1
Investors - LC / Worst Month Yet
« on: July 05, 2019, 11:00:00 PM »
Nice! This week my account is finally down to under 100 notes, and the balance is less than $700. I should be all done by early 2020. 
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2
Investors - LC / LC loan quality shift April 2019
« on: June 03, 2019, 11:00:00 PM »
Yep. I saw this two years ago -- I was a manual investor with very strict criteria. My yield over ten years plus is 9%, with several accounts, so I can't complain, but there's no way I could continue that now, and it's too much work to compete with the bots. Some time ago, I sold all my 60 month notes via Folio, at a small discount. I have a handful of notes left and should be fully withdrawn by year-end. Good-bye Lending Club. IMO things went downhill for the retail investor after the Renaud Laplanche scandal became known.
PS -- getting out of Strata (the IRA trustee) was a true PITA, and further evidence that LC doesn't want to bother with the retail segment anymore.
PS -- getting out of Strata (the IRA trustee) was a true PITA, and further evidence that LC doesn't want to bother with the retail segment anymore.
3
Investors - LC / LC survey last week of April 2019 - did you get it?
« on: May 02, 2019, 11:00:00 PM »
I received a survey invite on April 26 from Lending Club. I wonder if this went out to all retail investors? Or just those (like me) who are winding down their accounts?
4
Investors - LC / Liquidating IRA account for rollover
« on: January 30, 2018, 12:00:00 AM »
I thought I would share my experience with LC and Strata in recently liquidating two IRA accounts.
In early December, I started the process of selling notes on Foliofn. This took about three weeks for each account.
In late December, I mailed the Strata withdrawal/close account request form directly to Strata. Don't do this. You need a special Lending Club/Strata withdrawal form. My error smoked about a week of time. I emailed the correct form to LC and they forwarded to Strata.
About 10 days later, I received the withdrawal check in the mail. Total fees charged by Strata were $150 (fees would be higher but for a paper check via USPS).
In early January, I emailed LC the form to close account number 2. They forwarded this to Strata.
Strata has been sitting on this second request -- I emailed and phoned Strata (left VM) requesting expeditious processing. My annual account fee was due Jan 28 and I wanted to wrap this up before then. As of today, Strata has done nothing. My Strata funds were hit with an autopay charge of $100 annual fee on Jan 29. I called LC today and the account rep said he would reimburse the fee bc I had evident intent of closing the account.
Thank you, LC!
Moral of the story: get your papers to Strata very early. And follow up, follow up, follow up.
In early December, I started the process of selling notes on Foliofn. This took about three weeks for each account.
In late December, I mailed the Strata withdrawal/close account request form directly to Strata. Don't do this. You need a special Lending Club/Strata withdrawal form. My error smoked about a week of time. I emailed the correct form to LC and they forwarded to Strata.
About 10 days later, I received the withdrawal check in the mail. Total fees charged by Strata were $150 (fees would be higher but for a paper check via USPS).
In early January, I emailed LC the form to close account number 2. They forwarded this to Strata.
Strata has been sitting on this second request -- I emailed and phoned Strata (left VM) requesting expeditious processing. My annual account fee was due Jan 28 and I wanted to wrap this up before then. As of today, Strata has done nothing. My Strata funds were hit with an autopay charge of $100 annual fee on Jan 29. I called LC today and the account rep said he would reimburse the fee bc I had evident intent of closing the account.
Thank you, LC!
Moral of the story: get your papers to Strata very early. And follow up, follow up, follow up.
5
Investors - LC /
« on: November 16, 2016, 12:00:00 AM »
http://www.wsj.com/articles/fired-lendingclub-ceo-plans-a-second-act-1479298312
Anything to differentiate the two?
"Renaud Laplanche has quietly started a new company called Credify Finance Corp. that will make loans via the internet just like LendingClub, according to corporate filings in several states. . . . The company hopes to start extending credit to consumers in 2017 . . ."
Anything to differentiate the two?
"Renaud Laplanche has quietly started a new company called Credify Finance Corp. that will make loans via the internet just like LendingClub, according to corporate filings in several states. . . . The company hopes to start extending credit to consumers in 2017 . . ."
6
Investors - LC / LendingClub stock Plunges After CEO Quits, Firm Finds Loan-Sale Abuse
« on: May 08, 2016, 11:00:00 PM »
It's not the origination dates, although that's stupidly bad. It's the self-dealing via Citrix. Laplanche can't sail away from this mess. Looks like the yacht may be up for sale soon.
7
Investors - LC / only A/B notes available?
« on: September 24, 2015, 11:00:00 PM »
What am I missing here? Wouldn't a company, especially a publicly-traded company, push to improve/raise metrics prior to EOQ? Why does listing volume decline at EOQ?
8
Investors - LC / Alibaba
« on: February 03, 2015, 12:00:00 AM »
http://seekingalpha.com/news/2266206-alibaba-lending-club-form-financing-partnership
Lending Club is teaming up with Alibaba to offer short-term loans to US businesses buying Chinese products: up to $300K, typically for a few months, at rates of 0.5%-2.4%.
Lending Club is teaming up with Alibaba to offer short-term loans to US businesses buying Chinese products: up to $300K, typically for a few months, at rates of 0.5%-2.4%.
9
Investors - LC / IPO: Confirm your Indication of Interest
« on: December 09, 2014, 12:00:00 AM »
Deadline: December 10, 2014
How is this done?
How is this done?
10
Investors - LC / Who might buy LC?
« on: November 14, 2014, 12:00:00 AM »
https://www.pehub.com/2014/11/lendingclub-with-plans-to-go-public-also-seeks-a-buyer/
Peter's blog today guesses that Facebook may be a plausible buyer given their history with LC. Who else would fit and why:
[/list]
Peter's blog today guesses that Facebook may be a plausible buyer given their history with LC. Who else would fit and why:
- WalMart: expand their foray into consumer banking services
- Amazon: internet expertise and lots of cash
[/list]
11
Investors - LC / Occupation = gangboss
« on: November 05, 2014, 12:00:00 AM »
https://www.lendingclub.com/browse/loanDetail.action?loan_id=34423262&previous=browse
Any data on repayment history for your typical, run-of-the-mill gangboss?
Any data on repayment history for your typical, run-of-the-mill gangboss?
12
Investors - LC / What time of day are payments received posted to account?
« on: September 28, 2014, 11:00:00 PM »
Anyone know? Do they trickle in or is it one dump at close of banking hours or what?
13
Investors - LC / Daily time of payment credits
« on: June 04, 2014, 11:00:00 PM »
Does anyone know what time(s) of day LC credits borrower payments to investor accounts? Is this sporadic or on a fixed schedule? I haven't seen a pattern, but I don't crunch the numbers.
14
Investors - LC /
« on: May 28, 2014, 11:00:00 PM »
Same here. Can't filter for a single criteria, eg 36 v 60 months.
15
Investors - LC / Site crash
« on: April 17, 2014, 11:00:00 PM »
What's with loading the site today?