The 10 Weirdest Investments on Lending Club
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Last week I wrote about how you can earn 17% by loaning money to couple on Prosper.com that is trying to adopt a baby.
Well, not to be out done… LendingClub just sent over a list of some of the weirdest loans that their members funded last year. It's a pretty great list…
1. Twilight Zone pinball machine.
Everyone needs some play time. With the #1 ranked pinball machine of all time available on eBay, this Lending Clubborrower won the bidding war and purchased a 1993 Twilight Zone edition in excellent working and cosmetic condition.
2. Parts to build an airplane.
Instead of using his credit card to get frequent flier miles, one borrower took it upon himself to build his own airplane via old, damaged aircraft parts with a Lending Club loan.
3. Adopting a baby from South Korea.
Family comes first; especially for one family who has always wanted a baby and received a low interest (6.54%) loan to pay expenses that come with adopting a child. Their Lending Club loan opened a whole new world for them…being parents.
4. French Horn as an anniversary present.
Keeping his wife happy is exactly what a borrower did by purchasing a special anniversary gift. She is a professional musician working as a fellow for The Academy in New York City and professional model horns are hand built and very difficult to come by… but not with a Lending Club loan.
5. Geothermal heat pump.
As solar continues to heat up (ahem) and people are looking to save on their bills, one borrower purchased a geothermal heat pump or central heating/cooling system to increase efficiency and save on energy costs of the home.
6. Re-planting an organic farm.
There are significant and growing demands for organic food but the prices are high (costs such as seed, fertilizer, equipment and labor). An experienced farmer of 15 years re-started a small organic farm and turned to Lending Club to get his business up and growing.
7. Sweet 16 party.
We only turn 16 once and if you’ve ever seen “My Super Sweet 16” on MTV, you know that turning 16 is (apparently) a big deal (yay for driver’s licenses!). This mom threw a sweet 16 party for her daughter because she received excellent grades in school and deserved a big bash.
8. Buying a horse.
A Lending Club loan helped fulfill a lifelong dream of owning a horse for one equestrian borrower. Hopefully, they saved for the grooming, feeding expenses and for one of those hip riding outfits.
9. Starting a mobile juice truck business.
Beep, beep! One mobile juice truck coming your way. One small business borrower created a comprehensive business plan, sales forecast, break-even graph and start-up plan to launch their new business.
10. Top Notch Indian/Western-fusion wedding.
In a world where brides can have up to three wedding gowns for the big day (that’s you Kim Kardashian!), who wants to go to a boring wedding? One couple used their loan for an Indian/Western-fusion inspired wedding and threw the best reception ever for 200 of their closest friends.
New borrowers need to have pretty good credit or at least an improving credit rating. However, anybody can become an investor and Lending Club is even offering up to a $5,000 bonus to investors right now! Sweet!
Good luck Penny Hoarders!