filed in Odds and Ends on Mar.03, 2009
This is a new promotion that I will try to run on a regular basis. Right now, since the site is growing, I will try to start off some small contests to reward those that join or use certain products.
For the first contest, more details will come soon but in general here it goes:
Join Lending Club P2P using the links on my page: An Alternative to Stocks and Bonds Invest money in prime borrowers. Stated interest rates up to 19.37%.
And I will give $100 CASH to a random winner once there are 10 entries. If there are more, for each one, the pot will grow by $10.
Basically speaking, Lending Club is a program where you can find people that need a loan either in your area or nationwide and lend to them OR if you are looking for a loan at a competitive rate you can find a person outside a bank that is willing to lend to you. All the info is on their site, and once you do sign up, please email me to confirm entry. That way I have a tally going to cross reference with the data I get daily. Lending Club is registered with the SEC and has already lent out $20,000,000 so far.
I have lent out $500 personally and have agreed to a interest rate of 8%, the higher the percent return, the higher the risk. But 8% is better than my bank account of 4% so I thought I would give this a fun try while helping another person out. Each person does have a story as to why they need the money and you can find people in your neighborhood or on the other side of the US.
To sign up for this promotion, you can either be a lender or a person looking for a loan. It does not matter if you actually lend money to anyone or borrow money for that matter, once the account is open and I get the info from Lending Club and yourself to confirm, its good to go.
This promotion will run until I have a minimum of 10 entries and think its a fair shot with 1 in 10 odds to make $100, better than a casino or lottery and you have nothing to invest or lose except for opening an account with Lending Club!
UPDATE: I have also posted this as a regular blog post where you can click and read this same topic but also comment since people are asking about how to comment on this thread.
Also, you must email me your user ID so I know who the contestants are.
Winner will be selected as follows, you send me your user ID after signing up from my links and I will randomly select one from the 10 entries. That winner will be contacted via email, I will send them $100! Sounds easy? I hope so!
Best of luck to all and again, this is my first of hopefully many contests to rewards those loyal readers and any new readers coming to the site.