I spent some time trying to decide on a good title to this post. I rejected things like “why isn’t peer2peer investing easy in Pennsylvania” and I’ll tell you why.
My name is Michael J Craig, aka Mike1040. Peer2Peer is a little complicated in Pennsylvania. Let me explain. Lending Club investors in Pennsylvania can’t invest directly. If you set up a Lending Club account in Pennsylvania, and a number of other states that are not yet approved, you are re-directed to a secondary platform called Foliofn.
The first thing you notice about Foliofn is that the interface is not as robust as the actual Lending Club platform. So what!!! It works well enough if you spend a little time on it. It’s a little slow. So get over it!!!
The advantage to Foliofn is that all the notes are live. On the main Lending Club site many of the notes are pending because the loans are in the process of being approved. Foliofn gets your money right in there…working,working, and working. With a little work you can sort the notes by number of months remaining, whether the borrower has ever been late or is at least current, and most importantly what your return will be based on the number of months left. I said it was a little complicated. I got the hang of it by going to Peerinvesting.info. They have step by step videos that will walk you through the whole process. I know their video techniques work because I’ve used them on the Foliofn site myself.
So the answer to my original question is that Peer2Peer in Pennsylvania with Lending Club can be very easy if you use a few simple video tools.
Let me know how it works for you. Here’s the link to Peerinvesting.info
For more info on Peer2Peer investing in Pennsylvania or elsewhere please go to my site archive or just ask a specific question in the comments, where your comments receive the commentluv they deserve. I’ll also post this blog over at IBOSOCIAL as well.
My name is Michael J Craig,aka Mike1040, and as always I’ll see you at the top.