Lending Club has a timely promotion for the holiday season (as do a lot of companies and retailers during this particular time of the year). They’ve got an offer for new borrowers who join their peer to peer lending network, so if you’ve been on the fence about trying out this type of direct lending program, then perhaps this holiday deal may prove incentive enough to try them out. You can get a personal loan for low rates plus receive an Amazon gift card to boot.
Get A Free $150 Amazon Gift Card: Apply For A Fixed-Rate Loan
If you’re not familiar with p2p lending, then I would suggest that you check out my Lending Club review. But if you already are a member of Lending Club, you’ll be happy to know that you can receive a free $150 Amazon gift card by applying for a low, fixed-rate loan through the network. This offer will only be available through the month of December. Here’s how to join.
Some of the fine print on this promotion mentions that you’ll be eligible to receive the gift card if your loan is listed between December 10 and December 31, 2009. It should be fully funded by January 15, 2010.
Gift card aside, if you’re looking to borrow money at great personal loan interest rates, I’d turn to Lending Club since they compare favorably against other funding sources such as traditional banks and other financial institutions, as you’ll see here (note that rates are always subject to change):
You could consider Lending Club as a good option for debt consolidation, balance transfers and other small loans. But is there a catch? Well, there are a couple:
- You need to have pretty good credit to qualify for their loans. In particular, you’ll need a FICO credit score of at least 660. To check your score and to get a discount on it, check out our review on myFICO.
- You have to live in one of the states that is regulated for peer to peer lending and investing; this would be any state except those listed here: Iowa, Idaho, Indiana, Kansas, Maine, Mississippi, North Carolina, North Dakota, Nebraska, and Tennessee. Hopefully, Lending Club will be made available nationwide at some point.
If you qualify as a borrower, then here are some benefits you’ll receive from dealing with the Lending Club network:
- There’s a processing fee associated with the loan you take out, but your account will have no hidden fees.
- As a borrower, you’ll be charged a low, fixed interest rate over a course of 3 years. This rate will never change, unlike with credit cards.
- Your payments are predictable. You’ll have 36 equal monthly payments which will be automatically deducted from your savings or checking account.
- There are no pre-payment penalties so you can pay off your loan at anytime. You won’t face any penalty for paying off your loan early.
- Your personal information will always remain secure, private and confidential.
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- Cash bonus: Discover More [$50], American Express [$25], Lending Club [$25]
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{ 2 comments… read them below or add one }
That’s a pretty good rate, 7.89% for unsecured money.
John DeFlumeri Jr
Lending Club is pretty careful about the quality of borrowers they admit to their network. You have to have a minimum credit score of 660 to get a loan. One compelling reason to maintain a healthy credit standing.