Sign-Up for a Lending Club Account and Receive a $50 Lending Bonus

Lending Club is a social lending network that connects lenders and borrowers through investing in notes. You may loan as little as $25 or as much as you want. Lending Club makes money by charging a processing fee from the borrower and a servicing fee from the lender. The processing fee is a percentage between 0.75 and 3.00% of the loan amount. The service fee is 1% of each payment from the borrower.

The benefits of investing money through loans is that Lending Club allows you to earn between 6.69 and 19.37% depending on the rating of the borrower. Lending money does involve some risk as the borrowers may default on the loan. Another benefit is the $50 bonus for signing up through my referral (I don’t believe I make any money on this transaction). The following is a step-by-step guide on how to sign up for a Lending Club account and receive your $50 bonus.

Create Lending Club Member Account

Creating a Lending Club member account is super easy. If you are interested in a $50 referral bonus leave a comment or email me (pfstartup@gmail.com) and I will send you an email invitation. I don’t think I get anything out of this, but $50 is enough to fund two separate loans.

If you’re not interested in a $50 bonus, just follow this LINK. Creating a member account requires the following information: email address, password, security question, security answer, screen name and a human verification code. Also, you have to agree to the Terms of Use. After selecting next, all you have to do is wait for a confirmation email.

Enable Investing

Once you receive your confirmation e-mail and have followed it to Lending Club’s website, you can click on “My Account”. You are given two options: Invest or Get a Loan. Select Invest and you are taken to a 4 step set-up process.

The first page is your personal information and a few agreements. For personal information you have to enter the following: first name, last name, SSN, DOB, street address, city, state, zip code and home phone. Additionally, you have to agree to the note purchase agreement, no tax withholding and declaration of trust.

Step 2 deals with identity verification. Apparently, my identity has already been verified, moving right along…

Step 3 requires the necessary banking information to link to an external account. The required information is account holder’s first name, account holder’s last name, name of bank, routing number and account number. Also, a bank account verification and debit authorization agreement is required.

The final step is unique when compared to other investing account sign-ups. Lending Club claims that borrowers are less likely to default on a loan if they feel connected to you. The final step allows you to designate your geography, education, workplace and other associations, which will appear publicly next to your screen name.

Now you are ready to be a Lending Club lender. They use an interesting method of verifying your bank account. Most places send trial deposits into your bank account. Lending Club removes a value less than $1 from your account and puts it into your Lending Club account. You then verify this amount in your account section of Lending Club.

Security

Lending Club uses Secure Socket Layer (SSL) certificate technology to secure website connections. SSL also ensures that all data entered is appropriately encrypted. Lending Club ensures that all sensitive personal and financial data is stored in a highly secure environment.

Conclusion

Creating a Lending Club account is very easy and can be done in about 5 minutes. I have not done any lending yet, but when I do I will write a review. Until then, Jonathan at My Money Blog has written a few times on his opinions of Lending Club. Again, if you are interested in giving Lending Club a shot and are interested in a $50 sign-up bonus either leave a comment or email me at pfstartup at gmail dot com.

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6 Responses to Sign-Up for a Lending Club Account and Receive a $50 Lending Bonus

  1. Chung says:

    I got $50 referral instantly through his referral without transferring any money. Now I have $50 to play around! Thanks,

  2. car jacks says:

    It’s the first time I commented here and I should say that you provide us genuine, and quality information for other bloggers! Great job.
    p.s. You have an awesome template for your blog. Where did you find it?

    • pfstartupblog says:

      Thanks for the kind words. Sorry, it took so long to reply, but I have been uber busy. I’ve switched over to a self-hosted domain: http://www.personalfinancestartup.com

      My template is the carrington theme, which can be found through wordpress as one of the standard themes. I’ve made a few modifications, and am looking to make a few more in the near future.

      I hope to see you around my new blog.

  3. hfma says:

    This is very nice info. thanks for sharing with us.

    Patient financial communication

  4. i-lend says:

    i-lend is a marketplace that allows people to borrow or invest money in each other in the online space. All one needs to do is register with us, go through the identity verification to be eligible to transact on i-lend. Borrowers must necessarily go through a successful physical verification for their ID, stay, employment and income among others.

    Borrowers post their loan amount varying from `25,000 – `3,00,000, interest rate willing to pay and period of loan through their listing. Additional information such as need for the loan, how the borrower intends to repay, financial stability, recommendations etc. will help borrowers secure a loan faster and at the desired interest rate. Similarly, investors can post a listing that gives information on whom they would like to invest in i.e. borrower type, purpose etc. Their postings also indicate expected returns and investment criteria. This information is available on the listings page for borrowers and investors. They can approach each other and place offers.

    Once the total required amount is available to the borrower, his listing is closed. I-lend then collects money from all the investors who have offered that borrower and transfers this money into the borrower account after deducting the transaction fee. Borrowers can start repaying from next month.

    Investors can similarly place offers as long as the allocated money is available in their investment account. I-lend collects all repayment amounts from borrowers and transfers the investors’ money into their account. This is reflected from the immediate month after the money is lent.

    i-lend has its back-end operations managed by an experienced team that has good understanding of personal loans and has all necessary policies to prevent fraud and defaults.

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