I recently wrote about how I just Paid My First Loan Payment from LendingClub but now I want to talk about my experiences as a lender.
I set up a small amount of $100 a few months ago to lend out as loans on LendingClub because I wanted to see if I could make some money online in addition to finding ways to save money.
I got everything set up and looked at the various dates that my payments were supposed to come in. Now would only be receiving amounts around 78 cents for each $25 that I lent out because I chose some of the less risky loans that naturally came with slightly lower interest rates.
I logged into my LendingClub account on March 7th and saw that the first payment had come through. This money was available for me to transfer to my Electric Orange account at no cost to me.
Now I did not want to do a transfer for just the 78 cents so I will wait for the rest of the payments to come through and I might just set up automatic payments when it reaches a certain amount (instead of waiting until it reaches $25 like with Prosper).