As you may recall from past posts, I invested $1,000. That money was able to be invested on July 10. Today is August 10. I invested $500 in brand new notes, using a variety of criteria I had read in various blog posts, along with some "this looks good to me". I have notes at varying levels and basically I'm trying to see how this all works. I took me until the end of last week to get all $500 invested; several of the loans I had picked ended up not being funded and the money was put back in my account to re-invest. My final result is shown below:
You can click on the picture for a better view, and you'll see that the average weighted interest rate is 13.6%, but that I have loans rated A-E. At this time I have received no payments and no one has defaulted. At the end of one month, this $500 has paid me nothing, though interest has accrued. First payments begin today, and continue through September 6.
I've continued to read about Lending Club and Peer-to-Peer lending and I decided to invest another $1500 so that I can try some of their automated tools that are available to those whose accounts are over $2500. If I've caught your interest and you want to invest $5000.00 or more in a new IRA with Lending Club, leave a comment with your contact info and I'll send you an invitation that gives you a $25.00 bonus.