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Messages - GS

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1
Investors - LC / Has anyone seen this
« on: May 25, 2017, 11:00:00 PM »
This is one area that has always been unclear to me, as well.  It is possible they are trying to debit then account and just not posting a memo?  I also wonder if like with a bounced check, the person trying to process may absorb a fee for failure?  Anyone know?

I think some borrows close their linked account to prevent withdrawals.  There used to be a "payment failed due to account issue" type memo, but I don't think I've see it used in a while.  Once that happens, no point in trying to debit it. 
2
Investors - LC / Roth IRA with P2P Lending
« on: February 12, 2017, 12:00:00 AM »
The bad thing about transferring it month by month is that there is a service fee from the IRA custodian for each transfer.  One thing you can do to speed up the process if you want out is to try sell your notes on folio. 

Looks they charge $100 per transfer for a partial transfer and $250 for a full transfer.

https://quikforms.com/viewform/zpWO-MeLbKwAm
3
Investors - LC / How much is too much?
« on: December 11, 2016, 12:00:00 AM »
For me, it is not a dollar amount so much as it is a percentage of your portfolio.  I'd say 5-15% of your investments .... I'm currently at about 8% ... Like Fred said, diversify.
5
Investors - LC / Why does LC limit loan term to 36 or 60 months?
« on: July 15, 2016, 11:00:00 PM »
I needed a loan recently, and looked into both LC, Discover and BofA. As a borrower, Discover was better than LC, hands down.  Discover had no origination fee, and a better interest rate.  And I'm not nor have I ever been a discover hard holder.  I think LC was 17% for me and Discover was 11%.
6
Investors - LC / You have to love Wall Street
« on: June 06, 2016, 11:00:00 PM »
I liked the company private, too.  But damn, sell the company at 15  a share and buy it back for about 5 a share.  What a screw job for investors who held on to the thier IPO shares.
7
I've seen it before.  Probably the "shopping cart lock out" ... People can place loans in their shopping carts, then filter and release the loans they don't want.  If enough people are doing that, the loans will become unavailable until people start to release them..
8
Investors - LC / Question about Loans Paid Early
« on: January 09, 2016, 12:00:00 AM »
In order to get a real idea of how loans paid off early compare to your returns, you'd have to annualized the return .... Otherwise, 4.3% does really tell you much ...

Perhaps a way to approximate it a little closer .... If you can get an average of how many months a note is held before it pays off -lets say the average is 6 months - Then is likely that prepaid notes are giving you an annual return of about 8 percent.

It's complicated a bit more because LC waives the 1% fee on larger than normal payments during the first year, so hypothetically, if you pay 1 cent on a 1 dollar monthly payment for five months, then get a $23 payment to pay off the note, you still only pay one cent on that last payment, for a total of 6 cents in fees on $28 in payments ...
9
Interest Radar / No auto investment for 4 days
« on: July 24, 2015, 11:00:00 PM »
Has it stopped working again? 

I have no orders for the past 3 days and cash is building up?
11
Collection Log:  "Borrower informed Payment Solutions specialist that payments will be mailed"

I've only seen this posted once before, but I just got another one.  In both cases, it was a "current" loan, never late, with FICO holding up ... this was the first and only collection log post. 

The last time I saw it, it was followed a few days later by Bankruptcy notice.

What's your experience with this?  Should I be worried.  Sell it first chance I get?

12
Investors - LC / Notes I Had Funded "Disappearing"
« on: January 28, 2015, 12:00:00 AM »
Look at your account activity and see if you have a coorisponding credit on those dates.
14
Investors - LC / Lending Club Account Earning 26%+ Net Return (Screenshot)
« on: December 10, 2014, 12:00:00 AM »
Payments of $18K on a $400K account does seem odd, especially when you claim the account is more than 1 year old.  My $10K account is about 1.5 years old, and has $6K in payments.  The only way I could see that working is if you are holding all your notes for a very short time then selling them on folio, which is a good strategy, IMO.  But think that strategy might be dead after the IPO and apparently all users will be able to buy off the platform  The other thing I see is lots of idle cash earning 0%, but that's not factored in your NAR.  Your real return (i.e. XIRR) is going to be much, much lower, based on the idle cash alone.
15
Investors - LC / Funded Amount?
« on: November 30, 2014, 12:00:00 AM »
It kinda sucks that from I'm seeing, it looks like individual investors are only getting about 25% of the loans, and the ones we do get are half funded before we even see them ...  Come on LC ...
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