It is once again time to check in on my Lending Club loans and tell you how my investment is doing. I currently have a total of 83 loans and they are doing quite well.
I was originally a borrower at Lending Club and after a good experience I decided that I c%ould lend money as well. I generally invest the minimum of $25 into each loan (with just a few exceptions) and I am now able to fund a new loan every month with the proceeds from loans that are being repaid.
Here is the breakdown of my loans at present:
50 Issued and current
29 Fully paid
0 Late 16-30 days
2 Late 31-120 days
5 Charged off
My current rate of return is 5.98% which is still well above the rate given on ordinary savings accounts, and most CDs as well. The charged off loans were all in the high risk loans which had interest rates above 15%. I made a decision to invest in lower interest loans in order to protect my investment because of those defaulted loans.
I would love to get a higher rate of return on my investment but I am satisfied with a rate of 5% on an investment that is mostly passive.
If you have not already done so you still have time to sign up to be an investor or a borrower at the site and I would really appreciate if you would use one of my referral links. You can click on the referral link in this post or use any of the ones on the site and I will get a bonus and so will you!!!!
Of course you can always go straight to the site and sign up on your own if you are not comfortable using my referrals…in any case go over and check out the peer to peer lending world and make it easier for someone else to get out of debt.