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Sylink posted:How good is this for borrowers? I wouldn't mind refinancing a credit card debt because the current APR is awful. AW just took out a loan a little over a week ago and sounds like it went smoothly: Astonishing Wang posted:I just took a debt consolidation loan through LendingClub. It's a very easy process and I'm happy to have one payment now instead of 3, and I saved ~6% on the interest rate. The loan is at 9% vs. the 15% I had with Chase. Payments come out of my bank account automatically, with a reminder e-mail 5 days in advance. The loan was funded within a week. It got to around 50% funded, with about 25 people putting some in, and then one guy took the whole rest of it. It's neat to have all of these individuals putting their 'faith' in me and helping me out.
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Dec 27, 2012 18:53
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I've been following this thread for a few months and with a decent bonus and tax return this spring I decided to throw some money at it. I kind of wish there was more income verification on most of these. And how some of them get funded just boggles my mind. There was one where the description was like "I'm using this loan to cover my other lending club loan and also new credit cards" at like 80% funded, even with a few delinquencies. Anyhoo it seems less risky than stocks or online poker and I like vetting loans so I'm pretty happy with it so far.
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Apr 29, 2013 19:18
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Dr. Eldarion posted:With stocks looking expensive, this seemed like an attractive place to invest so I opened up a LendingClub account last night. I ran into the same thing, I usually check it every few days or so and there's usually a new batch of loans to pick through. Checking it every day and doing a "days left" sort would probably work as well and only take five minutes.
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May 8, 2013 18:23
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I thought I read somewhere that loans can get denied once it gets funded and it turns out the income listed is wrong. Who's to say if that gets checked for every loan though.
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May 14, 2013 21:28
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cheese eats mouse posted:I'm a borrower as well as a lender and I had to verify my income by sending in my W-2 and 2 of my last pay stubs. This was after I was fully funded. I think I'm a B loan based on the interest rate. Ha, cool that you can do both. I wonder if they frown upon taking a 20k loan with a low interest rate, and using it to fund higher interest loans? I know nothing about finance so it's probably dumb and risky.
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May 14, 2013 22:28
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MC Fruit Stripe posted:I have some money on Lending Club now, and I'm picking out a few notes. Am I right in finding that the biggest thing I'm looking for so far is lies? Because I am seeing some whoppers. Here's my dumb opinion: Moving Loans - I don't touch these. Most companies will pay to move someone, if someone's moving without a job then that's a risky loan in my opinion. Income - This gets verified at some point along the way, but yea 20k a month is a little ridiculous and I'd be wary as well. Debt to Income ratio is a good indicator. Debt Consolidation - These are most of the loans so I generally look for people who are trying to cover their whole revolving debt. Sometimes people will only cover part of the debt (just the high interest credit cards) which is usually fine. I try to stay from large debt (again, debt to income ratio) since as someone mentioned earlier, bankruptcy might be a legit option for some of these people. There isn't a way to verify expenses so yeah you have to sort through the BS there. I like the small debt consolidation loans and the rich people home improvement loans. Although the rich people tend to pay the loans quicker so you're not making as much interest off an already low-interest loan.
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Jul 5, 2013 23:28
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Beefstorm posted:One investor did $8,000 of that. It was the first investor. Hopefully it's similarly fast the next time you apply! 
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Jul 12, 2013 19:06
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Some notes will have a description of what it's for, but yea most of the ones I've seen lately have no questions asked or answered. Setting up filters is probably good if you're buying en masse but what I did earlier this year was buy 50 notes over the course of a few weeks and vetted each one myself. It was kind of fun. And now that it's been 8-9 months I haven't had any late payments on any of my notes either. (jinx) Quick question I guess, the estimated return percentage factors in defaults, does this automatically adjust if the bulk of your notes are nearing the end of their life? I'm at 12.7% now for instance, but if everyone comes through and I don't buy more notes will that rise to the ~16% I initially calculated myself?
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Oct 30, 2013 22:30
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Konstantin posted:Why would LC not issue loans if they have the funding for them? From what I understand they are just a middleman and lose nothing if the loan defaults, so what do they gain by refusing to process loans for people who don't meet some criteria? Personally I'm thankful if LC denies a loan if they find someone's income isn't correct, or they don't actually own their home or they're not employed or whatever. I buy notes based on that info and if a note doesn't get issued I'm not too hurt about it.
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Nov 1, 2013 15:16
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Inverse Icarus posted:About half of my notes have been approved, and I'm pretty excited to see if I actually get all my payments next month. I just started early this year with 50 notes, and only one has been paid early. 5% weirdly matches up with April's numbers too.
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Nov 13, 2013 23:21
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Yeah don't rush to spend your initial investment. Took me a solid six weeks or so to dump my initial $1500. I think we figured out earlier that bots take most of the good notes as soon as they're added, but there is still plenty to go around usually. Just check back every couple of days or so, I forget when they're added.
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Jan 24, 2014 01:50
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April posted:
That's pretty sweet! I only bought like 60 notes around tax time last year, now have 73 with 12.5% interest. No charge-offs yet, but one is headed that way it looks like. A pretty good year, so I'll probably dump a heavier investment into it when I get around to taxes this year.
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Feb 13, 2014 20:16
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tijag posted:If I'm reading this chart right, I should feel pretty good about my overall performance? I think this was discussed before, is the drop related to charged off notes, or people not reinvesting for delicious compounding?
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Mar 21, 2014 21:25
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BEHOLD: MY CAPE posted:Is anyone doing this with tax advantaged savings accounts? Getting taxed at regular income rates really sucks. I would probably set up automated investing in your latter case to automatically pick up notes when they're added. The first $1000 I invested I cherry-picked but it took months, now I have filters set up to do it for me.
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Nov 8, 2014 07:50
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Is anyone else planning on partaking in the IPO?
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Nov 20, 2014 23:14
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Shadowgate posted: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? quote:Clicking this button will take you to the Settings section of your account, which will confirm your authorization that we share your contact information with Fidelity. I think we're good.
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Nov 21, 2014 04:51
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Saint Fu posted:Well the preliminary prospectus is out for the LC IPO. It looks like they lost $23.8 million in the first 9 months of September mainly due to a huge increase in "other" expenses this year. They made $7.3 million in net income in 2013. Anyone still planning on getting in on the IPO? I'm iffy on it. I still may, just because I'd like to support the model, and that years from now it could be a pretty popular model. I thought I remembered Warren Buffett being a fan and it'd be cool if he came in and boosted the stock, but being an investor and a stockholder seems kind of like double dipping and I'm not liking the numbers so far.
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Dec 4, 2014 21:58
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withoutclass posted:I don't have a ton of money invested, but my biggest issue lately has been that, of the few notes available, the ones I do attempt to buy end up dying during LC's review process. I've been trying to buy 2 notes for the last two weeks and still have that 50 bucks sitting around doing nothing. I don't have enough invested/care enough to be using IR, nor do I have enough invested to use automatic investing. It was pretty easy to build a $500 portfolio a few months ago, but it's starting to seem rather difficult to roll incoming payments into new notes. I ran into that too, but honestly that means that the vetting process kicked them out so it's generally for the best that you couldn't give them your money. It can take a while to get those last few notes however. Didn't they open up automated investing to everyone recently? I don't have a ton on LC but still set up automated investing since I was terrible at checking my account regularly to get that sick nasty compounded interest.
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Dec 19, 2014 23:26
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Yeah I put a decent chunk of the tax return into my account to let AI handle it and it doesn't automatically invest everything right away, seemed to spread it out over a few weeks. Or my filters are too strict and there wasn't enough to buy at the time. If you're putting money in for the first time I'd cherrypick the first few loans to see what kind of stuff is out there and to get a sense of the filters you may want to use for Automatic Investing, otherwise you can just set up the filters from however long ago in this thread.
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Jun 24, 2015 18:18
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Wizzle posted:How much time does it take to do by hand? I'm taking a timid start at this with $2,000. Depends how strict you are, it took me a couple weeks with $1500 when I first joined. I forget the days they add notes but they probably get run through everyone's automated investing filters before showing up in the pool, so feel free to cherry pick and not invest it all in the first day.
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Aug 13, 2015 17:21
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Is anyone planning on removing joint application loans from their automated investing?
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Oct 7, 2015 15:09
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JulianD posted:Is anyone else concerned about what will happen with their loans the next time a recession hits the U.S.? I suspect people would give pretty low priority to loans obtained through LC or other P2P lenders, and the recovery rate for charged-off loans is laughably awful. That's the main concern, yes. I wasn't involved in p2p lending in 2008 but the recession tore through the main p2p site at the time (I forget the name, maybe it was Prosper?)
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Jul 11, 2016 21:45
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