Another Way to Generate Income with Lending Club

There’s a huge buzz in the personal finance community about the term alternative income stream. It basically describes earning money from sources other than your job. Investments at Lending Club, with above average rates of return, are a form of an alternative income stream. There is also another, less well known way of earning money from Lending Club.

One of the features of Lending Club that may have been overlooked in the excitement of the quiet period ending is that the referral program was revamped and reinstated.

Under the current terms of the program, you can earn money by referring friends, family, or other acquaintances to Lending Club. This also provides an excellent opportunity to bloggers and others with a web presence. The referral program is run through Commission Junction, a leader in affiliate program management. After establishing an account there, referrals can be made through banners and text links.

There are two types of referrals currently available. First, you can refer potential borrowers. For each successful submission of an approved loan application, the referrer earns a $35 commission. The second type is the referral of a new lender. For each lender who completes the entire registration process, the referrer earns a $50 commission.

Whether they are borrowers thrilled at the great rate on their loan or investors impressed by the above average returns, those who know and use Lending Club often recommend the site informally to people they know. By participating in the referral program, you can get more than just the satisfaction of sharing the joy of using Lending Club; you can create an alternative income stream.

The information provided here is accurate as of today, but occasional updates do occur. Be sure to check with Commission Junction for the most current terms and conditions of the Lending Club referral program.