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Saint Fu posted:When I signed up originally, they listed a requirement that you have a total net worth of $70k I believe before being eligible to loan. They don't have a system to verify that you have this kind of money and I don't know the implications of signing up if you don't "qualify" but it was somewhere in the TOS agreement. Also you are not "allowed" to have more than 10% of your net worth in loans. This minimum net worth value is why I went with Prosper...they had no such requirement (that I could find, and I didn't want to lie to LC). I'm just tinkering with a few dollars ($125, haha), but so far all my payment terms have been met a couple of months into it. I'll slowly keep adding $25 here and there to build a bit of a 'portfolio'. Personally, I think this system is a great idea. I would not put my entire retirement account into it, but it provides a nice market for somebody who can honestly find a better alternative to revolving credit card debt.
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Dec 4, 2012 02:51
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monsieur fatso posted:Why does LC have a $70,000 annual gross income requirement in states other than California and Kentucky? Is this something that they really even look into? This is something I'm interested in, but I wouldn't meet that requirement.
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Dec 9, 2012 21:43
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