Comments on: Lending Club | Free Investment Signup Bonus

By: Ryan Boomershine

Ryan Boomershine — Mon, 11 Jan 2010 19:03:18 +0000

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?

By: Matt Jabs

Matt Jabs — Thu, 10 Dec 2009 18:29:20 +0000

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!

By: Bobby

Bobby — Wed, 09 Dec 2009 18:31:52 +0000

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

By: Peter

Peter — Wed, 09 Dec 2009 17:57:02 +0000

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.

By: Matt Jabs

Matt Jabs — Wed, 09 Dec 2009 14:17:44 +0000

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 What they do say is this, “Bonus funds may not be withdrawn and must be invested in Lending Club notes.”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

By: Ann

Ann — Wed, 09 Dec 2009 14:04:12 +0000

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

By: Lydia aka Ms. MoneyChat

Lydia aka Ms. MoneyChat — Wed, 09 Dec 2009 12:40:34 +0000

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?

By: Financial Samurai

Financial Samurai — Tue, 08 Dec 2009 23:23:44 +0000

$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!

By: Matt Jabs

Matt Jabs — Tue, 08 Dec 2009 21:05:57 +0000

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.

By: Financial Samurai

Financial Samurai — Tue, 08 Dec 2009 20:54:41 +0000

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

By: Lakita

Lakita — Tue, 08 Dec 2009 15:32:34 +0000

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

By: Matt Jabs

Matt Jabs — Tue, 08 Dec 2009 14:52:39 +0000

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.

By: Katrina

Katrina — Tue, 08 Dec 2009 14:28:47 +0000

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

By: Matt Jabs

Matt Jabs — Tue, 08 Dec 2009 14:08:20 +0000

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

By: Ann

Ann — Tue, 08 Dec 2009 13:58:55 +0000

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.

By: Emily

Emily — Tue, 08 Dec 2009 13:08:08 +0000

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!