Author Topic: Any ideas on new promotions? Especially for PRIME?  (Read 3840 times)

OrthoInvest

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Any ideas on new promotions? Especially for PRIME?
« on: December 25, 2012, 08:38:50 PM »
New to this and started out with a small amount where I'm choosing my own lending.

I'm very intrigued by the PRIME option, but at 20k entry, I'm a little bit shy. It seems like it used to be 5 or 10k.
Any chance the new year may bring about a promotion with a small match your money with investment or a few days of lowering the amount needed to start a PRIME account?

Has this ever happened in the past?

Thanks!


Zach

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Re: Any ideas on new promotions? Especially for PRIME?
« Reply #1 on: December 25, 2012, 08:50:16 PM »
New to this and started out with a small amount where I'm choosing my own lending.

I'm very intrigued by the PRIME option, but at 20k entry, I'm a little bit shy. It seems like it used to be 5 or 10k.
Any chance the new year may bring about a promotion with a small match your money with investment or a few days of lowering the amount needed to start a PRIME account?

Has this ever happened in the past?

Thanks!

You are correct that the minimum balance requirement used to be $5k or $10k (both at different times). Lending Club has offered a few no-fee promotions on the prime accounts a few times in the past. They have not had any cash-back incentives for any investing in the last year or two (they don't really need to - they have a lot of dollar investors coming in)

Only time will tell...

Lovinglifestyle

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Re: Any ideas on new promotions? Especially for PRIME?
« Reply #2 on: December 25, 2012, 10:29:11 PM »
I thought I read that they charge .8% to manage the account.  Is this true? If so, .8% of the average balance?

Zach

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Re: Any ideas on new promotions? Especially for PRIME?
« Reply #3 on: December 26, 2012, 05:01:44 AM »
I believe the charge is 0.8% of any money transferred to the PRIME account from your bank account.

SBryantMS

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Re: Any ideas on new promotions? Especially for PRIME?
« Reply #4 on: December 26, 2012, 04:57:22 PM »
From the LC website -- link:

https://www.lendingclub.com/landing/prime-promotion-2012-10.action

Lending Club charges a fee for administering PRIME accounts equal to 0.8% of new funds deposited into the PRIME account.

OrthoInvest

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Re: Any ideas on new promotions? Especially for PRIME?
« Reply #5 on: December 26, 2012, 06:39:52 PM »
It seems Prosper is waiving their 0.8% fee based on the investment currently. Would be nice if LC joins suit. Unsure how long that promotion has been going on for...

Lovinglifestyle

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Re: Any ideas on new promotions? Especially for PRIME?
« Reply #6 on: December 26, 2012, 07:22:53 PM »
I believe the charge is 0.8% of any money transferred to the PRIME account from your bank account.
From the LC website -- link:

https://www.lendingclub.com/landing/prime-promotion-2012-10.action

Lending Club charges a fee for administering PRIME accounts equal to 0.8% of new funds deposited into the PRIME account.

Thank you very much.  Another account I have charges .48% of the average daily balance annually for administration, but waives a negative amount if it doesn't earn enough to pay .48%. 

A one time charge of .8% wouldn't kill me.   The "administering" term without a "one time" term rang my bell.
I don't plan to do it now, but it's a future consideration.  Appreciate the responses!

rajuabju

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Re: Any ideas on new promotions? Especially for PRIME?
« Reply #7 on: January 10, 2013, 10:28:39 AM »
I just dont see LC running many promo's because they are in such a dominant position in the P2P market.

Prosper, sure, they need to do something to try and close the gap