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  1. #1
    typesh05 is offline Junior Member
    Join Date
    May 2009
    Posts
    18

    Lendingclub.com and other investor/borrower websites

    I just recently came across online investing websites. I have read up on lendingclub.com in particular as much as possible, and it seems like a great site.

    Can anyone with personal experience share their stories, success, downfalls, things to watch out for...etc.

    Thanks.

    Mike

  2. #2
    PsiPro's Avatar
    PsiPro is offline Moderator
    Join Date
    Mar 2007
    Posts
    520
    These loans should all be considered high risk, and the parent companies don't do to much to recover your money in the event of a default. (I have not had any of my bad debt sold to a buyer)

    Take a look at my stats: LendingStats - Lender Profile: PsiPro

    I have defaults ranging from D to AA credit rating... its just a crap-shoot is what I have learned. So you have to adjust your interest rates to deal with the increased risk. I am getting 12% interest right now, once you take out the defaults I'm expecting 5-7% with my investment strategy.

    When prosper starts offering loans again I will probably start using them again, I like them more then lending club (I have since removed all my money from lending club).

    My #1 recommendation... Don't read the sob stories about why these people have bad credit scores. If they have 1 public record, or 1 default just move on.... Any loan on the site should be considered high risk.
    Brian Malinconico - @psipro

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