First off they have a good idea but poorly executed. You help those who needs debt consolidating and loans or personal reasons. You basically choose a credit score and choose who you want to loan too. The worse credit scores give you a better percentage back.

Lending Club Sends Spam (BEWARE)
I sent a few friends a referral letting them know what this was. My friends receive the initial email, a few days later they get more emails saying “So and so made some money form lending club join now” I did not authorize this at all. I was furious, they were spamming the people I referred. I only made 9 cents…. falsifying the information and spamming my referrals. Horrible on their part, I had to send them an angry email telling them to stop this. They said please send me the emails and we will stop sending it to them.

What Happens if Someone Defaults on a Loan
Then that’s it, you lose your money and those people get sent to debt collectors.

Conclusion
They may give you some good interest rates, but I would not put all your eggs in this basket. After seeing the shady way they handle referrals I think you should just avoid this all together.

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