Funding Accounts

So I requested from both Prosper and Lending Club a transfer from my bank account yesterday (03/19/2013). As of 7am this morning I am seeing a hold for the ACH Debits on my online banking. Will update again once those funds are in my P2P Investing accounts. ACH transfers generally take 3 to 5 days to happen, but I have seen them as quick as 2 days.

So while I have been waiting for my accounts to fund I did take a look at the platforms. I am not so excited about how you can search for notes on Lending Club. There is an external site which has more filters, and when you click on a loan number it does load it in Lending Club, i just wonder if I start to do more consistent transactions if this will start to be a pain. I am looking forward to some "live" interactions with the site. I plan to do an "unboxing" recording of my first real transactions and will post a video.

Timing on new accounts

So I signed up for both Lending Club and Prosper Sunday evening. I started the account verification process with both immediately and as of about 6am this morning (Tuesday) I was able to log onto my online banking to see my pending test transactions.

I have verified both accounts and have initiated a transfer of $2500 into Lending Club and $1000 into Prosper.

Both sites stated that I should be able to start investing by March 25th. I will post again once those deposits hit my accounts.

The Begining - P2P Lending / Investing

So last night I opened my account at Lending Club and started the verification process of my account. I had heard a few years ago about P2P or Peer 2 Peer lending sites and knew prior to researching P2P investment options that Lending Club was the largest P2P Lender out there.

My intentions with this blog are to go over some basic strategies on investing and Note Trading strategies. I will cover more about what Lending Club is in later posts, as well as some of those strategies.

Welcome to PennySeed! I have, for a long time, helped my friends and clients with budgeting, simple advice with money matters, some investment strategies, and other things. I have often thought that I should do speaking engagements but I have 4 awesome kids, a wife, a day job, scouts, a non profit, and bees to keep me plenty busy in life!

I do think that I can positively affect money people that I currently touch on a day to day basis which is the reason for this blog. What really has me excited is P2P lending and borrowing and I think more people need to hear about that as well. I wanted a place to document my strategies  successes, and failures so that others could learn from my efforts. I did not want to make this blog solely for P2P investing but wanted to have a place to get other thoughts and encouragements out to people.

I truly hope that you are able to take some of the readings from here and apply them to your life, or that you are able to use them as a starting point and improve on my notes.

Welcome to PennySeed, I hope you enjoy your stay!

Bryan