Lending Club (Make money lending money!)

[iarenick]

I just finished signing up at Lending Club and currently getting my bank account processed. Basically, you lend money to other people and you earn an interest off of that. Pretty interesting and looks promising considering the criteria to borrow money is pretty strict and that you get a full page about their bio before you invest, including the number of times they have been delinquent and their credit score range. Most of the people on the site are people looking for down payments on a house or the like.

Also, they have a referral program that you and your referral earn $25 when they sign up. Check out this page for more info:
"When You Refer Lenders: We'll Pay Your Friends $25 when they become lender members."
https://www.lendingclub.com/invite/invite.action

I know a lot of people look down on referrals, but if your interested in making a quick $25 and helping a fellow IA member out, click my link
https://www.lendingclub.com//invite/...errer=iarenick

Harvard Business Review - "Top 20 Breakthrough Ideas 2009"

and

Featured on The Wall Street Journal, CNet, The Motley Fool, ABC News, FOX, and more.

This is pretty much like an investment since it pays a better interest rate than those tiny 0.xx% savings accounts that banks offer. Lenders make an average of 9.94% (As of 6/18/2009).

Here is an example of a loan request that I just found:


And the Loan browser:


*The loan amount requested can be split between multiple people, so you only make interest off of the amount you invested.