Author Topic: Lending Club Reduced Referral Payments to New Investors  (Read 12057 times)

Zach

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Lending Club Reduced Referral Payments to New Investors
« on: May 18, 2013, 10:51:12 PM »
I just noticed that Lending Club has modified (for my account) what used to read "Friends you invite receive $300 when they begin investing" to "Friends you invite receive $100 when they begin investing".

I imagine this is part of their effort to somewhat reduce investor capital supply that currently exceeds borrower loan demand.

brycemason

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #1 on: May 18, 2013, 10:54:13 PM »
Yup, saw this today, too.

mitgib

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #2 on: May 18, 2013, 10:57:12 PM »
I guess my friends are worth less, it only offers $50

DaveSch

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #3 on: May 18, 2013, 11:11:00 PM »
I guess my friends are worth less, it only offers $50

I just checked mine and it is now down to $25. I'm really in the low rent district. ha ha
It used to be $100.

Fred

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #4 on: May 19, 2013, 02:26:19 AM »
It's about time.  LC should focus on attracting more new borrowers than new investors.

Show Me The $

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #5 on: May 19, 2013, 03:17:14 AM »
Have to agree with Fred. It went from giving me and my friends $100/200 per referral, to $300 just to friend etc. I think it was illegal to pay out commissions based on sec or other regs.....I didnt understand why they paid so much for customer acquisition on the lender side. As of now, they should be good to go with a very strong and robust lender base....Now they need qualified borrowers

my friends too are only worth $100 now....many of them in my opinion are worth far less  :P

SarahV

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #6 on: May 19, 2013, 05:30:54 AM »
I'm holding out for the next step - "For just $25, we'll let you send an e-mail to your friends about Lending Club!"

Zach

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #7 on: May 19, 2013, 06:00:52 AM »
As discussed in another thread, the referral bonus a new investor receives is based on your current account balance. Now, I think the max is $100, where as before it was $300.

rockinray

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #8 on: May 19, 2013, 07:29:46 AM »
I guess my friends are worth less, it only offers $50

I just checked mine and it is now down to $25. I'm really in the low rent district. ha ha
It used to be $100.

+ 1 - same here!

rawraw

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #9 on: May 19, 2013, 07:34:34 AM »
I just noticed that Lending Club has modified (for my account) what used to read "Friends you invite receive $300 when they begin investing" to "Friends you invite receive $100 when they begin investing".

I imagine this is part of their effort to somewhat reduce investor capital supply that currently exceeds borrower loan demand.
You could interpret it that way.  Or you could say they simply don't need the incentive anymore.

At any rate, I have the $100 offer!  Who knew an ad could gentrify us.  I'll use the difference to retire to my summer villa.

Zach

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #10 on: May 19, 2013, 07:47:19 AM »
I just noticed that Lending Club has modified (for my account) what used to read "Friends you invite receive $300 when they begin investing" to "Friends you invite receive $100 when they begin investing".

I imagine this is part of their effort to somewhat reduce investor capital supply that currently exceeds borrower loan demand.
You could interpret it that way.  Or you could say they simply don't need the incentive anymore.

At any rate, I have the $100 offer!  Who knew an ad could gentrify us.  I'll use the difference to retire to my summer villa.

Haha +1

AlwaysPlugsHisBusiness

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #11 on: May 20, 2013, 12:56:15 PM »
Lending Club will also change the amount of the referral bonus displayed based on your account balance. I've seen $100, $200, and $300 bonuses between accounts just based on balance.

Nathan
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Peter

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #12 on: May 20, 2013, 01:20:23 PM »
It is pretty clear that the $300/$200/$100 incentive offers have been reduced now to $100/$50/$25. This is not a surprising move given that investors are beating down Lending Club's doors to invest. The fact is they don't need new investor money right now but it is clear they also value this referral program - otherwise it would have been removed completely.

I don't think we will ever see serious investor incentives again. Gone are the days of 2,000+ notes on the platform and the need for more investors. The high I have seen this month is just over 300 and that was over the weekend.
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New Jersey Guy

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #13 on: May 20, 2013, 01:30:33 PM »
"I just checked mine and it is now down to $25."

Same here.  I guess they found out I don't have any friends.

I'm waiting for it to drop down to a half-price cup of coffee at any participating McDonalds.
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

rawraw

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Re: Lending Club Reduced Referral Payments to New Investors
« Reply #14 on: May 20, 2013, 04:37:29 PM »
"I just checked mine and it is now down to $25."

Same here.  I guess they found out I don't have any friends.

I'm waiting for it to drop down to a half-price cup of coffee at any participating McDonalds.
Oh my!  How do the 99% live?  Should I list some notes for sale on FolioFN at par for you guys.  It's the least I could do!

:P