Lending Club | Free Investment Signup Bonus

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*Update 1-14-2010* This offer was changed from a $64.62 bonus to a $40 bonus.

Opportunity for Free Dough

If someone wanted to give you a $40 bill – would you take it?  If yes then today is your lucky day!

I recently received $50 to sign up as an investor with Lending Club and am glad to be offering DFA readers a similar opportunity… their current offer is an investor bonus of  $40.

My Experience with Lending Club

You may remember that I am already involved with Lending Club as a borrower – read my Lending Club review for more details.  Because I have already been doing business with them – and been very happy – when they offered me free dough to get started as an investor – it was a no-brainer.

Just like as my borrowing experience was painless, investing with Lending Club is very simple, offers proven returns, and puts the interest normally earned by banks into our hands! That is what social lending is… people loaning other people money – Lending Club is just a clearing house of sorts.  They are very confident in their system, and are looking to prove their worth… no strings attached.

Normally I would not invest while still in debt, but since they gave me $50 to get started I will just using the free money to get my feet wet and start building an account with high returns.

Benefits to investing through Lending Club:

  1. They are giving you $40 to get started – no strings attached.
  2. They have averaged returns of 9.76% over the last 2.5 years, despite the troubled economy.
  3. They offer individuals the unique opportunity to lend and borrow from each other, eliminating the need for a bank.

My Endorsement

When I come across an opportunity to pass on free money to you… I am going to do so.

I have no qualms endorsing Lending Club as a solid company to do business with.  As I mentioned earlier, I have experience dealing with them as both a borrower and now an investor.

Read my Lending Club Review for more information, a detailed view of my experience with the company, and an endorsement from several other happy investors.

Offer Details

Apparently there is no minimum amount you need to open an account with… you simply have to open the Lending Club account and link your bank account to it – then the $40 will be triggered to go into your LC account.

“The special referral bonus program begins December 3, 2009. Referrals must be made from using the “Sign Up Now” button to qualify for the $40 bonus. The referral must complete registration as a Lending Club investor and link a bank account in order to receive the bonus funds. Bonus funds may not be withdrawn and must be invested in Lending Club notes. Funds received may be taxable, please consult with your tax adviser. Recipient is responsible for all taxes, if any, due.”

Signup to Invest with Lending Club and receive $64.62 to get started with!

Disclosure:  Though I stand behind my recommendation of Lending Club, I do receive a stipend for new customers they secure through my endorsement.



Betterment is one of my two favorite ways to earn interest on my savings! They have an awesome program for the Average Joe to save and invest simply and effectively. There are no minimum balance requirements and no transaction fees. Read my Betterment Review or open an account to get started earning now.

1 Emily

Thanks Matt, the sign-up button didn’t work for me, so I signed up regulary and put in “mattjabs” in the referral box, since that’s what it looked like your referral code was. I’m just waiting for my bank account to be verified and I’m getting my $64.62. I’ll be passing this on to my own readers, but with my own referral code!

2 Ann

I think the reason for the $64.62 is in the headline “Banks make 6.462 million…” It seems they are tying in their offer with the amount in that line (except taking away the “million” part of it). I took advantage of this type of offer several months ago and, like you, once our debt is paid off will invest more.

3 Matt Jabs

LOL! Oh my word… how did I miss that. I really need more sleep.
Thanks Ann. 🙂

4 Ann

It must be sleep deprivation because I don’t think you would have missed that otherwise! 🙂

5 Katrina

Any idea what the minimum to put in to get the $65 is?

6 Matt Jabs

Good question Katrina.

There is no minimum amount listed. Just opening the account with the referral code, and linking a bank account to the Lending Club account will trigger the $64.62 payment into your LC account.

I updated the post with the pertinent info.

7 Lakita

Sounds good, I was going to point out the headline but Ann beat me to it. I’ll certainly give this a closer look.

Kita

8 Financial Samurai

Hope you get some good sign ups Matt! Reminder us again how much you have invested with LC? thnx.

9 Matt Jabs

Right now, I have my full $50 invested. Woo hoo! 😉

That said, we may start putting the money left over from our cash envelopes into LC each month… so as to still contribute some, but only such amounts that are left over after out monthly budget is reconciled.

We may do that, or we will continue to invest nothing more than proceeds from the $50.

10 Financial Samurai

$50 bucks? Slow down there big hitter! 🙂 Actually, I think that’s pretty smart of you to only put in $50 bucks. Gotta see how things pan out over the long run, and you know that your downside is only $50 bucks!

11 Lydia aka Ms. MoneyChat

thanks for the link matt. i’m 64.62% sure that i will sign up;-). quick question, how long must the bonus money remain invested?

12 Matt Jabs

Good question Lydia, they do not say. What they do say is this, “Bonus funds may not be withdrawn and must be invested in Lending Club notes.”

So I’m assuming that you have to invest the money in a loan. Then, when that loan comes due, you can pull out your proceeds as normal… or reinvest again.

Their motivation is to get us to invest… which is probably a good thing since the yield is so high compared to other investments nowadays.

13 Peter

Loans are normally for 3 years, correct Matt? So since you have to invest the money, I’m betting you could withdraw it at the end of the 3 years..? In other words, this bonus is a great way to get into trying out lending club with absolutely no risk.

14 Matt Jabs

Yes, 3 years is the default loan period – however… many people pay them off early. I will be paying my loan off about 2.5 years early! 🙂

15 Bobby

Sounds like a great way to dip a toe into collective investing. Thanks for the tip.

16 Ryan Boomershine

Matt,

Joe Vondo referred me to your site recently, and I have been reading (through a feed) with interest, signed up for an Electric Orange account and am interested in Lending Club. How often do they offer these bonuses?

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