Lending Club has a new bonus that’s a fantastic follow up to the great discussion earlier this week on social lending arbitrage [1]. It is this week’s Free Money [2] Friday offer!
Lending Club [3] rolled out a new website, and sent an email to current investors detailing the bonus offer.
How to Get Your $150 Bonus
- Be an existing Lending Club investor and apply for a new loan.
- List the loan by February 28, 2010 and make sure the loan is fully funded prior to midnight PT on March 15, 2010.
- Bonus will be given after first loan payment is received.
Lending Club Offer Details
I sent an email to Lending Club to get some more information on this bonus program. They confirmed the following details:
- This offer is exclusively for existing Lending Club Investors who wish to take a loan.
- There is no minimum on the loan amount.
There was a link in my email that looked like it was tied to my personal information, so you’ll want to check your email for your own link to make sure you get credit for the bonus. The email was titled “Celebrate our new look with a $150 bonus” if you are looking for it.
Even though the link was personalized, the email did contain the following note:
- If the link above is unavailable, please copy & paste this URL into your browser: https://www.lendingclub.com/borrower/applyForALoan.action
Free Money Math
After I botched the math on the last Lending Club [3] bonus offer, I’m certain the math works out better on this one… even with the service fee! A lower loan amount and the larger bonus will definitely lend itself to some free money.
So if I take a out a $1,000 loan, I pay $22.50 for the 2.25% servicing fee, less than $10 in interest for the first month (assuming great credit which starts at 7.89%), and get a $150 bonus. I net over $100. Right, readers?
This was just the offer I was waiting for to give the social lending arbitrage a try! Now I just need to make sure to apply and get the loan listed before the end of the weekend!
If you aren’t a Lending Club investor yet, you might want to sign up for an account (and get a free $25 Sign Up Bonus [4]) so you’ll be eligible the next time one of these offers shows up.