How to make money off lending club
This article may include affiliate links. Read our disclosure policy. There is a really innovative new way to make passive income in this range through something you may not have heard of called marketplace lending or better known as peer-to-peer lending. For the longest time, big banks were the main way that anyone could get a loan. Now with peer to peer lending, you can become the lender and get the return that was once only available to the major financial institutions.
They have helped over 1. Here are two examples to show you how peer-to-peer lending works:. He has good work history, a decent credit score, and is looking for a personal loan to consolidate his debt as well. This is where you can come in. Mike and Jennifer want to get solar panels installed so that they can reduce their monthly expenses long-term.
They have had frustrating experience working with banks and would rather not delay the process. There are also no pre-payment penalties or hidden fees. As one of the investors in this loan, you are not only getting a decent return, but you are helping Mike and Jennifer get the solar panels they need to accomplish their goals.
Lending Club Review for New Investors - Lend Academy
This is something totally different. All investments have some sort of risk associated with them.
The grading scale goes from A to G, A being the lowest risk and G being the highest risk. So if you want to lower your risk, then you should consider investing A and B loans. It is worth noting that with a lower risk, tends to be a lower return. On the flip side, typically with a higher potential return, there is a higher potential risk involved. If you decide to go this route, I would not make it a significant part of your overall investment strategy.
How to Make Money with LendingClub
While some marketplace lenders are new, LendingClub has been around for a while. LendingClub was founded in on the premise that an online marketplace powered by technology would operate at a lower cost than traditional banks, and those savings would be passed on to borrowers through better rates and investors through stronger returns.
They recently released a mobile app for iOS called LendingClub Invest where you can check your investor account anytime and anywhere.
Lending Club Strategy: 5 Simple Ways to Increase Returns
This is a great feature as most people prefer to check accounts via their cell phone instead of a computer. See here for more details about the mobile app.
If you are looking for a way to make passive income , peer-to-peer lending is definitely worth considering. Please realize that all investments have some sort of risk involved. Make sure to do your research and only invest in things that you understand and feel comfortable doing. Have you ever tried peer-to-peer lending?
If so, please let us know your experience in the comments below. Taking surveys in your spare time can be a great way to earn some extra dough fast.
How I Made $10, on P2P Investing, and How to Make More
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