I’m excited to announce a $100 giveaway from Lending Club, the peer-to-peer lending site, here at Money Under 30. One lucky winner will receive $100 deposited into their Lending Club lender account. Here’s how to enter…and win!
First, you need to create a Lending Club lender account. It’s a simple application that can be completed in a few minutes online. (And it’s free!) Be sure, however, to complete all the steps required, as you will need this account to collect the $100 if you win.
Second, leave a comment in this post with a valid e-mail address before midnight EST on Friday, February 27, 2009. I will contact the winner next weekend. If you win, you will simply need to email me back with your Lending Club username so the funds can be deposited into your account. As with most promotions, this contest is void where prohibited. Create a Lending Club account now.
What is Lending Club?
Lending Club is a peer-to-peer lending company. That means that Lending Club lets normal people like you and I invest money in loans to other normal people. When you create a Lending Club lending account, you can deposit an amount of money large or small and begin contributing small amounts of your investment to fund various loans posted on the account.
People applying for loans on Lending Club must meet certain minimum credit criteria to post a loan application, but then you have the ability to choose the risk and reward (interest rate you’ll earn) by picking only the loans you want to invest in.
Once you lend money to a borrower and the borrower’s loan is funded, you will begin receiving your principal plus interest back in your lender account once they start making payments. Lending Club handles all the billing and collections.
I have used peer-to-peer lending as both a borrower and a lender, and I truly believe—especially given the recent failure of our nations banks’ lending systems—that peer-to-peer lending is the future of credit. By becoming a Lending Club lender, you have the power not only to earn a much better return on your money than you could in a bank account, but also contribute to the recovery of our nation’s lending system.