Is Lending Club legit? Yes. I happen to know that 170 people per month in the United States wonder about this very topic. I have to ask myself – who are these people that are wondering whether or not Lending Club is legit. They have to be one of two types of people. Either people who are looking to borrow money via personal loans or people who are looking to invest money. It is perfectly reasonable and rationale that they are skeptical. Borrowing or investing money 100% online in a peer to peer format seems a little bit sketchy. Is peer to peer lending safe? Is it safe to borrow money online from a P2P site like Lending Club? How much risk is involved if I am considering investing on a site like Lending Club? All of these are fair questions and I will do my best to point you in the direction to answer them and prove that Lending Club is in fact 100% legit.
Much of my focus on this blog so far has been on my attempts at internet marketing through building various types of websites to try to create a passive income. However, there is one other thing that I am doing to create passive income online that does not require the work and knowledge that it takes to build a website. I recently invested some money at a peer to peer (P2P) lending site, Lending Club. Whether or not investment income from interest of this nature is considered passive or not is debatable. For me, it is passive enough. I spend about 30 to 60 minutes per month choosing notes to reinvest my principal and interest payments into. So it isn’t completely passive. But, I am not actively trading time for money like I do at my day job. I choose the notes to put my money into about once a month, then they sit there and earn interest for the entire month while I do nothing. Allow me to explain how and why I got started in P2P lending at Lending Club.