Frugal Francis

 

 

 

 

Lending club offers free money to signup for their note lending service.  Just by signing up, you get free money to lend to other people.

Over time, that free money earns other free money.  Are you with me?  This is a cool way to earn free money.

Of course Lending club is an investment vehicle for some people.  They even have auto draft feature

I have posted some updates to my account over time to show that the free money they give you really does grow.  My account shows 67.12 and I have never put 1 dollar of my own money into this account.

 

Pretty cool right?

 

Cheers,

Frugal Francis

 

 

 

 

OK, I opened a Bank of America Keep the Change Savings account with $300 dollars. They automatically take the left over change on checkcard purchases, and put the change into your savings account. For example, a checkcard purchase of $10.01 would put .99 into your savings accent. In total your checking account would reflect -$11.00, and savings +$.99. The big incentive is that Bank of America will match some of your change… (restrictions below)

Started my account with $300, my change has added up to $329.16 and Bank of America is due to award me $128.41 on the anniversary of the creation of my keep the change checking account. (See Below)

Bank of America keep the change program

My $300 investment and $329.16 auto-invested change equals $629.16. YTD, it looks like the $128.41 yield I am expecting from Bank of America at the 1 year marker would be a 20% return on my own money.

The math: $300 + $329.16 = $629.16. $629.16 + $128.41 (matched from Bank of America) = $757.57. $757.57 divided by $629.16 = 1.20. 1.20 translates to the principal investment plus a new 20% in earnings!

😉
Frugal

ps. As mentioned in first Bank of America keep the change blogpost: “The restrictions are 100% match to your first 3 months of savings up to $60.00, and 5% of the rest of your savings, up to $250.00. If you are using the program to its maximum potential you would be getting a free $310 ($60 + $250) for free from Bank of America.”

Back in October of ’09, I signed up for Lending Club for FREE. I had simply clicked a link from a blog I was reading and the next thing I knew I was given $25 to invest into Notes. With a free $25 to start the account and the referral credit I got of $25 bucks, my account started with $50. 11 months later, I am at $53.49.

Lending Club Update

Yes! You read correctly above, I have made $3.49 for FREE! Any new member gets a free $25 dollars, and additional money for referring people to Lending Club. In fact, when I referred someone I got $25 free but nowadays, I believe you can refer people and get a free $50. My free money of $50 has now turned into $53.49, which has grown 6.9% since Oct’ 09. Lending Club says my “Net Annualized return is 12+% but I don’t really understand how they compute that, nor do I care. I made almost 7% on FREE money that was given to me for clicking a simple link (below).





Give it a click, worst thing that happens is you just got a free $25 to loan to people and make money…
😉
Frugal

Hello World!

Hope everyone is enjoying the rest of their summer. Tonight I am going to update Frugal Francis and get the ball rolling.  The domain name has almost been around for a year, the Search Engines should pay a bit more attention to me.  But, no one is gonna pay attention to me if I don’t have fresh, new content.

Coming right up; Blogging to you with some visual proof that Bank of America’s keep the change program, and Lending Club actual pays you and makes you money. While my success does not require 2 commas, I am happy to show evidence that anyone can make a few or many bucks for free.

Updates with returns are coming right up:

1. Lending Club – Invest Money, or Use Free Money to Invest

2. Bank of America ‘s Keep the Change Program

Frugal

Lending Club is a really cool concept. Basically you can lend money to various people online and collect interest and build an online savings portfolio. I do recommend to be very careful and read the fine print as well as the particular reasons why each person is borrowing money.

One of the coolest parts of lending club is that they will give you a free $25 to invest with their site. I basically got a free $25.00 that I put into a loan at the rate of 15%. Please keep in mind this is by no means an instant process. First you sign up, your account gets a free $25 dollars just for signing up and then you choose from various lending opportunities.

Obviously riskier loans have higher rates of returns and less risky loans have a lower rate of return. But keep in mind that if you are getting a free $25, you might as well just give it a whirl and see how it works.

My loan was recently approved and I already made 2 cents!!! Take a look at my screenshot below:

I also took a screenshot of the loan that I subscribed my free $25 to. Once again, Lending club will give you a free $25 as a special promotion. You just have to click on the advertisement below, and you will be able to get a free $25 to invest and explore their site.

Summary of Loan Performance

This seems like a great way to make some free money!!! Check it out while this promotion still exists… My hunch is they will not give $25 away forever!