As featured in The Wall Street Journal, Money Magazine, and more!
     

Free Gifts From Lending Club’s DebtBuster Challenge

This article was written by in Debt Reduction. 2 comments.


As I mentioned yesterday, the path to getting out of debt can sometimes be aided by consolidating your credit cards or loans. You might, for example, transfer your credit card balances to the one card with the lowest interest rate. With credit card issuers’ current practices, that will likely be a variable rate, subject to change.

I also suggested investigating options from peer-to-peer lenders. My own experiment with peer-to-peer lending as a lender failed because the intended borrower was restricted from using the service by his state. However, if your state allows you to find a loan at a rate that matches your credit risk, this could be a worthwhile option.

debtbusterI am in favor of removing banks from the lending process, and peer-to-peer lending has matured into offering some of the best deals in the industry. Lending Club is currently running a promotion for new borrowers, sweetening the deal for those who either want to consolidate their credit card debt or want to borrow money for any other reason.

The promotion is called the DebtBuster Challenge. All you need to do is check to see what interest rate you qualify for before January 15. If you decide to list your loan with Lending Club through one of the links here, and you commit to repaying the loan within three years, you will receive a care package containing a Lending Club t-shirt, a backpack or sport pack, and orange pens which the company claims are famous.

the Consumerism Commentary Podcast interview with Renaud Laplanche, co-founder and CEO of Lending Club, and Rob Garcia, senior director of product strategy and the brain behind the DebtBuster Challenge. Most of the interview focuses on peer-to-peer lending from the standpoint of the lender or investor, but there is important information for borrowers as well.

Four other blogs whose authors are serious about encouraging people to get out of debt are joining Consumerism Commentary in the DebtBuster Challenge: Debt Free Adventure, How to Get Out of Debt, Debt Kid, and The Digerati Life.

Here are 50 actions you can take right now to pay off debt. Last year, I boiled down getting out of debt to six (plus one) steps.

Take the Lending Club DebtBuster Challenge this Holiday Season, Lending Club, December 22, 2009

.

Updated February 26, 2013 and originally published December 23, 2009. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

Email Email Print Print
avatar
Points: ♦127,435
Rank: Platinum
About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 2 comments… read them below or add one }

avatar Matt Jabs

I would just like to give my input as a very satisfied Lending Club borrower. I secured a debt consolidation loan through LC back in August. I consolidated 3 credit cards and my auto loan, all of which were at higher rates than what LC was offering.

I will save around $500 over the life of the loan and am happy to be paying the interest to other individuals rather than bailed out bankers!

Cheers

Reply to this comment

avatar John DeFlumeri Jr

Lending Club might be the way to get the lowest loan rate after all. I was skeptical when I first heard about it, but now i’m open minded.

John DeFlumeri Jr.

Reply to this comment

Leave a Comment

Connect with Facebook

Note: Use your name or a unique handle, not the name of a website or business. No deep links or business URLs are allowed. Spam, including promotional linking to a company website, will be deleted. By submitting your comment you are agreeing to these terms and conditions.

Notify me of followup comments via e-mail. You can also subscribe without commenting.

Previous post:

Next post: