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The one thing that is really obnoxious about Lending Club so far, is the time it takes for a loan to be funded and approved. If the loan doesn't get approved, your money is returned and you have to start the whole process over. I submitted 40 loans as my first foray, and I've probably had to resubmit about half of those since they keep getting rejected. Is there a way to make that process smoother, or is that just inevitable?
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Dec 29, 2012 04:21
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| # ¿ May 1, 2024 19:59 |
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I have one note that is now over 30 days past due, and the person never made a single payment. That seems pretty sketchy they haven't made one payment.
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Mar 1, 2013 20:12
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It was a D rated loan, so maybe not terribly surprising, but it was only $9k total, and for "wedding expenses". There were no public records or anything too, so probably just some rear end in a top hat that didn't care about their credit rating, especially since it was already bad.
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Mar 1, 2013 23:15
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Here are my stats after about a year. I've been trickling in money to see how performance is, but so far I've been very impressed. In Funding 8 Issued & Current 136 Fully Paid 7 Late 16 - 30 Days 0 Late 31 - 120 Days 2 Default 0 Charged Off 1
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Oct 30, 2013 05:06
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kansas posted:Whats are the thoughts on using LC Prime to hold a lot of money for medium term (3-5 year) timeframe? It sounds like it could be really cool, and I'd be interested to hear people's experience as well. They did increase the minimum to $25k, up from $10k.
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Oct 30, 2013 05:13
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Inverse Icarus posted:I'm looking around the site for this but can't figure out exactly where to look: If a borrower pays off the loan early, does LendingClub disperse the proceeds immediately, or sit on it and pay everyone out for the term? You get paid out right away.
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Nov 4, 2013 23:52
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Saint Fu posted:$25 for all loans. This is the only right answer.
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Nov 14, 2013 06:14
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April posted:Glad to help!! I'll be the first to admit, however, that I wouldn't mind input from others who've been on LC for a while regarding my filters. I'm always open to suggestions, but I'll admit, if I narrow it down much further, I probably won't get any notes at all right now. Can you post those filters again? It looks like the link is dead.
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May 7, 2014 00:36
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That worked, I just had to sign-up for an account first. Thanks!
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May 7, 2014 00:49
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Clicking the IPO link they sent via email just goes to the settings page with no confirmation provided. Is that what's happening for everyone else?
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Nov 21, 2014 04:09
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Knightmare posted:I think we're good. Yeah but you'd think there would be some message saying "Opted in for Fidelity to contact you", but nope, just the settings page. Either way I'm buying into the IPO if the price seems reasonable.
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Nov 21, 2014 05:28
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| # ¿ May 1, 2024 19:59 |
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Saint Fu posted:My LC returns have taken a dive over the last few months and the next few months aren't looking good either. I'm thinking I'm going to turn off auto reinvestment and let the remaining notes slowly run their course over the next 3 years. They're a pain at tax time and I don't have the desire to closely monitor the platform anymore. Same. I stopped a number of months ago when the CEO was fired and then the CFO quit shortly after. My returns have been quite a bit lower than their blend estimate and charge offs have been high. Like you I don't have time to micromanage it and with the auto-investment system, my returns aren't all that great.
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Apr 7, 2017 21:38
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