Lending Club $50 Bonus To New Investors

I’ve posted a couple Lending Club reviews here before, along with the occasional progress report. The last thing I want to do is bombard you with updates on my Lending Club portfolio, but since an opportunity came along to help you earn $50 just for signing up, I thought I should mention it!

Between now and August 15th, those who sign up to invest with Lending Club and use the referral code “FrugalDad” will receive $50 to add to their portfolio. You must use the referral code to receive the $50 bonus.

My own small portfolio of loans is still moving along nicely, with a net annualized return of 11.21% (try beating that in this market!). In fact, as of August 7th, 2009, the average net annualized return for Lending Club lenders if 9.61%, so I guess that puts me a little above average.

I know from previous reviews of Lending Club that a number of you are interested in their service, but weren’t quite ready to take the leap to invest. I understand, as that’s how I felt for a long time. However, as my frustration with traditional banking and investing grew, the market volatility continued, and my overall desire to diversify investments increased, I became more and more attracted to a service like Lending Club.

Here’s a few advantages of investing with Lending Club:

  • Since June 2007, Lending Club investors have earned an average net annualized return of over 9%.
  • Lending Club approves only creditworthy borrowers as members.
  • Simple investing process:  Open an account, deposit money, select loans, collect principle repayments and interest.

I invite you to check out the features at Lending Club. Take advantage of this limited-time $50 bonus offer by signing up before August 15th, 2009, and be sure to enter the referral code “FrugalDad” during registration.

Disclaimer:  My previous mentions of Lending Club have included affiliate links, but this one does not. If you do choose to invest, I won’t make anything from your sign up, and you’ll get $50. I will earn a referral if you decide to sign up as a borrower, and once you are a member, you will have the same opportunity to refer others.

Comments

  1. Just curious. How does all this work with income taxes at the end of the year? Do you receive the proper forms, or do you have to keep track of things yourself?

  2. Darn, I just signed up for lending club prior to the $50 offer. I did send the email along to friends and family. Some balked because the rules said you had to have a high income or net worth. I can see that for borrowers but not lenders. I am conservative with the automatic selection of funds via Lending Match for a and b rated funds only. Cashed in some 5% apy cds and took a loss of 6 month’s interest to transfer the funds to lending club notes. If this works I will just keep rolling over the payments I get back.
    Wish I could find a calculator that figures if one starts with x amount and adds y amount per month and reinvests the note payments what the return would be in z years with an average interest rate of whatever %. Too hard to pencil whip the figures.

  3. I tried twice and the $50 didn’t materialize. I did enter the referral code both times, but I might have made a mistake.

  4. Why is there a wealth requirement anyway? I don’t see why I need to make $70k/yr (something like twice the average American income) just to lend out a few hundred dollars I could legally blow in a casino.

  5. #1 couldbebetter, the fine print says that there is a regular 1099 tax for sent at year end for the interest earned.

  6. On the wealth req. I believe its Securities Law dating back to the 30s. Lending Club is not “safe” investment according to our Govt.

  7. To follow up on above, I emailed tech support and the problem was quickly fixed. Sorry to repost but I don’t like to leave undeserved criticism online in a world where reputation means so much.

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