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My Lending Club Account Performance Update 6

November 9, 2011 | Investing | My Ramblings | 1 Comment

How time flies.  Here is my number 6 update of my Lending Club Account Performance.  The last update was on May 13, 2011 about 6 months ago.

It’s amazing that it’s been over 2 years since I opened my account with Lending Club.  It feels like only a year.  

Since opening my account with Lending Club in August of 2009 my account has profited $7,639.23 in interest, however, about $1,000 of this is bonus paid to open the account and to add more funds.   With charge-offs I’ve actually profited $6,967.62.  The net annualized return is stated as 7.37%, but its actually 6%+ with the charge-offs.  Regardless, this more than beats CDs, with most paying less than 1%. 

I’ve invested a total $50,000.  I initially opened the account with $10,000, and then added another $20,000 because Lending Club was paying a 1% bonus to add the additional funds.  A few months later I added another $20,000 because Lending Club offered a 2% bonus.  (Note: Lending Club is currently offering a 2% Cash Bonus on your initial investment.)

Within the last 6 months an additional $429 has been charged off.  Currently, there is $1,065 late ($310 late 16-30 days, $755 late 31-125 days) and $40 in default, so some of this money will eventually be charged off as well.  This loss is a part of the game of lending money directly to individuals via unsecured loans.  Unfortunately, some people will default; however, the interest from paying borrowers “should” cover the losses.

Below is a screen-shot of my account as of 11/9/11.

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If you are interested in investing in Lending Club now is a great time because they are offering a 2% Cash Bonus on your initial investments.  Good luck!





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One Comment to “My Lending Club Account Performance Update 6”

  1. EdH
    2:27 pm on November 16th, 2011

    Your performance still looks excellent…I only wish the State of Ohio would “see the light”.

    Is the issue that drives whether a state allows this “unregulated lending” a matter of them not having enough staff to administer, or more a paternalistic desire to keep us from harming ourselves? If I can gamble with my life and smoke two packs a day (if, indeed, I chose to smoke), then why can’t I invest my money as I see fit? Maybe there is no revenue stream to the government, unlike tobacco taxes…
    EdH recently posted..High Tuition? Blame Your Financial Aid!My Profile

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