I immediately hunted down loans using their quick options in the High risk range. I saw 40 loans applied for and ordered. Later that day I so one loan fall by the way side and 25$ was put back in to my available funds for me to try again. I posted another.
So over the weekend I noticed something pretty interesting. I was earning interest on my account balance. which is cool. Although it was only .01 it was better then nothing. So I saw that on Saturday and then another on Sunday.So I have .02 extra cents in the account now.
On Friday night I saw one loan get issued and another 1 on Saturday. So far today I have 6 more issued. Looking forward to more loans getting issued.
So I learned over the week:
- Loans have three states in the beginning. one is "InFunding" This is where the loans are waiting to reach full funding by the investors.
- The second is "InReview" the Loan Borrower is in review. Credit appl is looked over and stuff like that, in more detail.
- The third is "Issued" and the loan is sent to the borrower and the payments are set in place.
- You earn interest seemingly everyday on the moneys you have in the account.
- The the loan falls threw you get your money put back into your account to be reinvested again.
- This is also a daily task that seems to be one that is going to be like checking you email on you cell phone all the time to make sure all your loans take off in the beginning.Otherwise your money just sits that and does nothing for you.
If you are also interested in getting started with lending club. Just shoot me a message and I can get you hooked up with $25 extra for you to invest.