LendingClub May Promotion

Quick news from the peer-to-peer lending space.  LendingClub.com is offering a 1 to 3% bonus on all inbound money transfers.  This is similar deals that Prosper.com has offered in the past.  However, there is one key way: you can use it to fund any available loan, not just pre-selected “Featured Loans”.  We here at BYM are still new to LendingClub.com, but have recently invested some money there.  We plan on providing a full review, like we did with Prosper.com, once we have more real world experience with the site.

Lending Club promotion

  • Receive a 1% cash bonus on transfers of $5,000+
  • Receive a 2% cash bonus on transfers of $15,000+
  • Receive a 3% cash bonus on transfers of $50,000 or more

You must sign up for a Lending Club account and enroll in the promotion program first.  New funds must be credited to your Lending Club account by May 31st.  One point in the fine print that I found confusing was if you are allowed to ever withdrawal the bonus, the good news is you can.  I emailed LendingClub and got the following response:

“Once the bonus has been invested into notes you will be able to withdraw the funds as they come back in payments.”

Here is the fine print:

To receive your bonus, all funds must be (1) newly transferred between the date you enrolled in the program (but not earlier than May 2, 2011) and May 31, 2011, (2) continuously maintained in your Lending Club account and (3) fully invested on the Lending Club primary platform market by June 30, 2011 to receive your bonus. Existing account balances and transfers prior to your program enrollment date will not be counted towards satisfaction of the necessary load to earn this bonus. The transferred funds that qualify you for this bonus offering will be locked for investment purposes only and unavailable for withdrawal. You acknowledge and agree that Lending Club reserves the right to withdraw the full original value of the bonus amount delivered to you upon violation of any of these terms. Failure to fully invest the new funds by June 30, 2011 will result in your forfeiture of the bonus amount. Transactions in the secondary market (the trading platform operated in by FolioFN) do not count as “investing funds” or towards unlocking the bonus. This bonus payment is taxable so please consult with your personal tax adviser. You are responsible for any taxes related to this offer. Void where otherwise prohibited. This offer may not be combined with any other offer.

Limit: One bonus per tax ID and a maximum bonus of $7,500 per tax ID.

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1 Response to “LendingClub May Promotion”

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