P2P Lending / NFT Lending Forum

Got an email on Friday, February 8, 2019 with the body:

Quote

Got an email on Friday, February 8, 2019 with the body:

Quote

I have not but thank you for taking the time to do this.  A few months (or more) ago when LC made that horrific visual change and removed some Download button, they also screwed up the Account Activity page.  I used to be able to simply copy and paste that popup-box into Excel and add up all Principal, Interest, Fees, etc. for every day.  I emailed them about the changes and they basically said they didn't care that copy and paste no longer worked.

I believe your monthly LC statements accurately report cash and principal balance.  In other words, even if you have a pending Folio purchase, LC treats the cash as if it's still in your account.

I don't know how Folio sales are treated though; never done one.

https://forum.lendacademy.com/index.php?topic=3551.msg44048#msg88888888Quote"> from: Rob L on December 10, 2018, 09:25:11 AM

Are you referring to investing in LC through a Qualified Plan?  I.e. IRA

If so, you can still just transfer the funds to another custodian to not pay taxes, albeit pay a fee to do it.

https://forum.lendacademy.com/index.php?topic=4806.msg43770#msg88888888Quote"> from: pressure9pa on August 23, 2018, 09:56:52 AM

I see this from time to time and it always puzzles me.  This borrower has an impressive credit score that has gone UP since they stopped paying their LC loan.  How can their credit not be hit from late/no payments on an account?  LC is reporting late/no payments to the credit bureaus, right?

Loan ID 105567484
https://www.lendingclub.com/account/loanPerf.action?loan_id=105567484&order_id=176438369&note_id=155114208" class="bbc_link" target="_blank">https://www.lendingclub.com/account/loanPerf.action?loan_id=105567484&order_id=176438369&note_id=155114208

As far as the income verification loans are concerned, see this thread: https://forum.lendacademy.com/index.php/topic,2945.msg26788.html#msg26788" class="bbc_link" target="_blank">https://forum.lendacademy.com/index.php/topic,2945.msg26788.html#msg26788

AnilG's theory is simply that lower quality loans are the ones that would require their income to be verified.

I also seem to remember an interview done (probably the Lend Academy Podcast) with someone in P2P lending, maybe even LC.  They basically said the same thing as AnilG.  In addition to that though, they commented that with good borrowers they didn't want to bother them with the hassle of verifying their income and potentially losing their business.

https://forum.lendacademy.com/index.php?topic=4880.msg43596#msg88888888Quote"> from: Fred93 on July 03, 2018, 02:30:46 PM

Yep, see the thread "New Platform" for a list of all the other new "features".

They also removed the download notes feature.  And if you click on a daily activity you used to be able to copy and paste that day's payment information into Excel.  Now it's not possible without writing some kind of macro.  Annoying and an ugly interface.

I asked LC about the download feature.  They said only a few users were using it so they got rid of it.

Does it worry you the varying size of loan chunks you get?  In other words, if you get a large chunk of the "bad" loans and all the "good" loans only get 1euro invested...seems you could be heavily weighted to the "bad" with only a few large chunks very quickly.

https://forum.lendacademy.com/index.php?topic=4867.msg43441#msg88888888Quote"> from: ee1x on May 12, 2018, 02:33:36 PM

Also, there are "Service Fees" which is 1% of the total payment; and there are "Collection Fees" which are significantly higher.  You'd need to look at each day's payment specifically to determine how much it cost for each note and each type of fee.