I wasn’t planning to do monthly updates of my lending club, but when I logged on today I saw something interesting so I thought I’d include it in a quick update. After only a few months, I’ve got my first paid off loan. In three payments they paid off $28k of some sort of consolidation loan. Maybe they found a better deal than the 21.5% interest they were paying, and their credit score increased by about 30 in that time. Anyhow, for the $25 I loaned for three months, I got $1.33 in interest.
In other news, I have not had any late payments, nor are any loans currently late, although I did have one payment lapse into the “grace period” of 15 days. It’s still early so that will likely change. My base investment has been $2800, I’ve made $76.90 in interest, with a current return of 16.31% and a weighted average rate for all investments of 15.9%. I just continue to reinvest all payments in $25 increments, in addition to two $50 investments monthly. So far I’m happy enough, and I continue to recommend to others that they too consider Lending Club as a place to try some alternative investing.