Just looking for some tips on this. I'm looking to opening up a LC account this year for 5k but before I do I'm reading up on as much as I can. Hoping for some local guys in Kansas City to show me the ropes but if that isn't available, I'd take any tips from around the world as well. My background is I'm 27 and making enough that I'm able to save up 5k for putting into a roth ira. And since I found out lending club is open for roth ira investment, I was hoping to do that. I just wanted actual details on what all this entails before setting off on this investment. The fees, taxes, amount of time invested, etc.
From what I've found out so far, the 5k initial deposit the first year will keep the ira account fee free, then another 5k the second year will keep it fee free then on. The average terms of the loans in LC from what I've gathered average about 2-3 years, which means this falls under long term gain and are taxed with the capital gains rate? But since it is a roth ira, I'm not sure how the taxes are actually figured, if the long/short term investment even matters or not since I won't be withdrawing it until I'm retired. If this turns out to be good, I might make a second account for normal investment so I can use money before retirement at a later point.
I'm really hoping to just find someone to show me the ropes as the saying goes so I don't have to jump into this cold.