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My Lending Club Experience

I first found out about Lending Club last summer (in 2012) after Tynan posted an article on his blog about it. There seems to be a healthy skepticism about using it, so I thought I'd offer my two cents after 9 months of activity. 

If you haven't checked it out, I encourage you to visit the website a bit. The company is a middleman for lenders and borrowers. A typical customer may want to consolidate their debt, or pay some unexpected bills, and ask for a loan from Lending Club. The company itself will do some due diligence to make sure what the borrower is claiming as income, employment history, etc. is true. The loan itself is then listed on the website, and lenders (us) combine their money to fulfill the loan. This is a very simplistic explanation, but it's enough to get you started.

Hardcore Personal Finance

On Tynan

One thing leads to another. I screwed up my 2007 tax return and got audited (not a big scary one, just a "fix this or pay us" notice), which motivated me to go overboard and learn everything there is about taxes, as they relate to my finances.

I then started a rudimentary expenses sheet in Excel, just as reader and blogger, Mark left a comment telling me that I should read up on double-entry accounting. So I did.

As as side note, I really appreciate it when people suggest things to learn about or read, as they relate to my posts. I can't think of the others offhand, but I know there have been a few other big ones.

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