Personal Experience with Lending Club $50 Bonus

January 23, 2008 · Filed Under Free Random Money 

A week ago, I wrote about the Lending Club and their $25 bonus when you deposit $1. At first I was a little skeptical about signing up to Lending Club, but I found that they are legit after doing a little research. They have been featured in Business Week, Barron’s, and the Street.

The main reason I want to sign up is because of the bonus money. From the website:

When you refer friends to Lending Club and they become borrowers or lenders, we will deposit a bonus into each of your Lending Club accounts. You will each earn:

* $25 when your friend successfully submits a loan application
* $25 when your friend opens a lender account with $1-$999
* $50 when your friend opens a lender account with $1,000 or more

Here’s what to do:

  1. Go though this Lending Club link
  2. Fill in your name, email, password, and make up a user ID.
  3. Verify your identity
  4. Add your bank account and wait them to withdraw an amount less than $1
  5. Wait for a few days, and verify the amount that has been withdrawn.
  6. Deposit the amount you want. $1000 in order to get a $50 bonus or $1 to get $25 bonus.
  7. Bonus show up 4 days after the initial deposit.

My experience has been a positive one. Since I have $1000 in my account that I don’t need, I went ahead and deposit the $1K in order to get the maximum bonus money. If you don’t have the $1K, then deposit $1 to get your $25 bonus. I’m not worry about depositing $1K because I went ahead and withdraw the $1K from Lending Club back into my bank account. I lost a week of interest, but gain $50 bonus. Not bad of a deal. The best part about Lending Club is you don’t even need to lend out any money to get your bonus money. There is also no hard pull on your credit report. Although I recommend to loan out your $50 bonus just to give them a try. You can’t lose anything since it’s free money and the average return is 12.32% (The Street).

I also got $100 bonus for referring people. Again, thanks for signing up through my referral link.

If you are interested in making another $25 bonus, check out my Prosper Review.

Tags:

Comments

11 Responses to “Personal Experience with Lending Club $50 Bonus”

  1. RacerX on December 16th, 2007 9:59 pm

    What is the consensus of whether this or Prosper.

    Heard good things about Prosper until recently. Basically that the default rate on any loans outside of A+ are defaulting.

    Wondering if this is a better choice?

  2. Hu$tler on December 16th, 2007 11:05 pm

    Lending Club is still new, but the bonus is better since you don’t even have to lend out money.

    Minimum credit score for Lending Club is 640 but 520 for Prosper. Stick with Lending Club is you take less risk.

    Just sign up for both and get the bonuses. Use the bonuses to play around with your lending.

  3. FreeMoneyMaker on December 18th, 2007 6:21 pm

    Hi Hu$tler, nice post. I just signed up through your link and would fund with $1k to get $50 for both of us.

  4. Hu$tler on December 18th, 2007 9:11 pm

    thanks FreeMoneyMaker…nice blog.

  5. David on January 3rd, 2008 3:25 pm

    Is it still on? I didn’t see anything in their website regarding these bonuses. Thanks

  6. Hu$tler on January 3rd, 2008 5:51 pm

    Yup..just go through my link and deposit $1. You will see the bonus in a week or so.

  7. Richard on January 13th, 2008 2:44 am

    Hey are all the bonuses (both referrer and referee) still active for this?

  8. Hu$tler on January 13th, 2008 1:03 pm

    Yup. It’s not on the website, but in my account, I see the referral bonuses. Just sign up to get your free money.

  9. tracy ho on January 17th, 2008 8:34 pm

    Thanks ,great ideas

    Tracy Ho
    wisdomgettingloaded

  10. dezzie on February 1st, 2008 2:32 pm

    do they make lots of money via those small, less than one dollar withdrawals? do we get that back?

  11. Richard on February 2nd, 2008 3:01 am

    Yes, you get it back. It’s added to your Lending Club account balance, which you can always then withdraw to your bank account.

    I deposited $25, and funded a loan. I got my $25 bonus right after that. The loan was never fully funded and so my original $25 came back into my Lending Club account. So I was able to withdraw $50.72 to my bank account ($25 original + $25 bonus + $0.72 withdrawn)!

    Thanks Hustler!!!

Leave a Reply