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.
This article was originally written or modified on . If you enjoyed reading this post, please consider subscribing to my full RSS feed. Or you can also choose to have free daily updates delivered right to your inbox.
EverBank Money Market Account 1.25%: Open an EverBank Money Market Account with a minimum balance of $1,500 and earn 1.25% bonus rate for the first six months. The first year APY is 1.01% for account balance up to $50,000. Find out more about this offer.