“Simon gives a great introduction to this investment. When someone asks me about peer to peer lending, I suggest they start at LendingMemo.”
- Jason in Detroit, MI
People looking for a way to safely invest their extra cash should consider Lending Club. Since its launch in mid-2007, the peer to peer lender has paid over $540 million to tens of thousands of investors, with most people earning a 5-10% return per year.
To help prospective investors, I have broken down the average registration and investment process below.
Five weeks ago the London-based newspaper Financial Times broke a story that Wells Fargo, one of the largest banks in the world, had issued a memo banning their staff from taking part in Lending Club and Prosper. This was big news.
Lending Club and Prosper are two options for getting an online loan. But which is better for your situation? Dear reader, you are in luck. I have taken a loan out from both companies, and have seen how they compare.
I knew that Lending Club was a good option for a loan, but I wanted to see what they would offer me. So last Monday I booted up my computer and went to their website to check my rate.
I knew the rates on loans at Prosper were some of the lowest in the nation, but I was curious to see what interest rate they would offer me. So one Thursday morning I sat on my couch, turned on my computer, and went to their website to see for myself.