Lending Club Adds IRA Option

Not too long ago, I was introduced to Lending Club. I find it an intriguing way to invest, and have enjoyed buying a few notes. While P2P lending isn’t for everyone, I think that there are benefits to the process for those who are interested in helping others while making a return — as long as they can stomach the risk that comes with such an investment.

Funding an IRA through Lending Club

I was interested, therefore, to learn that Lending Club now offers an IRA option. You can fund a retirement account through Lending Club. Here is something from an email I received, announcing the IRA option:

You can now put Lending Club notes to work in a tax-free or tax-deferred Self-Directed IRA account through EntrustCAMA, a leader in self-directed retirement plans. A full range of accounts are available, including Traditional and Roth.

I am happy with my current Roth IRA, but my husband and I are looking for a place to open his Roth IRA. I don’t really know whether we’ll actually do it through Lending Club, since I am inordinately fond of Vanguard. However, it is an option that we can consider.

What do you think? Do you think it’s a good idea to fund an IRA with Lending Club notes?

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