Saturday, May 18, 2013

Loaning Money through Lending Club!

My, how times have changed! I remember a few years back when I was contemplating different quick fixes to get out of debt. There were a few options I looked into at the time. One was a Discover Personal Loan. Another was a loan through Lending Club. After doing tons of reading, something hit me... getting more loans to get myself out of debt wasn't really fixing the problem.

I needed to change my ways and learn how to not spend more than I earn. Duh!

It took some time, some ups and downs, but I did it! We're now in a much better position financially. (Believe me, we're not rolling in dough or anything, but we're not drowning either - which is a very nice feeling.)

My hubby and I each get an allowance. I tend to use mine for a massage or a new outfit. He just started using his to invest in Lending Club. He loves the idea of helping people and also having the opportunity to earn a large interest rate. There is a bit of a gamble there, but he enjoys taking the risk and investing his extra spending money that way. Whatever rocks his boat!


  1. We got a lending club loan that allowed us to lower the interest rate on the debt we were paying. Worked great!

    And we are considering another one to do some home improvement projects (nothing fun....the furnace and hot water heater).

    I hope your hubby chooses well and gets a return on his investment.

  2. I invested 3 years ago so all my loans are done, here is my experience. I started small with 10 $25 loans, mixed grades/scores (ranged from B-E). 1 defaulted a year in (E). 3 paid off early (2 B & 1 D) and the last 6 paid on time (4 B, 2 C). I did feel a little mad at the person who defaulted because it isn't a bank he let down, it was real people but I knew the risk and I came out ahead so definitely a positive experience.

  3. That is very interesting... I should look into this! Maybe hubby can make a post about what he looks for and how this process goes?

  4. Lending Club is great. I have been using it now for about 5 months and have not had a problem yet. I really enjoy having a small monthly income stream as well. No defaults yet! Hopefully your husband will have the same luck!

    Feel free to follow our journey as we pay off our debts at our site

  5. No post after May. Give us update.