14 Jul
I joined Lending Club last week
I got a referral from Lulu giving me $60 to start out with. I didn’t even have to transfer money in to get the bonus. All I had to do was confirm my bank and the money was deposited. I’ve already made 2 loans in $25 increments. My plan is to transfer $25 per month starting in July and making one loan per month. Once I start getting payments, I’ll let that money idle until I have enough to make more loans.
My ultimate goal is to able to start a new loan every month with the money that I’ve earned from repayments. But I’ll see how the next few months go first. You know, the old cart and horse thing.
Thanks for using my referral and I hope that Lending Club works out well for you.
Although it pains me to say this…..but you can also start giving out your own referrals to people and they can invest in LC as well.
Keep updating us on how your loans are going and my advice to you is to spread it out and only loan $25 per person so if someone defaults you only lose that one instead of a big bunch of cash at once.
Lulu’s last blog post..How I Save Money At CVS: November 17
July 15th, 2010 at 11:27 pmThanks Lulu I hope it works out or at least I break even.
I’ll probably keep it to only $25 per loan for now. I can’t imagine investing a large sum all at once.
I’ll keep everyone updated.
July 16th, 2010 at 12:14 pm