Rainy Day Pennies | Debt Free Living and Personal Finance

I’ve been a member of Lending Club since early 2008. I first found out about it on Debt Kid’s blog. What initially attracted me to it was I recently finished paying off the last of my debt. Angry about the tricks credit card companies had played on me, I wanted a way to help others.  I knew I was not alone. When I found about about Lending Club, I thought it was perfect.  I could ‘pay it back’ to the credit card companies by helping others, and also earn something as an investment alternative to the stock market.

I’ve been very happy with the service. I’ve lent money to causes ranging from paying off creditors, to dental surgery, to wheelchairs for the disabled. I’ve earned a steady 11% on my investments. I’m pleased to see other bloggers writing about it. It went from skepticism about whether it was a legit business model, to an increasingly acceptable investment option. I would love to see it become a more popular alternative to traditional banks. I want banks to start being competitive again, rather than predatory. We need a better model. Social lending is stepping up to the plate.

My articles about Lending Club are included in a three part series: The Lending Club Primer, Part 1, The Lending Club Primer, Part 2, and The Lending Club Primer, Part 3.

Note: I do not work for Lending Club. I am just a happy customer, and give my personal recommendation.

Filed under:
Investing, Social Lending by Cathy