Lending Club?

[Joel]

Is anyone here using Lending Club? I've avoided it but I'm always curious to hear about other's stories.

[brennan]

Sorry for posting on something so old, but I figured I should stop lurking!

I've been using Lending Club for about a year now. I think it's a pretty good investment source, but I've only put 1k into it as a test. After a year, I have a calculated NAR of 7.52% which isn't too bad, but is a lot less than it seems you could previously get through the service. I'm waiting to see at tax time how difficult things are (only have a taxable account with them) and use that to measure if I want to continue using the service.

[Joel]

Sorry for posting on something so old, but I figured I should stop lurking!

I've been using Lending Club for about a year now. I think it's a pretty good investment source, but I've only put 1k into it as a test. After a year, I have a calculated NAR of 7.52% which isn't too bad, but is a lot less than it seems you could previously get through the service. I'm waiting to see at tax time how difficult things are (only have a taxable account with them) and use that to measure if I want to continue using the service.

Thanks for posting. I'm interested to hear how tax time plays out for you.

[brennan]

Tax time went pretty smoothly! They just provided a 1099-OID and 1099-B and it was simple to plug them into FreeTaxUSA. It looks like my Net Annualized Return is now down to 6.6%. Hopefully it will stabilize soon since my initial purchase was about a year ago.

[RobertPo]

It looks good but what's going to happen in a bear market or when nobody can pay back their loans? i din't think it's wise to invest too much in this.