Get a $25 referral bonus (and potentially more) by referring friends to join Lending Club. You will also earn referal fees from their referrals – expanding your network three levels deep.
Lending Club is a peer-to-peer (P2P) social lending network that lets borrower members borrow money through personal loans, and lenders fund these loans by investing in Notes. Each Note corresponds to a portion of a borrower loan. Lending Club’s site currently offers borrowers rates as low as 7.88% APR, and says investors are averaging a 9.05% return on investment.
When you refer friends to Lending Club and they become borrowers or lenders, they will deposit a bonus into both your and your friend’s accounts:
Lending Club Referral Bonus - How It Works
- $25 when your friend successfully submits a loan application
- $25 when your friend opens a lender account with $1-$999
- $50 when your friend opens a lender account with $1,000 or more
- Downline referrals are worth $15 and $10 three levels deep.
Click here to sign up, then click on the “invite” tab in the upper right hand corner of the site. There, you can invite friends individually, or really leverage your network by importing your contacts from your Outlook contact list, LinkedIn, Plaxo, Yahoo Mail, Gmail, Hotmail or AOL Mail.
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By the way, here is a link to a good post over at MyMoneyBlog that has some Q&A on Lending Club. http://www.mymoneyblog.com/archives/2009/02/reader-questions-lending-club-peer-to-peer-lending-qa.html
I am not big on the whole P2P lending scheme. I have seen many savers lose money overall with Prosper and Lending Club. Thus they would have been better off in a lower yielding but FDIC insured Certificate of Deposit.