First let me tell who I am. Until a few months ago, I had never heard of P2P loans. I've been keeping an eye on my credit report through Credit Karma and I am working hard to improve my FICO score by reducing credit card debt, so when recommendations for a debt consolidation loan from LC popped up, I began my research on P2P lending. On 3/30 I applied for a $14k loan through LC, still waiting on funding (apparently my loan has been listed for whole funding). I have a A5 rating, with an interest rate of 7.89%, so I've learned funding may be slower. Anyway, during the process I became interested in learning more about investing in loans, so I also registered for an investment account with LC. I've not yet funded my account and started investing, but I plan to begin with $2500, so I can fund 100 loans with $25. Currently, I know next to nothing about investing. I have my retirement but I chose a moderate risk plan based on my age and Guidestone does the investing.
My husband and I moved to Central America in January 2005 and served as missionaries for over 8 years. We returned to the States in 2013 and basically started all over. We no longer really had any credit history other than my husband's student loans which we had continued to pay on while gone. We had no retirement, we didn't have any income. We've been back in the work force for a little over 2 years now, we purchased a home and like I said I now pay into a retirement account. I work as an executive for a Christian nonprofit; my husband is a bi-vocational pastor and a department manager at Lowe's. We only recently reached the point where we could start building a savings account. We lived off what savings we had for the first 9 months after returning to the U.S. Right now, I put 10% of our income into our bank savings account each pay period, but of course it's not really earning me any money, so since I've been told the average return through LC is 5%-9%, I thought it would be wiser to invest in LC than just let the money sit in a savings account. My questions for you seasoned investors is:
1. Is LC a good investment?
2. Can I get 5-9% returns?
3. Should I choose the Automated Investing option? If so, what criteria do you suggest I choose.... I was considering choosing, "Platform Mix" with the 7.13% projected return.
4. What if I decide to invest less than $2500.... maybe only $500? I haven't sold my husband on the idea of investing any of our savings yet... that's why I'm asking.
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Any other advice you may have is appreciated.https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />
My husband and I moved to Central America in January 2005 and served as missionaries for over 8 years. We returned to the States in 2013 and basically started all over. We no longer really had any credit history other than my husband's student loans which we had continued to pay on while gone. We had no retirement, we didn't have any income. We've been back in the work force for a little over 2 years now, we purchased a home and like I said I now pay into a retirement account. I work as an executive for a Christian nonprofit; my husband is a bi-vocational pastor and a department manager at Lowe's. We only recently reached the point where we could start building a savings account. We lived off what savings we had for the first 9 months after returning to the U.S. Right now, I put 10% of our income into our bank savings account each pay period, but of course it's not really earning me any money, so since I've been told the average return through LC is 5%-9%, I thought it would be wiser to invest in LC than just let the money sit in a savings account. My questions for you seasoned investors is:
1. Is LC a good investment?
2. Can I get 5-9% returns?
3. Should I choose the Automated Investing option? If so, what criteria do you suggest I choose.... I was considering choosing, "Platform Mix" with the 7.13% projected return.
4. What if I decide to invest less than $2500.... maybe only $500? I haven't sold my husband on the idea of investing any of our savings yet... that's why I'm asking.
Any other advice you may have is appreciated.