Prosper or Lending Club?
1) For folks with experience in both platforms (as a lender), which one do you recommend & why? 2) Do you use Lending Robot, and is it worth the 0.45% fee? Or is the built-in automatic loan selection good enough? 3) LC suggests a minimum investment of $2,500 to get started in a diversified way -- i.e. buying 100 notes for $25 each ($25 is the minimum investment to get started on LC with one single note). Is this a good starting point for folks like me dabbling into p2p lending for the first time? I'm looking to invest a minimum necessary amount to achieve some diversification until I get familiar with the platform. I'll not be tracking this into my overall investment portfolio for some time until i get comfortable enough to make it part of my long term strategy. 4) I know there are several threads asking for tips/suggestions to get started... Wouldn't hurt to ask again :-) What risk levels would you suggest for a newbie?
LC provides an API if you don't want to pay lending robot
thanks. wondering if anyone has written anything of open source nature to use the APIs?
Not sure... APIs look really straightforward to use, it's more about modeling which loans you think are the most profitable and I'm not sure anyone would give that away
Not necessarily answering your questions, but may be if interest: http://www.nbcnews.com/business/business-news/lendingclub-turmoil-takes-toll-company-posts-widening-losses-n626131
Run.
Why?
Because of the recent public reports of massive losses
And the sudden changes in their leadership team.
are you saying if LC goes down, your loans will become delinquent?
5) what tax statements do you receive each year, and is it as simple as entering then in tax software similar to 1099-int, or do you have to do more hackery?