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How to Make Money Helping People to Get Out of Debt

By on May 25, 2010
How to Make Money Helping People to Get Out of Debt

There are all sorts or crooks, scams, get-rich-out opportunities that people fall for to make money and most of those opportunities seemingly hurt others.

But what if you could earn a decent return by helping people to get out of debt at a lower interest rate, improve their credit rating and eliminate their debt at the same time? I know, it sounds like a fantasy but there is a real vehicle that allows you to do just that, LendingClub.com.

LendingClub is one of the things I make regular investments into, you can too. To date I’ve invested in 117 loans to peers and as of today my rate of return is 12.02%

Lending Club Rate of Return

LendingClub is a person-to-person lending network that is regulated and protected. People like you and me that can make investments that will help, through the network, to fund loan requests from others you elect to help. Basically what happens is the banks are cut out of the loop, lowering the rates for borrowers and increasing returns for investors. The only people that lose in this scenario are the banks.

LendingClub.com seems to be a win-win vehicle for people that want to get out of debt and for those that want to earn a better rate of return than is available from a standard savings account. As an example, as I write this savings account rates are 1% or less while my LendingClub.com return is 12%. Sold yet?

It is a home run for people with debt because they can payoff their current debt, in full, with a three or five year unsecured, lower fixed rate, debt consolidation loan. These loans are also reported to the credit bureaus so it helps to build credit as it is paid back as well.

Investor or borrower, LendingClub is worth a close look to help you achieve your goals.


READ  Unsecured Debt Consolidation Loans Like This One Can Help to Get You Out of Debt

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

3 Comments

  1. Stock Tips

    May 17, 2011 at 8:27 am

    I read your post it was amazing.great tips to make money fast..Your thought process is wonderful.The way you tell about things is awesome. They are inspiring and helpful.Thanks for sharing your information and stories.
    Stock Tips

  2. Johnny

    May 26, 2010 at 11:57 am

    Steve,

    Do you know if this is any different than a popular site a few years ago called http://www.Prosper.com ? My understanding is that you take a risk on getting paid back dependent on someone’s credit rating. Has this LendingClub found a way to guarantee repayment?

    • Steve Rhode

      May 26, 2010 at 12:27 pm

      Prosper is or was another peer-to-peer lending network.

      As with any investment like the stock market, underlying issues can alter future performance.

      My view is if all my loans defaulted we’ve got bigger problems in this world.

      Steve

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