Lending Club

Credit marketplace for peer-to-peer lending

Discussion
Would you recommend this product?
1 Review5.0/5
I'm currently getting 14% on lending club. Have been lending money on there for over a year now.
@allnick wow, that's astronomically high relative to rates available from traditional banks. How has your experience been? Any defaults, if you don't mind me asking?
@alirtariq yes, defaults are a fact of life but the basic idea is that you don't invest more than $25 in each investment. If you put at least $10k in they have an automated diversification system
I have no affiliation with these guys, but I found the business model fascinating. Has anybody actually used this? If this succeeds, I reckon it could have far reaching implications on financing and personal banking in general.
@alirtariq seems a bit late stage to post on Product Hunt. They're about to IPO.
@stefanobernardi I figured they were under-the-radar enough to share with the community.
@alirtariq Have you tried Prosper before?
@ryannegri Nope - just checked it out. Very interesting. What's your take on it?
@alirtariq I used it back in the day (first few years of launch). They seem pretty good, but never really "blew up". I think they could with the right people behind them. It seems they could pivot to a crowfunding platform for startups for equity instead of buying products like KS and INDGOGO.

"Lending Club." Is the best to get a loan in my financial situation.

Pros:

Lending Club’s terms are so clear, and their pattern of service so well established,.

Cons:

Some users may be required to supply copies of tax documentation.