In order to enter the contest, you must do the following:
- Join Lending Club as a lender (it’s free!)
- Leave a comment on this post (be sure to use a valid e-mail address)
Note: You need to go through all steps of the signup process such that you have a fully functional account from which you can lend or withdraw your winnings. Don’t worry, it only took me a few minutes when I did it.
That’s it. The reason that you need to register at Lending Club as a lender is that they will deposit the money directly into the winner’s account. You will then be free to either invest (i.e., lend) the prize money or withdraw it. That’s entirely up to you.
And now for the fine print… All entries must be received by 9 PM on Friday, February 20th. I will then randomly select a winner, contact them via e-mail to get their Lending Club username, and pass that info along to Lending Club such that they can deposit the prize money in the winner’s account. As always, this offer is void where prohibited.
So… What are you waiting for?
Who is Lending Club?
In case you’re not familiar with them, Lending Club is a peer-to-peer lending operation that helps match people who need to borrow money with those that have money to lend. Here’s a brief description straight from the horse’s mouth:
Lending Club is a social lending network. Borrowers with good credit can get personal loans at interest rates they find more attractive than those available from conventional funding sources such as banks and credit cards, taking advantage of a streamlined process between the source of funds (lenders) and the borrowers who need those funds. Lenders get an opportunity to fund specific borrowers by investing in Notes we issue that correspond to specific borrower loans. The stated interest rates on Notes range from 6.69% to 19.37% (after deduction of our 1.00% service charge).
I’ve actually opened an account with them myself, but haven’t had a chance to make any loans yet. I plan on doing so and hope to write a review about my experience sometime soon. Keep an eye out.