Lending Club Review – Peer to Peer Lending, a Solid Investment and Borrowing Alternative
After the stock market crashed at the end of 2008, many people, including younger generations became very skeptical of the stock market and what it had to offer as a legitimate place to park your money. Peer-to-peer lending is a concept that has been around for a very long time, but the method as to how it was carried out was not always efficient at all. It went a little something like this:
Friend #1: Hey best friend, can I borrow $1,500 to get a new car?
Friend #2: Do you promise to pay me back?
Friend #1: Of course, you know that I’m good for it!
Friend #2: Ok fine, I’ll get the money to you by next week.
The truth is that these situations are very common. We enter into lending/borrowing agreements with friends and families all the time, and the lender enters into a situation with unlimited risk and no reward for their risk.
This is where a website like Lending Club comes into play. Lending Club is a peer-to-peer lending network that brings investors and borrowers together to satisfy both parties needs by offering a secure, legal, and efficient service. Those people who wish to take more control of their investments can lend money to borrowers, and borrowers who are tired of having limited options for choosing a personal loan product can try Lending Club.
How Lending Club Works
For Investors – sign up as a Lending Club investor
- Deposit funds (via ACH, wire, check or PayPal).
- Easily build a portfolio of loans based on your criteria.
- Receive monthly payments of principal and interest. There are no maintenance fees.
For Borrowers – sign up as a Lending Club borrower
- Get quick approval on a fixed-rate, 3-year loan from $1,000 to $25,000
- Once approved, most loans fund in less ...
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Categories: Uncategorized Tags: Best Friend, Borrowers, Fixed Rate, Generations, Investments, Investor, Investors, Loans, Long Time, Maintenance Fees, New Car, Peer To Peer Lending, Personal Loan, Principal And Interest, Solid Investment, Stock Market