Monday, August 03, 2009

Taking my idle cash out of Lending Club

Everything is going fine with my Lending Club investment loans. I am still in the experimental stage and now waiting and watching to see how the first couple of months play out with my initial batch of investment loans. I actually made a mistake by putting much more cash into the the account than I planned to initially invest. The problem is that idle cash in my Lending Club account earns... 0% interest, which is a little less than desirable. So, since I am not expecting to invest more before September, I decided to withdraw the excess cash and place it in a bank account online savings account,, where I can get a decent return on idle cash (2.75% APY.) This is also an experiment to see how long a withdrawal really takes.

My current plan is to invest about twice as much as I currently have invested in the third week of September after I have gotten the third month of payments for half of my current investment loans. This time I will experiment using the LendingMatch tool. Then I expect to invest a similar amount in October. These are all still very small amounts of money. Any deeper investment will have to wait until I line up work in the fall.

-- Jack Krupansky


At 3:36 AM EDT , Anonymous Anonymous said...

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