re: Lending Club Strategies

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I keep wanting to try it, but just don't know much about it how how to set it up. Do you know the minimum deposit?

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I can't even recall there being one. I think I started off with $25 and just kept doing it every week.

They do have some investor "requirements" that you have income over 70,000 a year, but it isn't like they are going to come check.

I'm almost exactly half of where you are. I put in 500 and have about 24 notes at this time. Every time I get 25 paid back I buy another note. So far I'm averaging 11% but I've only been doing it for a little under a year. I've been super lucky with 0 late notes. I stay with mostly B's few C's and few A's. Threw in a D the other day for fun.

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Have you had any success?

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I started initially with $1,000, and a few months later put in another $1,000. I've done fairly well, right now the interest I've earned is about 7%, and that includes one charge off.
I've mostly stuck with A, B, and C loans, though I've begun to dabble in a couple D's. Interestingly enough I've already had 11 people pay off their entire loans, though that may be because I intentionally look for loans with lower borrowing amounts surmising the smaller bill is easier for folks to handle each month.

I should share my disposition of notes is

A 5%
B 25%
C 45%
D 20%
E 5%

This thread made me go and check my account for the first time in a while. I only started about 6 months ago or so with $2500. Up 7% so far, with 1 overdue loan of ~$35 or so.

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I stick with 36 month loans

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This

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stay away from medical loans

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And this

It isn't bad.....it's not a lottery ticket, but if you do it prudently then you can probably earn at minimum 5-7%.

Better than what you can get at a bank though....

I follow a couple hard rules:
1. Only debt consolidation and credit refis
2. Only 36 month term
3. Only creditors who have a job with honest salary, I.e. I call bs on sandwich clerks with a $20,000 monthly salary

I can't remember the exact rules I used, but I started back in May of this year with 100 loans at $25 each. My allocation was
44 C
50 D
6 E

5 have been fully paid and the rest are still current, so my estimated returns are quite high at 16.33%. All it takes are a few loans to be charged off to knock that down a good bit. I'm not sure if I'll continue to use the site, though. I'm not a huge fan of locking up my money for 3 years.

thanks.