Author Topic: Lending Club?  (Read 567 times)

Offline Joel

Lending Club?
« on: October 25, 2016, 01:23:57 PM »
Is anyone here using Lending Club? I've avoided it but I'm always curious to hear about other's stories.
Biking and budgeting my way to early retirement!

Ting referral: https://zp8h3m5ceig.ting.com/
Lastpass referral: https://lastpass.com/f?27278462

Offline brennan

Re: Lending Club?
« Reply #1 on: December 27, 2016, 12:21:58 PM »
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.

Offline Joel

Re: Lending Club?
« Reply #2 on: December 27, 2016, 01:30:37 PM »
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.
Biking and budgeting my way to early retirement!

Ting referral: https://zp8h3m5ceig.ting.com/
Lastpass referral: https://lastpass.com/f?27278462

Offline brennan

Re: Lending Club?
« Reply #3 on: February 15, 2017, 09:21:31 PM »
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.

Offline RobertPo

Re: Lending Club?
« Reply #4 on: January 09, 2018, 04:00:48 AM »
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.