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How long does it typically take for a payment to be distributed to your account? The FAQ said it can take up to four business days to process, but it's been a little longer than that since my first payments were due. I have two notes I'm waiting on payment for, but the status says "Current" and "Processing...", which I took to mean the payment has been made and Lending Club is just dragging their feet on distributing the payment.
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Feb 20, 2013 17:18
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| # ¿ May 4, 2024 16:55 |
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I currently have an account on Lending Club, which I opened a little over a year ago when I was living in West Virginia, and I was stationed with the military in South Carolina earlier this year. WV allows Lending Club accounts, while SC does not. I'm maintaining WV as my state of residence for tax purposes, but I'm about to buy a house in SC. Could this force me to shut down my account, or can I continue to invest since I'm maintaining residency in WV?
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Apr 30, 2014 00:06
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Someone correct me if I'm wrong, but I don't believe that what you're claiming is (completely) right. You'd have to do a pretty thorough analysis to determine the best savings route, and regardless, figuring out how much you'd save through traditional retirement accounts requires guesswork. A 401k is tax free but only initially. You make deposits to the 401k prior to your income being taxed, but when it is withdrawn later during retirement, it is taxed. If you have an employer match, that can also make a 401k more attractive. If you're depositing into an IRA, you're depositing money that's already been taxed; when you withdraw from it during retirement, it is not taxed at that time. The guesswork I mentioned before is that there's no possible way to know what tax rates will be when you withdraw from those accounts during retirement. Higher tax rates in the future mean you saved money in taxes on an IRA but not on a 401k (and vice-versa if tax rates are lower). More guesswork comes into play given you don't know what your returns through an IRA or 401k will be, whether an employer match on a 401k will make up for that, whether there is greater risk in LC than traditional retirement vehicles (I personally believe there is), etc. TL;DR: It is significantly more complicated to figure out the best investment strategy than what you've boiled it down to.
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May 15, 2014 00:48
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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.
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Jul 11, 2016 21:29
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