Tom at Prosper Lending Review may have topped my compiled blogger advice for new lenders by posting advice from 11 people for someone considering peer lending. The person seeking advice is concerned about stock market returns and the low bond/CD rates and therefore is considering putting a 100K into P2P loans to earn 10%. To sum up my advice:
Recently, I created my first loan portfolio at Lending Club. I recorded the loan portfolio creation process and decided to share it in case you have not experienced Lending Club personally. I added some narration to explain the basics of the process. The video is cropped in several places to keep it short — under three minutes total.
This video is me creating my first loan portfolio at Lending Club…
I should have mentioned in the narration that it defaulted the value of each loan to $25 but this is easy to change. By the way, I posted more information on the Lending Club Risk Score a few days ago.
Let me know what you think of the video and if you found it useful. Although, obviously it will not be that useful if you have already experienced the Lending Club loan portfolio creation process yourself.
If you are interested in investing in P2P loans with Lending Club, you can sign up here. If you sign up to lend, you will receive $25 if you fund your account with less than $1000 and $50 if you fund your account with more than $1,000. If you sign up as a borrower and your loan funds, you will receive $25.
lending club, tutorial, loan, p2p lending
Based upon my recent request, I received some useful advice from several P2P lending bloggers that I was grateful to receive before investing in my first loans with Lending Club. I am also excited to share this advice with other potential lenders. First, let me offer my own advice that I wrote on another site I just started – Five Prerequisite Investments to P2P Lending. I listed out the top five places you should put your money before even considering lending with Prosper or Lending Club.
I received advice from the bloggers at Prosperous Land, Prosper Lending Review, Rate Ladder, Lazy Man and Money, and My Microfinance (link removed because website no longer available). So what advice did these bloggers have for newbie lenders?
Update: Advice for new P2P Lenders has now been posted.Â
Some guests stopped by my house tonight so I have not had time to compile all the great advice that I have received so far based on my request for P2P lending advice. Plus, my funds still have not arrived to Lending Club so I have not been able to bid on any loans. Therefore, you still have time to send in your advice.
In my search for advice on lending forums, I have found some bad advice that I will also share when I have time to post the compilation of advice. If you have a few moments, please visit this posting to answer the questions and be included in the posting on P2P lending advice. So far I have received some fantastic tips via email that am excited to share with you soon.
I apologize for the delay in posting the advice, but I do not have time tonight to provide the proper attention fitting the advice received. It will likely be next Monday or Tuesday before I have time to complete the post since I am out of town for the weekend.