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I'm just curious, has anyone on here considered Lending club or any of the the other similar sites as an investment opportunity?
For those unfamiliar, the basic concept is someone needs money(let's say $10k) for something like debt consolidation or some other purpose. They reach out to the users on the site, who can each lend a portion of the total loan(most are broken into $25 notes). Similar information is provided to lenders that would be available to most commercial lenders(credit score, income, credit utilization, etc) so that you can attempt to make an informed investment, but the risk always remains that a person won't pay the loan back.
As a result though, the rates are higher than most other investment options.
Anyone tried this? If so, how has your experience been?
I've been a Lending Club investor for a couple of years now. I haven't had a default yet, but with only $25 invested in each note, I wouldn't get upset. I'm currently earning between 6%-9% a year there.
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