Comments on: An alternative to Bank CDs (certificates of deposit)

By: Peter

Peter — Tue, 02 Jun 2009 10:31:07 +0000

Lending Club won’t let everyone invest. It’s based on how much income you earn, your total net worth, and where you live. I find that to be ridiculous!

By: Blogging Banks

Blogging Banks — Sun, 26 Apr 2009 14:12:01 +0000

But isn’t P2P lending a little too risky. Some lenders show that their total returns are lower than comparable no risk CD investments.

By: Savy Sam

Savy Sam — Thu, 09 Apr 2009 17:11:22 +0000

I have been with lending club now for 6 months and am set to make around 11% APY this year. I am diversified into a bunch of different borrowers and am going after a higher return. No defaults yet, but even if I had a few it would only knock my overall earnings down to 9.5 – 10% APY

Cool savings product, two thumbs up!

By: farmerfrank

farmerfrank — Thu, 26 Mar 2009 01:51:40 +0000

I guess I’m not very observant. I opened an account with Lending Club with $1,000 and began buying notes. When nothing went through, I re-read everything on their website and discovered I live in one of the majority of states in which the notes can’t be bought. I closed my account yesterday. It’s only an option for certain people, depending on where you live. I feel shortchanged, but will probably survive it. Que sera?

By: nobo

nobo — Sat, 07 Mar 2009 04:42:41 +0000

yep people with prime credit are desperate to use peer to peer lending lol

By: High Yield Savings Is Dead

High Yield Savings Is Dead — Thu, 26 Feb 2009 23:31:57 +0000

[...] I’m not the only one starting to see the value of Lending Club as a replacement for CD’s and online savings accounts. BankVibe sees social lending as an alternative to to bank CD’s. [...]

By: Linden

Linden — Thu, 26 Feb 2009 14:04:27 +0000

Great to see this concept being mentioned more nowadays. I’ve been a lender for sometime, and after defaults, I’m still making 7-8% returns.

My recommendation is to start slow ($500 will get you into 20 loans) and learn from picking those loans, then once you understand how it works, move your long term savings into it (money you would have tied up in CDs anyway).

By: BankVibe

BankVibe — Wed, 25 Feb 2009 21:01:23 +0000

If you have a 680+ credit score and have been in business for 2+ years, I’ve seen business loans advertised for under 5% APR.

By: john

john — Wed, 25 Feb 2009 19:42:24 +0000

You’d be lucky to get a business loan for those rates these days. Micro-financial companies do a good job at cutting out the overheard that most banks have.

By: stan lee

stan lee — Wed, 25 Feb 2009 17:21:39 +0000

It could be a win win, how much would someone get a business loan through a bank for with excellent credit? 9% 10% 13%???