Free $25 from LendingClub!

As many of you know, I recently gave away five $100 gifts courtesy of LendingClub. There were only five winners of those, but today I have something for everyone.

Every reader here that qualifies (more on that later) can get a FREE $25 from LendingClub just for opening an account with them (which is free as well.) Once you do, you can lend the $25 as part of their program or withdraw it if you like. Here's how it works:

1. Go to LendingClub using this link.

2. Open a lender account.

3. The money will automatically be in your account and will be ready to lend out. 

There are state and financial suitability conditions, so not everyone is eligible. In addition, you may be able to lend in the secondary market if you they can't lend in the primary. Details and specifics are here.

Comments

[Michael]

I signed up last time this promotion was run (Tuesday? Monday?). I got the $25 in my account, but I found the lending opportunities to be slim pickings if you're considering them as an investment

Here's the first page of all lending notes, sorted by how long they have left to get funded:

Breaking Up with Bank of... $15,000 19.16%
Laser Tag Working Capital Already Invested In $15,000 9.63%
Loan for College and Liv... $15,000 12.84%
Ministerial Sabbatical, ... $7,500 13.47%
Personal $8,800 12.21%
Loan consolidation $10,000 12.84%
Debt Consolidation $15,000 17.58%
consolidate debt $12,000 9.63%
truck $8,000 13.16%
Closing cost and down pa... $6,000 13.47%
Consolidate Credit Cards... $14,400 15.05%
Home Improvment $5,500 13.16%
Debt consolidation $14,000 14.42%
Help the love of my life $15,000 14.74%
Help me consolidate my debt $6,200 14.11%

7 of those 15 are debt consolidation related. None of them, not even the business ones (eg. Laser Tag) have enough information available to figure out how much of a risk a loan to that person would be. Here's the Laser Tag description:

"Loan request for new laser tag fun center in Nags Head, NC. Business need is for marketing programs targeted to OBX visitors. Publications include SunnyDay, VisitorsGuide, NorthBeachSun, and the Beach Book. In addition, we will have local promotional flyers to build awareness of the store and drive business to the center."

And that's a good description :-)

With not knowing the people and not having enough information to get to know them, lending on the site feels more like gambling. Maybe if I had enough money to spread around I could use the listed FICO, income and DTI numbers to calculate and offset my risks. With just $25 to lend though, I have very little confidence that I'll see a return on that money.

[thomas]

Too much effort. I get more just sitting around for 2 weeks from the trillion dollar print money plan!

:)