Many of you know what the site Prosper is about:  a social-lending site which allows you to loan out money to many different people or borrow from a lot of different folks.  Well, that's exactly what Lending Club is, except for one difference.

Lending Club takes away the auction type format that Prosper has.  If you are a lender (like me), this is a fantastic plan!  I can use Lending Club to find a loan that I'm happy with at a rate that I'm satisfied in getting, and I can place my investment in that loan.  I can take just as much risk as I want to take without getting outbid by someone else who might want to take more risk.

As it stands right now, I have $250 invested at Lending Club across 10 loans (the least you can invest per loan is $25).  So far in a 6 month period, I have zero late loans and zero defaults, but I tend to stay in the B-rated notes where I get around a 10% return.  That's a little less than the highest rate you can get at Lending Club, but still a lot more than a savings or CD will ever give you.

Of course, if you want to borrow money, Lending Club is excellent for that as well.  It looks like a very easy application, and as long as your credit score is 660 or above, you've got a great shot at get a loan from your peers at Lending Club.  Personal loans at 7.8% or above are possible right now.

Take this link to LendingClub.com today and find out a little more on how to become an investor and a borrower!

B. Daniels is the lead review expert with Find Cheap Bargains. B. was more than likely the person responsible for the hands-on review of every product on the site. He also spends time searching for sale bargains when not conducting and writing the reviews.