"An error has occurred, it has been logged and will be addressed as soon as possible.
Incident ID 1377018601419"
For the past several minutes. Anyone else today?
Same.
Lost my order in progress, too!
Me too :-( I guess we're all getting on the same schedule
Yup!
Me too. Nice to know it's not just me.
I called in... The CS rep. is having the same issue.
Same here. Also had order in progress. Interesting!
Lets make bets on how long this takes to fix lol.
And it's fixed. That was fast.
Same thing. I suspect their system was overloaded with tens of thousands of investors, institutions and individuals alike, scrambling to take a piece of the pie at the moment the listings were out. With some big investors gaming the system, it causes even more investors to try to front-run one another at these times.
Peak load by design.
Yes. Lost my order.
Who else is slowly realizing that this party is over. Or maybe not "slowly realizing." It may be time to take my ping pong ball and go home.
From LC venture capitalist's perspective, this is actually a "good" problem to have; much better than the opposite -- having no visitors to your site
No VC wants to see a business interrupted; especially one dependent on internet functionality.
This "event" highlights the necessity for action on Bryce's thread.
We have grown as investors just like LC will grow as a platform. Give it a chance guys
Two things that will reduce LC lender's demand, while simultaneously increase borrower's demand:
1. lower the interest rates
2. shift the origination fees from borrowers to lenders
Borrowers will flock to the site,
lenders will complain, but equilibrium is in sight.
In theory, equilibrium means more originations, which translates to more revenues to LC.
The current LC
demand imbalance is a reflection of its
reward imbalance. Lenders are rewarded at a much higher rate than borrowers. Lenders can get 6% - 16% more than money-market rates, while borrowers only get 3% - 8% lower than their credit card rates.
As I see it, the scheduled posting times are the only thing giving the non-computer-automated investors a chance to get a look at new loans. When I have some cash to reinvest, I know that if I log on at a certain time, keep hitting "refresh" every two seconds until the loan number jumps up, then I'll hopefully get about 30 seconds to pick a couple of notes. If notes were posted at random times, it's highly unlikely that I'd ever get a glimpse of a good new note before the computers detected it and gobbled it up.
I don't see how going to a 24 hour release schedule would do LC much good. It seems "the need for speed" being what it is would simply lead to a 24 hour pummeling of their servers. Unintended consequences and all that.