Sunday, June 26, 2011

Lending Club

I joined Lending Club in January so I thought I would report.  According to lending club I have made a return of 9.8% since joining.  Pretty nice return, though I am not sure how they will report taxes.  If they report as income then it will be taxed more then if it is reported as dividend income.

In any event I put in 3k at the end of January and have $3200 now, 6 months in.  $100 of that was a bonus for investing over $2500 to start with, so it seems a bit high of a percentage, but they probably know better than I.

The promo they are doing is that if you sign up and invest $2500 you get $100.  I think you invest over 5k you get an additional 1% as well.  I think prosper has a promotion going on as well, I might look into that as well.


Jason Poll said...

Now if only I could use Lending Club. Not cleared with Michigan. WTF?

Chris said...

Huh, that is crazy.
I have been investing in DHY and RSO they give you a better return anyways, not sure which is riskier though...