Why Lending Club?
As you’re likely aware, Matt is working hard to get out of debt, and has also become somewhat dis-illusioned with big banks. Following the recommendation of a friend, Matt decided to use Lending Club’s social lending platform to consolidate and effectively refinance a portion of his high interest debt.
As soon as Matt told me about this, I jumped on Lending Club, found his loan, and invested
$25 $500. While some might shy away from lending money to family or friends, I’d rather invest in Matt than in a complete stranger.
Help a brother out
If you’re looking to get your feet wet with social lending, here’s your chance.
- Open an account with Lending Club
- Click the “Browse Notes” link under the “Invest” tab
- Search for “betsyjabs” using the search box in the right sidebar
Assuming that it hasn’t already been funded by the time you do this, you should see an $11k loan request under the username “betsyjabs” (Matt’s wife). They’re Grade A borrowers, and the loan pays 9.32% (see below).
Just be sure to act fast! Matt listed the loan Saturday, and it’s over 60% funded.