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Messages - Joe6Luck

[1] 2
Investors - LC / Any way to consolidate multiple LC taxable accounts?
« on: August 13, 2020, 11:00:00 PM »
I decided to completely wind down my LC accounts after hearing the news of Folio closure. However, it will be a lengthy ~5-year process, because I have tens of newly released 60-month notes in the hardship program.

So, I am thinking about at least making the annual tax reporting easier, by consolidating multiple LC taxable accounts into a single one. I called LC's customer service and an agent said there would be no way to consolidate either taxable or IRA accounts (even no way to convert funds in a IRA account to a LC taxable account, which is not correct per,21690.msg62036.html#msg62036). It looks that the agent is not very experienced.

Does anyone have experience to consolidate multiple LC taxable accounts? I would like to get some inputs in the forum here before calling LC agents again.
Investors - LC / Review of my lending club account
« on: December 31, 1969, 07:00:00 PM »
Here is my findings about the notes in the status of hardship plan/deferred payment. LC allows me to list such notes on the page of "Folio - Sell Notes". However,  after I tried listing such notes for sale,

  - they show up on the page of "Folio - My Account - Open Sell Orders"
  - but, they don't actually shown up on the page of "Folio - Browse Notes".

So, this looks good news to folio buyers (avoid mistakenly buying such notes with inappropriate discount) and bad news to folio sellers (limitation to liquidate such notes at appropriate discount.)

Regardless, I think Lending Club should have made it a transparent process. However, they just disappointed me one more time.
I am seeing quite a few invalid note listings on FolioFn recently. Some seller lists them with high discount (like 20% off for a note in the status of NeverLate/Current/DOWN). However, I think these listings are invalid because their scheduled payment is on the next business day with two possible outcomes:

 1. If the scheduled payment is successfully on the next biz day, the note sale will get cancelled by LC (so, the seller still owns these good notes)
 2. If there is no scheduled payment on the next biz day, the note sale is successful and the borrower get these bad notes (which are no longer "Never Late")

Does anyone see this being an issue or see any other caveats that I have missed here?
Investors - LC / LC survey last week of April 2019 - did you get it?
« on: April 05, 2020, 11:00:00 PM »
I did not receive any. 
General P2P Lending Discussion / Bondora?
« on: November 01, 2018, 11:00:00 PM »
Bondora now provides an easy way to transfer funds from credit/debit card (issued by US bank in my case) into one’s account via so-called Visa and MasterCard Payment. I tried transferring 10 euro into and out of Bondora account and both finished in a few seconds with fair exchange rate.

Here is their introduction:

Does anybody know if there is any potential risk with this process and if there is any upper limit to transfer funds from US to this European p2p lending service?
I find the following note on FolioFn today (10/4). See the snapshot below for details. It has a pending payment (due on 10/2), and I think it is prohibited to list such a note on foliofn. Does anybody know how this could happen? And, what will happen if I buy this note today and the payment becomes late in a few days?
Foliofn - LC / Folio API error?
« on: September 21, 2018, 11:00:00 PM »
I started seeing the following error messages yesterday

 > Code 503; Text: Error submitting trade order

It happens when I try submitting a BUY order. Does anyone meet the same issue and have any idea about it?
Other than LendingClub, is there any US-Based P2P platform that provides secondary martket?

I see quite a few EU-based platforms (various p2p lending, e.g., for personal lending, business lending and real estate). Just wondering if there is anything like lending club's foliofn. It will make me feel comfortable to make some long-term investment with an liquidation option available.
General Discussion / Notes are not secured by Peerstreet?
« on: March 04, 2018, 12:00:00 AM »
Peerstreet's FAQ @

“No, the Notes issued through the platform are not secured. The loan underlying each Note issuance, however, is secured by the underlying real estate.”

How to understand its consequence in bad situations (e.g., borrowers failed to pay and peerstreet goes out of business)?
Investors - LC / Withdraw some funds from Lending Club IRA account
« on: July 21, 2017, 11:00:00 PM »
I am planning to withdraw some fund from one of my lending club IRA accounts, move them to Self Directed IRA, and then to my IRA account in Vanguard. However, I saw the following note on Lending Club website - its "withdraw fund" page:

"Please note: you may incur an early withdrawal tax and/or penalty on withdrawals. Please consult your tax adviser or visit the IRS's FAQ section on IRAs."

I don't know why they show a note like this, because I only transfer funds between IRA accounts (from lending club to Self Directed IRA). Also, I am curious about how to further transfer funds from SelfDirected IRA to vanguard - I didn't find any info when searching its website, and wonder if I can simply request Vanguard to start the transfer process.

Did anyone ever successfully transferr funds from lending club IRA to external IRA?
Investors - LC / Is Folio dead?
« on: May 27, 2017, 11:00:00 PM »
I have a check and see 80+ notes that are "Issued" && (Trend = "FLAT" or "UP") && Discount > 0.5% && Note Amount = $25. It is supposed that they are strictly better than the new notes released on the retail platform. However, when I download the search results, I see these folio notes have been listed for 4 days (on average.) So, is it merely because the demand is very low on foliofn, or because the quality of these notes are actually not as good (but why)?

As a reference, here is the query I used
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