1) I can’t invest in Lending Club because DC lenders are not allowed. Don’t ask me how another DC PF blogger does it. I assume they began their account while living outside the District.
2) Because I moved recently, they can’t even verify my identity to be a borrower so I can make some blog fodder out of the experience.
That’s ok because the personal loan rate is rather crappy at 7+%, which is far more than I’m paying on my credit cards with my balance transfer terms, etc. Even my HELOC has a better rate than they could offer me.
I guess that’s an endorsement of traditional banking, in a backhanded kind of way.
So when is Prosper going to get out of their quiet period? Even though Lending Stats says my estimated ROI is only 3%, that’s better than any interest rate I could make right now in a CD.
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40billion.com is a good option for business owners seeking financing and resources. Small businesses and startup entrepreneurs raise money through personal connections online (a.k.a person to person, peer to peer, social lending). This elevates access to funding, increases transparency, reduces costs, and lowers risk.
Entrepreneurs connect with their social networks (friends, family, friends of family, community members, colleagues, alumni and others) to raise up to $99,000 in capital by requesting loans and gift contributions. Funders can get product discounts and freebies, as well as the ability to track how the funding is spent.
I live in PA and can invest directly either, but you can still buy existing notes. The link is on their site, I’ve done pretty well with it.
I meant can’t invest, not can
I’m not a huge fan of Lending Club. I have a little bit of money invested at Lending Club, but I probably won’t invest anymore.
I’m still waiting for Prosper to wrap up it’s quiet period.