In an effort to diversify investment ideas for growth and returns I have decided to give Lending Club a try. Signing up for an account was really straight forward and easy, funding the account took a few days. I started with $5,000, this makes me eligible for their $50 bonus to invest. I didn’t want to do too much work as I already spend lots of time after work looking at charts for ETF’s so I opted to enable automated investing. Lending Club had a few premade options, I went with Platform Mix which gave me a projected 6.68% return and invested not only in low risk, but also higher risk notes.
I have no plan to take any profit out of Lending Club for the first year, it looks like if all goes as projected it will net $334 the first year. The percentage is better than having it sitting in the bank or a CD with the current rates of about 1%. It also helps me diversify away from solely stocks. The image below is the breakdown and note size that was preset.
For those looking to do the same thing, you can sign up here. I will be posting the results monthly so my viewers can follow along.