I made a quick video demonstrating how to purchase loans on the Lending Club secondary market with FolioFN. In is very easy to purchase these — It only took a few minutes to purchase. There are a few things to keep in mind when purchasing Lending Club loans via FolioFN:
- You must meet certain income and net worth requirements
- It is not available in every state
- Even if your state does not allow you to directly buy loans through the primary market, you can likely participate in the secondary market.
- You pay no fees as a buyer — the seller pays a 1% fee
- You can resell the loan on FolioFN when you wish (less a 1% fee)
An additional item that I should have demonstrated in the video is [Read more...]