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How to Open a New LendingClub Account in 2019

How to Open a New LendingClub Account in 2019

Here you will come to know how to open a new lending club account. It is a quite simple and easy process. For details read the complete article.

In the mid of 2009, the founder of the Lend Academy named as Peter Renton opened his first account at Lending Club. Moreover, I get to know about the lending club in 2013. As we know all the details about this platform along with the charges, so we use an automatic process to make an investment. We have not gone through the process of making an account at Lending Club for a long time.

Few days before the Lending Club offered us to fund a new Lending Club account so that we can know the new process being an investor in detail. We happily took this offer as we were excited to know how to open a new lending club account and how we can invest at Lending Club as a newcomer.

Opening up a new Lending Club Account

To open a new Lending Club account is a quite simple and easy process and you can complete it within 5 minutes. You have to provide some basic information at the lending club when you are opening an account. They will also ask you for some information for the account’s initial funding. The step-by-step procedure is explained below attached with a detailed video.

  • Visit the official website of Lending Club at www.LendingClub.com.
  • You will be directed to the homepage, on the top of the page, you will see two drop-down option. One is investing and the other is borrower.
  • Click on invest>individuals.
  • Next click on the “Start Investing” button.
  • You have to go through the four steps to complete the process.
  • In the first step, you have to create your account by providing the information that includes account type, “which state do you live in?”, email address and create a password by agreeing to the terms and conditions of the lending club.
  • Click on Next button.
  • Now verify your identity by providing the information that includes your name(First name, Last name), address(street address, city, zip code), primary phone, date of birth( Month, Day, Year), Social Security number and Estimated Investable Assets. Mark on the required options and click on the button “Next: SET UP FUNDING”.
  • Next step is “Fund your account”. Here you can link your account manually by providing the required information and after that click on the transfer button.
  • A window will pop-up with a message “You’re on your way!” Click on Next button.
  • Next, choose an investment strategy Manual or automated. Click on Manual. At the end of the page, you will see “Go to Account summary link” click on it.
  • This is the complete process with details.

In this video, I had linked my bank account manually; only by using your bank’s login details, you can easily connect your bank account. For linking more than 15000 banks are available that include Citi Bank of America, Chase, and USAA.

New LendingClub Experiment

As mentioned before, with an initial deposit of $5,000 lending club is funding our new account. In the investing space along with a small subset of bloggers, they are launching a new program and this is a part of it. As they had paid to fund this account, we are free to write whatever we want too. We find it a good opportunity for us to know how to open a new account at lending Club and feel good to share our experience as me and Peter both are using this platform for many years.

All the interest payments and principal are reinvested in the form of new loans after we invest this initial capital. We will update you with every experience to keep you in touch so that you could know what is going on similar just like Peter shares his own returns.

All the interest payments and principal are reinvested in the form of new loans after we invest this initial capital. We will update you with every experience to keep you in touch so that you could know what is going on similar just like Peter shares his own returns.

  • In the beginning of 2018 what returns could a potential investor expect?
  • How can I set up automated investing?
  • What we need to sign up for Lending Club account?
  • How much time needed to deploy funds?

Keep in touch with us to check the next video in which we will explain an automated investing setup.

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