DFA Weekly Link Rally: We Paid off Lending Club!

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Lending Club debt is gone

I once was a Lending Club borrower, but as of this coming Monday am strictly an investor.  If you haven’t already done so, and would like to read the whole story, check out my Lending Club review article where I detail the entire experience.

In summary, back in August of 2009 we borrowed $11,000 from Lending Club in order to consolidate four separate debts – 3 credit cards and an auto loan.  Now – just 7 months later – we have repaid the entire loan and will now focus our debt avalanche onto our next debt.

Here is a list of our debt that remains:

  • 1st mortgage = $118,950 at 5.5% fixed with 20 years remaining (recently refinanced)
  • 2nd mortgage = $39,700 at 8.8% fixed with 27 years remaining
  • My student loan = $31,850 at 6% fixed
  • Her student loan = $34,200 at 4% fixed

Thank you for all our encouragement along the way, we are VERY happy to be paying this debt off and will be rewarding ourselves accordingly.

Link rally for this week

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 Four Pillars

Thanks for the link Matt!

2 Four Pillars

Congrats on paying off the LC loan!

3 Elle

Congrats on paying off another debt! You guy are just rolling through them; i cant wait to see how you do with your next debt! 🙂

4 Lakita (PFJourney)

Less than a year….impressive! Congratulations!!!

Oh, and thanks for the include!

5 Mrs. Money

Awesome! I am so impressed. That’s such a short amount of time!

6 MD

Congrats on killing the debt Matt! Thanks for the mention.

7 RainyDaySaver

Wow, it seems like just yesterday you took that LC loan — you paid it off in record time, congratulations!

8 Matt Jabs

Yeah, our goal was to have it paid off by 12/31/2009, we missed that by 3 months, but are still really, really happy to finally be relieved of the debt.

9 Ted

Awesome job! Wheoooooooo

Thanks for the great links. Gave me a lot to think about.

10 Bucksome Boomer

Congratulations! You continue to be an inspiration to those of us paying off debt still.

11 Melissa

That is fantastic!! Keep up the good work. (and I hope you let us know how you decide to celebrate)

12 Matt Jabs

We haven’t really picked a specific way to spend money to celebrate per se, we’re both more interested in saving more and repaying more debt as a reward to ourselves. We are going to TX the first week in April, but we have a vacation fund for that. 🙂

13 myfinancialobjectives

WOW now that is impressive! Congratulations!

Side note: Do investors really earn 9.75% interest w/ Lending Club?

14 Matt Jabs

The average is currently at 9.65%, but I have actually earned a 11.46% average since becoming an investor with Lending Club.

Try it out for yourself… there is no minimum to get started.

15 myfinancialobjectives

Wow, 9.65% average, and you’ve been getting 11.46% that’s amazing! Unfortunately, I don’t meet the minimum requirements 🙁

16 BibleDebt

Glad to hear you have come over to the other side. It is much better to see the compound interest working for you instead of against you!

17 Matt Jabs

Oh my word… tell me about it!

18 BibleDebt

Thanks for the link! I really appreciate it. Looking forward to reading more.

19 Matt Jabs

@everyone – thank you for your encouragement and support… your comments mean a lot to me.

20 innocriss

Congratulations Jabs,
Can’belief you paid off the debt in less than a year. you inspire me, by showing me how to invest the right way.

21 David H.

Congrats Matt. 7 Months is definitely something to celebrate. Now it’s time to kick sallie to the curb. No doubt you’ll have these debts over with soon enough.

22 Matt Jabs

Yep, and refinancing our first mortgage will save us at least $41,000. 🙂

23 BG

Excellent job Matt! I guess you need to update your “Lending Club Debt Goal” graphic on the side of your page.

24 Matt Jabs

Nope, I won’t update those until I put out my March debt reduction and savings statement… but that should be out soon since I have my numbers early this month.

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