Why You Should Invest or Borrow With Lending Club
Posted by: admin Post date: March 3rd, 2011
Lending Club (LC) is a peer 2 peer marketplace that allows people with extra cash invest their money in people who need cash. It is a great solution for both ends of the spectrum: investors and borrowers.
The net annualized return since June of 2007 for LC investors has been 9.67%. Since June of 2007 this return bests stocks and bonds, however, in the grand scheme of things, a three year period is a very small sample size. The historical returns of stocks have been around 7% and bonds are even less than that. Even if the Lending Club average return doesn’t stay this high, it will definitely be a worthy investment.
Borrowers, on the other hand, are able to get loans with rates as low as 6.78%. The actual rate is based on your credit score, loan term, loan amount and credit history. The current national average for a $5,000 36-month loan is 12.26%. There’s no reason not to check and see if LC can provide you with a lower rate.
Lending Club is able to provide higher returns for investors and lower rates for borrowers because the investing directly with the borrower is a very efficient system. Banks and credit card companies have much higher costs of operation. LC does take a percentage from both the investors and borrowers.
I’ve been building a LC portfolio for over a year. I have not had any loans go into default and my net annualized return is 10.08%. My strategy involves investing in B rated notes for people that are trying to consolidate debt. The idea is that the borrowers you’re giving money to are already paying debt. Since they’re consolidating debt at a lower interest rate, it will be easier to pay the debt because the monthly payment will be reduced. Lending Club even offers bonuses for new investors.
Lending Club is a terrific option for both investments and loans. Learn more about my Lending Club referral at: http://www.personalfinancestartup.com/2010/10/21/lending-club-referral/
Free MyFICO FICO Credit Score
Posted by: admin Post date: December 14th, 2010
Knowing your FICO credit score can save you thousands.
There are many reasons why it is important to know your FICO credit score. Your lenders view your FICO and decide if they want to lend you money and at what interest rate.
If you have a good FICO score they will approve you for a new car loan, mortgage loan, or new low rate credit card.
If you have a bad FICO score they will usually deny your application or charge you a very high interest rate that it will make it very hard to afford the monthly payments. And heaven forbid you miss just one payment. Your APR can jump up to 20 or even 30% interest.
The good news is you can check your FICO credit score for free.
This score comes straight from the folks at Fair Isaac or MyFICO. This is the credit score most lenders pull when they check your credit. You can see what they see and see where you stand.
And there is some fine print which you can check out below:
When you order your Free FICO Credit Score here, you will begin your 10-day trial membership in Score Watch®. If you don’t cancel your membership within the 10-day trial period, you will be billed $12.95 for each month that you continue your membership. You may cancel your trial membership anytime within the trial period without charge.
So you can check out where you stand for free and then cancel it if you don’t want to continue.
Do yourself a favor and check out your FICO score free while this offer lasts.
-Adam
Debt Cures Reviews
Credit Card Debt Cures
Posted by: admin Post date: November 1st, 2010
If you are tired of all the lies and scams and want the honest truth about how to get a handle on your credit card debt and get rid of it once and for all, you need credit card debt cures. Learn how a father of 2 paid off $100,000 in credit card debt without bankruptcy, debt consolidation, credit counseling, debt settlement, or debt negotiation.
You can learn the secrets to paying off your credit card debt fast and use the banking rules against them.
Visit credit card debt cures before it’s too late.
-Adam
Debt Cures Reviews
Consumer Credit Counseling Fails 75% Of The Time!
Posted by: admin Post date: October 5th, 2010
Non profit Consumer Credit Counseling is another popular debt relief method but you should know the facts about this so called solution. Consumer credit counseling and debt consolidation are grouped together and they have an abysmal failure rate. You can expect to NOT complete a credit counseling program 3 out of 4 times. That is a 75% failure rate. You can read about the statistics here.
So that rules out chapter 13 bankruptcy, debt consolidation, and non profit consumer credit counseling as debt cures for your personal unsecured credit card debt.
There are better options out there that have proven results for eliminating your credit card debt.
What does work?
Do it yourself debt settlement.
“With the ZipDebt program, within the 6-12 month coaching period, 71% of clients report full success with the program, 78% or more report being at least halfway done with their settlements, and 94% report at least one settlement.”
You can use debt negotiation and debt settlement to drastically reduce your balances. You can do it all by yourself without hiring a debt settlement firm and you can do it over the phone. You don’t need a credit card debt settlement letter. Letters through the mail take too long. You can get the best settlement offers over the phone.
So if you are experiencing high credit card debts and you are struggling to get by, you owe it to yourself to learn more about settling your own credit card debts. It’s the cheapest option and the one most likely to succeed. Much better than chapter 13 bankruptcy, debt consolidation and consumer credit counseling.
It worked for me to the tune of $43,250 settled for $13,054 on 3 credit cards and reduced a 4th balance from $10,160 to $7778 with a 1% APR interest rate for 5 years.
This is the best Debt Cure I have found and it can work for you.
Let me know if you have any questions or comments below.
Thank you,
Adam
Debt Cures Reviews