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December 14th, 2008, 05:53 AM #1LendingClub.com - Student Loan Lead Problems.
We have been having problems submitting student loan leads to lendingclub.com. They keep coming back that they can't verify intentity - Which doesn't seem right since we are generating hundreds of leads that are saying that) Is this a problem we keep having with LendingClub or is this a Platform Issue(CJ).
We would like to continue submitting the leads to LendingClub.com but they just don't seem like they want to fix this problem. They keep ignoring us.
Is anyone else having this problems? Can someone shine some light on this issue!
December 14th, 2008, 10:12 PM #2
That would be a normal lead issue. Merchants who pay based upon a lead can reverse for what ever reason. Sometimes they use a algorythem type system, and sometimes they just like the free advertising. Drop them if they are reversing all the leads. Plenty more fish who pay for good quality leads. Best of luck.Wear Short Sleeves!!! Support the right to bare arms!
December 15th, 2008, 12:32 AM #3Student Loan Leads.
Thanks, we were thinking about the same thing. We are looking for an established affiliate program for Student Loan Leads, if anyone can help that would be great!
December 15th, 2008, 06:09 PM #4Originally Posted by affmark98
December 15th, 2008, 07:39 PM #5
Thanks for your message. We are generating tons of traffic to their site with excellent credit, but they are still being declined. A majority of these leads are also coming from not only student borrowers but older borrowers going back to school because of the low interest rates and the bad economy.
Their just seems to be a system issue with Cj and Lending club that needs to be fixed. We are generating to many excellent leads for them not to be going thru.
Also, we are seeing that they can't verify identity now! Which seems high unlikely to have so many excellent credit leads put thru, their identity can't now be verified is very doubtful.
Hope you can help.
December 15th, 2008, 07:42 PM #6
It's not a technical issue. The merchant is just getting free traffic from you. They aren't going to fix it, but just wait for the next sucker to come along and sign up with them.
People have to remember that affiliates aren't the only scammmers out there, plenty of merchants are too.
Find a different merchant and join them even if it's not on CJ.
December 15th, 2008, 07:50 PM #7
Thanks MeeMaw, are there any other platforms with any student loan companies to submit these excellent leads too?
December 15th, 2008, 09:53 PM #8
affmark98 - I take it you're doing a host and post?
December 23rd, 2008, 04:09 PM #9
- Join Date
- December 23rd, 2008
First off, thank you for promoting Lending Club. Our intention with our program is to reward the right traffic through commission junction. We have very tight standards to prevent fraud.
If you send me a private message with your CJ id or website, I'd be more than happy to look into this issue for you.
Product Ambassador for Lending Club
December 23rd, 2008, 08:56 PM #10
We definitely think we have the right traffic for lending club as we are seeing alot of borrowers that have good to excellent credit and many with co-borrowers. People are trying to get back to school and take advantage of the low interest rates!
We are generating 100 of leads per month, so we don't think its a credit issue! We need to make sure the CJ/LendingClub links are working in order for us to continue sending you these prime borrowers!
December 29th, 2008, 12:04 PM #11
December 30th, 2008, 10:46 AM #12
wow scottiak, It is very nice to see a response! Like a breath of fresh air. And your title makes me giggle you rock.Wear Short Sleeves!!! Support the right to bare arms!
December 30th, 2008, 11:50 AM #13Originally Posted by affmark98
If your borrower is actually filling out an application they may be the ones dropping out of the process when they realize they must start repaying the loan p&i immediately as there is no deferment on these person to person loans.
The student loan industry got hit pretty badly last January due to legislation that was passed and then was crushed this summer with the credit crunch and demise of Lehman Brothers. Lehman was a huge funding source for private student loans.
To my knowledge there are very few student loan affiliate programs remaining and they are not paying much, if anything, for leads as they have been de-valued so much due to the lack of any place to sell the loan.
December 30th, 2008, 02:42 PM #14
Yeah, there are very few student lead programs right now. We are working with SimpleTuition thru Cj, but $2.75 per lead isn't all that much.
We are now looking for more of a private label type program! Possibly, with a bank that still does student loans!
If anyone knows of any programs out there that wants to work with a student loan web site receiving 200-300 Leads per month please let us know!
Or if anyone knows about any banks or lenders going to the Affiliate Summit we definitely would like to know that also!
December 30th, 2008, 09:15 PM #15
If they are rejecting 100% of your leads, and you aren't doing anything wrong, then it's clear the merchant is just skimming off the leads and profiting.
I still recommend trying to find another program and trying them out. You are right though it's becoming slim pickings in the education market right now. I think a lot of it isn't the economy, but because of all the merchant/affiliate scammers.
December 30th, 2008, 09:26 PM #16Originally Posted by affmark98
On the Private Label side, they typically will not pay on a per lead but pay a percentage of the origination fee or a flat dollar amount based on each loan funded. This is typically only on private student loans and you will not generate any fees from a stafford or plus loan.
By affmark98 in forum Midnight Cafe'Replies: 0Last Post: December 15th, 2008, 07:44 PM