I have not written about my Lending Club experience in a while, so it seemed like a good time to share my progress.
I have a net annualized return of 10.12%. When banks are paying below 1% interest, this is a great way to invest your money.
I am currently invested in seven different loans, each with a unique risk and return profile. I invested in three notes that have been paid off in full. As my account grows, I continue to reinvest in new loans. I started the Lending Club experiment with that philosophy.
At one point, I did have one loan over 30 days past due. If a loan defaults, you are out your investment. Fortunately the borrower has paid back all past due amounts and a late fee, which I get my portion of as well.
I highly recommend you give Lending Club a try.