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Aug 7, 2011 7:12 pm

JazMajor

Joined: 2011-07-13Offline

Hi! I know this will sound very amateur for you.  I just thought of giving Lending Club a try. Nothing too serious though, just a $1000 to start. But before I jump into it, I would like to hear other people's experience though. Anyone had experience with Lending Club?

Any advice or warnings are appreciated. Thanks! :)

Aug 9, 2011 8:31 pm

llcoolj

Joined: 2008-11-24Offline

One look at their financials was enough to send me away. I had a client look into them .........so I took a peek. They are highly leveraged and about $38M in the hole. They make it sound like Pier to Pier direct lending, but they are in the middle. Scary and very risky. They may pull this off but I do not want to be their "test case".