Lending Club $25 Sign Up Bonus

Posted by Sun on February 27, 2009
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Only one week into the peer-to-peer lending business, I already received my first payment of $0.80 ($0.60 principle plus $0.20 interest, that’s equivalent to 10.2% yield). It’s from a $25 loan I purchased last week using Lending Club Note Trading Platform (check out my Lending Club Note Trading Platform review for details). The loan isn’t a new loan. Rather, it has already made two on-time payments before I acquired it (see my Lending Club Portfolio). I am glad that the first payment went through without any incident :) At the time when interest rates at bank savings accounts keep falling hard, 10.2% return pretty generous, as long as there’s no default :)

Anyway, are you interested in peer-to-peer lending?

If you are, then you can start your lending at Lending Club with $25 free money, available exclusively for readers of this blog. Opening an account at Lending Club is straight forward, taking only a few minutes to complete. Once you open your account, the bonus will be deposited into your account, so that you can invest it (that’s what I prefer to do with free money: Invest it and let it grow).

You may wonder what you can do with $25. Well, at Lending Club, you have a couple of options. If you are living in one of those states where direct lending is allowed, you can use Lending Club’s LendingMatch feature to find the right loan for you, at the minimum of $25. Or, if you are like me, who can’t invest in the primary market due to the residency restriction, you can still use Note Trading Platform to purchase an existing loan at $25 or less, like I did. Remember, when you purchase a loan (or note), make sure you don’t overpay for it.

If you just want to test out Lending Club to just get a feeling of it (the process of selecting a loan, the risk of lending, etc), but are reluctant to use your own money for the experiment, then the $25 free money is the right amount to get you started :)

To claim your $25 bonus from Lending Club, simply use this link to open an account and start to invest.

Update: Residents of these states, Kansas, Maryland, Ohio, Oregon, Texas, Vermont, and DC are not allowed to open a Lending Club account now.

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15 Comments
February 27, 2009

How do you sign up if your state is not listed? I live in texas and it won’t let me go through the steps to finish my registration.

Posted by Mat
February 27, 2009

@Matt: That’s weird. NJ is also not one of the states, but I had no problem opening an account. What error message did you get and at what stage you got the error?

Posted by Sun
March 15, 2009

Hi,
Browsing through your blog. How does lending tree report tax? Do you get a 1099-INT or a 1099-MISC?

Thanks

Posted by Inq
March 16, 2009

This sounded great… but I don’t think it’s applicable to Canadian residents. I’ll have to keep looking for for a P2P program accessible outside US.

Posted by Bill McCollam
March 22, 2009

Thanks for sharing this.This really sounds like a great idea.

Posted by kim-free personal ads
April 25, 2009

Lending Club will offer on this Website. Until we complete the registration process, we will not accept new lender registrations or allow new commitments from existing lenders. We will continue to service all previously funded loans during this period, and lenders will be able to access their accounts, monitor their portfolios, and withdraw available funds without changes.

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