Wednesday, June 3, 2009
My first month as a micro-banker went well, I lent $125 dollars to two different people through the Lending Club website. My weighted average weight of return is 8.33% and I expect to get paid $3.93 per month for the next three years.
Besides beating the 1.99% interest rates offered through the banks, I am enjoying cutting out the banking middlemen who continue to raise fees on bank accounts and practice unfair lending through high credit card interest rates (in my opinion, anyway, and at least in the opinion of a couple of Congressmen as well).
I'm helping one family upgrade their home and another family buy a new air conditioner. Air conditioners are important, especially in the South!
The risk I'm taking on Lending Club is low, because I've only got $125 on the table. As social experiments go, it's a cheap one, and I would give that much or more in a year to my church, so if I lose this, I'm at peace with that risk.
If you are interested in Lending Club, go to http://www.lendingclub.com/
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