For one, I live in Texas, so I can’t join LendingClub for that reason alone. They have not been registered here (yet? they say they’ve turned in registration for more states, but don’t say which ones).

But, also, their faq goes on to say:

“In addition, individual lenders who are residents of states other than California must (a) have an annual gross income of at least $70,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $70,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000. Individual lenders who are California residents must (a) have an annual gross income of at least $100,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $100,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000.”

I have not quite reached that point in gross income or net-worth, especially when we exclude my home, home furnishings, and automobile. So LendingClub isn’t an option for me, unless I’m missing something. But, yeah… I do have $25 bucks. HAHA! You tell me what I’m missing and I’ll use your affiliate link to sign up.

I have several loans with Lending Club, and each is current. I’ve also never had a late payment or missed payment. It is a small sample size though, and every loan is different.

Thank you for your responses. I like the idea of P2P lending, but am just having trouble getting in there. I signed up for Prosper, literally, the day before they entered their ‘quiet period,’ ne’er to be seen again I guess. HA! And LendingClub is ‘too rich for my blood.’ On the surface, Pertuity seems like a good P2P entry point for someone of my financial status. I will keep researching.

Pertuity Bucks: I don’t know if lenders can get more after the initial allotment, but I doubt it counts as a charitable contribution because they are giving the Pertuity Bucks to a person no t a charity.

National Retail Fund: Lenders actually buy into a pool of loans through the National Retail Fund, and don’t actually but individual loans. My understanding is that you can get in and out at any time, but I don’t know if there is a time when your initial investment ends. From what I understand, the money is re-loaned and you continue to reap interest returns on your investment.

I hope that helps.

Also, after ‘googling’ about various reviews, I finally found that it only costs $250 minimum to join, which beats LendingClub and, from what I hear, the long term plan for Prosper. But, I can’t seem to find much information on its liquidity. With Prosper and LendingClub, I believe each loan is a 3 year loan, so you would be reimbursed principal with interest over a three year period. That’s straight forward. But, if it’s a pool of loans, spanning different time periods, when do I get to get out my initial investment. Another blog I read mention there is no secondary market, so there’s no selling off your part. Would it be like any other mutual fund?

Sorry for the length. I’ve still got plenty of questions and the most I can find from Pertuity Direct’s site is a mediocre graphic with 2 paragraphs of marketing info and a couple of lines on average interest rates, etc. I never even found the $250 minimum on the website – I had to find that in a blog/review. If this info is on their site, I’m not finding it very well. They sure do a sufficient job of marketing to borrowers though. Hmm….

True, you miss out on the loan selection part, but that can take a lot of time to find a good loan (and with Prosper, you can get outbid). I think Prosper, Lending Club, and Pertuity Direct each have a distinct business model that comes with associated pros and cons.

It sees like it is a poorly constructed fixed income mutual fund. I say poorly funded because instead of taking pieces of muncipalities and AAA bond rated companies, I am buying a piece of someone’s $1,500 loan with NO input like you do with prosper.

Correct me if I am wrong?