I have been toying with the idea of opening an account, and I have been trying to research how it all works on the website. Without actually opening an account, most of what I have been able to get my eyes on seems more like marketing material than real details.
A few questions I have.
1. Does anyone have any experience with using them from the investor side?
2. There is mention on the web site in a few places about notes being directly purchased from Lending Club, which suggests there are other ways to buy notes. Any details on this? Can I sell to other members?
3. Assuming I can sell to other members, is the price simply the outstanding balance, or is it a market?
What I would like to do is set up an account to play around with -- if I like it, I would probably set up an IRA account to invest more, but I would want to be able to effectively roll my "play around" account into my IRA. If I don't like it (too much effort, or wahtever..) I'd like to be able to get my money out easily, without having to wait for the loans to mature.
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FollowBefriend (5)1,070 comments Santa Cruz, CA
It's interesting. Try it and report your results sometime. It appears you are locked in for either 36 or 60 months.
FollowBefriend (9)70 threads930 comments San Leandro, CA
Pays better interest than a savings account. Extra attention paid to the risk side of the equation and you might say the hell with the stock market. And, in the worst case scenario, you need to know how to get your money back.
Risk is key. You could loan a percentage of your assets to help open a child daycare center and the locals just run amuck.