I have had some Peer to Peer lending excitement that I thought I would share. I have had both a scare and an early payment, but it seems that all is doing well in Eric's Lending Land.
First, I will share the scare and how it was resolved. I first noticed something was wrong one day when I logged in at LendingClub and saw that one of my loans was in the 31-120 day late bucket. The loan had a partial payment and missed payment. I was not sure if I would be out the $25 or if it would work out. This is the collection log as of today:
You can see where the trouble begins, on 11/6, with a failed payment. Since then, Lending Club worked dilligently to bring the loan current. It took a few months, but things have smoothed out. I also got a $.09 late fee for my portion of the loan. (Click to enlarge)
I have also now had two loans payoff in full. That means I lose out on interest but get my entire outstanding principle back early. I can re-loan the outstanding principle into a new loan, and plan to do so shortly. My account balance today, including the outstanding loan, is $53.92. That is roughly a 7% annual return. Not bad at all.
What do you have to lose? It takes five minutes and you get $25 bucks for free. I think an hourly rate of $300 is not too shabby. To sign up, follow this link to Lending Club.
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