that I deem to be important and so far I have not had a single late payment. If I find a loan that looks really good then I will invest more than the minimum but usually its just 25 bucks per loan.
Whenever someone makes a payment I get an alert that I have money sitting in my account and I just simply reinvest that money into another loan so that in time, this account snowballs into a much larger value.
Anyway, I would love to talk strategy if anyone is interested.
So if the person wants a 4k loan, you only have to put a min of 25.00 on that loan and then "if" the person keeps paying you get the money/interest. However if they become late what are your options? Do you have to follow up with them and what not? Also if they just stop paying are you suppose to eat that remaining 4k with interest?
If they stop paying the most you are out would be what you put in, so in this case you would lose 25 bucks. Ofcoarse if they default in year 2 of a 3 year loan then you would only be out 7 bucks or so since they already made those payments.
Lending club deals with the collection agencies and keeps you informed on any progress.
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Hays, Lending club is a place where you, the investor, takes the role of a bank and you loan money out to people who are applying for loans. This means that you get all the benefits of a bank such as high rate of return but you also get all the negatives such as if the person defaults then you eat it. When I was growing up I wanted to do something like this but it didn't exist.
90% of the applicants get rejected just based on lending clubs criteria, the loans that pass then go onto the website where you can view, sort, research and do anything else that helps you pick a few. The minimum investment is $25.00 so you dont have to fund the entire loan. I like this because it allows you to take your 1k investment and spread it over 40 loans instead of putting all your eggs in one loan.
I tend to pick the higher interest rate loans between 14 and 24% but I hand pick them based the criteria that I deem to be important and so far I have not had a single late payment. If I find a loan that looks really good then I will invest more than the minimum but usually its just 25 bucks per loan.
Whenever someone makes a payment I get an alert that I have money sitting in my account and I just simply reinvest that money into another loan so that in time, this account snowballs into a much larger value.
Anyway, I would love to talk strategy if anyone is interested.