Lending Club $100 Giveaway

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The good folks at Lending Club have offered to underwrite a $100 giveaway here on FCN. I’ll start by sharing the details of the giveaway. You can then read on for details about Lending Club.

In order to enter the contest, you must do the following:

  • Join Lending Club as a lender (it’s free!)
  • Leave a comment on this post (be sure to use a valid e-mail address)

Note: You need to go through all steps of the signup process such that you have a fully functional account from which you can lend or withdraw your winnings. Don’t worry, it only took me a few minutes when I did it.

That’s it. The reason that you need to register at Lending Club as a lender is that they will deposit the money directly into the winner’s account. You will then be free to either invest (i.e., lend) the prize money or withdraw it. That’s entirely up to you.

And now for the fine print… All entries must be received by 9 PM on Friday, February 20th. I will then randomly select a winner, contact them via e-mail to get their Lending Club username, and pass that info along to Lending Club such that they can deposit the prize money in the winner’s account. As always, this offer is void where prohibited.

So… What are you waiting for?

Who is Lending Club?

In case you’re not familiar with them, Lending Club is a peer-to-peer lending operation that helps match people who need to borrow money with those that have money to lend. Here’s a brief description straight from the horse’s mouth:

Lending Club is a social lending network. Borrowers with good credit can get personal loans at interest rates they find more attractive than those available from conventional funding sources such as banks and credit cards, taking advantage of a streamlined process between the source of funds (lenders) and the borrowers who need those funds. Lenders get an opportunity to fund specific borrowers by investing in Notes we issue that correspond to specific borrower loans. The stated interest rates on Notes range from 6.69% to 19.37% (after deduction of our 1.00% service charge).

I’ve actually opened an account with them myself, but haven’t had a chance to make any loans yet. I plan on doing so and hope to write a review about my experience sometime soon. Keep an eye out.

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81 Responses to “Lending Club $100 Giveaway”

  4. Anonymous

    Be Cautious of LendingClub!

    LendingClub has not responded to a single email I’ve sent them and their link to complaint about SCAM borrowers is still not working.

    They also don’t take or return phone calls.

    So if you run into problem with LendingClub, you’ll get no help and no response. Proceed with extreme caution with this one.

    The site also will not accept borrowers with fraud alert protection. You have to deactivate fraud alert protection to borrow money.

    February 20, 2009 at 11:14 am
  5. Anonymous

    Sounds like an interesting concept. I commented today to a friend…”We’re still depositing into our 401K – it’s like a voluntary pay cut every pay period as we watch it evaporate with the down market”!

    Thanks for the info – I’m in.

    February 20, 2009 at 11:06 am
  23. Anonymous

    Hey here’s my comment to enter the Giveaway. So weird that I stumbled on here about two weeks after signing up with Lending Club not even knowing the full story on the site. I added a little cash to get the ball rolling and see what happened.

    February 18, 2009 at 8:01 pm
  35. Anonymous

    @Michelle I guess the Note from Nickel has already corrected you, but just to reiterate, your comment, “They don’t ask for any financial/personal information at all” is blatant misinformation. In addition to linking to your bank account, you also have to provide your SSN.

    February 7, 2009 at 2:20 pm
  40. Anonymous

    Excellent giveaway, Nickel. 🙂

    I saw Jim’s yesterday and linked to it, but am a day behind in my reader. I’ll add your giveaway to the article as well. 🙂

    February 6, 2009 at 9:00 pm
  42. Anonymous

    I’d like to join LendingClub but can’t get past their home page. All links, incluidng the one here for the bonus are busted. All I get is “Internet Explorer can’t display this webpage”. What’s up? Is lendingClub off line?

    February 6, 2009 at 3:16 pm
  65. Anonymous

    Oh, oh, ME, ME… Been with LC for over a year, love it! Earned a yield of around 9.5% last year after fees, so they definitely rock the socks off the stocks!

    -Jeff

    February 5, 2009 at 9:34 pm
  71. Anonymous

    I have been lending with Lending Club for over a year and am happy with it. I’d love to have an extra $100 to lend, so count me in too.

    BTW, It is not quite clear from the rules if it must be a new account or not. It just says that you have to have a Lending Club account.

    If you do sign up, I have some advice for new lenders on my site.

    Note from nickel: Existing customers can play, too. 🙂

    February 5, 2009 at 7:02 pm
  80. Anonymous

    I signed up. For anyone concerned, sign-up is simple and easy and only asks for your email, desired username, your choice of security question, and password. Make sure to click the confirmation email after sign-up to complete your registration (which came almost immediately). They don’t ask for any financial/personal information at all.

    That’s a great site, thank you for posting about it.

    Note from nickel: You actually have to fully activate your account (by linking your bank account, etc). The reason for this is that you need a fully active account into which they will deposit the prize money (and so you can either lend or withdraw your winnings).

    February 5, 2009 at 4:52 pm