Want Better Returns? Lend to Prime Borrowers

Don't understand why this is an offer for me when my fico is in the 500's. The offer says you look for people with a fico of 650 or better. That doesn't make sense.

I checked this out last month and decided to become a lender based on the information that I uncovered. If you loan small amounts ($25.00) to many people your risk is greatly dimminished, They currently have a default rate of 2.3%. This is a great place to park some money for 3 years and get some seriour interest.

I've been a lender on Lending Club and Kiva for a year. At first I joined as a "do-good" act. Now I'm also making 10% returns on Lending Club... the best perfomance of all my investments last year.

Lendingclub is bogus. I have a 715 score and they won't let me list as a borrower.

They turned me down for refinancing my car, Because of my debt to income ratio, These people are obviously brainiacs.

1. I have a car that i am paying 26% intrest on and have been paying since 2005, its 2009.

2. With refinacing my car from 26% to lets see 9% that would lower my debt to income ratio lower than it is. ''AHHDAA""

"This offer is for lenders (i.e. people who want to lend money to others). Anybody can be a lender regardless of their credit score."

Not entirely true. I was looking through their paperwork and it turns out you need a fairly significant household income ($70K for non-California residents, $100K for residents) or a six-figure net worth.

From a borrowing perspective, I can't say anything because I didn't go to this site for an investment loan.

But as a lender for the last year, this site's been a pretty nice buffer for my portfolio with last year's melt down. While they were being held up by the SEC for their registration, Prosper.com brought me even bigger returns but now with their registration the cash is flowing back to Lending Club.

As for a credit rating and/or minimum networth or income, that didn't apply when I signed up. I was making 32K and had about 3K in debt and no real assets to really count towards my "net worth" besides some mutual fund shares which were losing value every day last year. If there is a minimum credit or income regulation now, that came into effect after the SEC Registration which finished up in October.

I'm currently a lender at Lending Club. Their requirements for borrowers are pretty high, which is good for lenders. I'm at just over 9% on my investments there. WAY better than any stock returns lately!

great site. they actually list less than 10% of borrower applicants because their credit review is so tough. i've been lending here for awhile now and i'm getting about 11.52% on the loans i've made (less the 1% cut lending club takes).

best part is, they verify the borrower credit scores, incomes and their current debt and each lender can lend as little as $25 to someone to reduce the risk involved in lending. So 200 people might come together and lend $25 each to someone borrowing to consolidate $5,000 in credit card debt at 27%. Then they only have to pay something like 14% and you get to keep 13%. Everyone wins!

this doesnt sound like a bad idea