My Financial Plan

[Alex Santini]

It's likely I conceived the most horrendous financial plan many of you have seen in a long time, so if anyone would like to save me from my ignorance I would be more than indebted to you. 

In short I would like to take roughly 80k of my own money plus roughly 100k from a bank or other loan provider (at a low enough rate of interest) and put it into Peer to Peer note investments (Lending Club). I plan to do moderate to high risk investments but with this amount of money I'll likely aim for a whole range of loan types to diversify as much as possible. Two concerns pop into my head in regards to the income tax I would have to pay on my investments and my debt to income ratio. I was recently told my credit score just about qualifies me for a mortgage sized loan. Again absolutely any advice in regards to this plan would be tremendously appreciated. Thank you for your time and I wish everyone within this community a long and prosperous future. 

Respectfully, 

Alex Santini

[Linda Weygant]

Originally posted by @Justin Windham:

@Linda Weygant, have you found any notable differences between Prosper and Lending Club from the lender perspective?

 Prosper seems to have fewer notes available if you like to hand pick your notes like I do.  I read somewhere that the number of institutional investors on Prosper was heads and shoulders higher than Lending Club and many of them just have an auto-invest function set that grabs up all the notes - particularly the higher interest notes - and leaves very few notes left for the smaller investors to choose from.  And what's left is low risk, low interest notes.  

Lending Club doesn't seem to suffer from that as much.

I personally like Lending Club's reports and ability to filter notes by different criteria over Prosper's.

Both have a great trading platform where you can buy and sell notes on an open exchange.  I like that.