Clicky

  • Welcome to P2P Lending / NFT Lending Forum.
 

ETH.LOAN

News:

This was the original Lend Academy peer-to-peer lending forum, since forensically restored by deBanked and now reintroduced to eth.loan.

To restore access to your user account, email [email protected]. We apologize for errors you may experience during the recovery.

Main Menu
NEW LOANS:   | 804.eth 2.500 Ξ | remoraid.eth 0.299 Ξ | remoraid.eth 0.299 Ξ | ALL

Menu

Show posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.

Show posts Menu

Messages - howler99

#1
Hello,

I haven't been here in a while, and I took a quick look around to help ensure I wasn't duplicating threads, but does anyone know what note collections will look like now that the announcement and subsequent halting of the Notes platform is here?

If I were a borrower, I would see this as a green-light to default. Has Lending Club said anything about this? Do they have a commitment to maintain their ongoing collections activity?

I'll admit their collections never seemed that impressive in the first place, but my default rates have taken a turn for the worse recently.

I know I look like Scroogey McScroogeface in the face of the pandemic and unemployment, but I still have a big junk of my retirement with Lending Club IRAs that haven't wound down yet.

Thanks.
#2
Investors - LC /
July 13, 2018, 11:00:00 PM
Like most LC investors I've had a tough time the last couple of years. However, June was a "monster" month, and I netted nearly .6% across all my LC accounts. This was by far by best month in long over a year, and my crudely calculated annual investment return is 3.4%, so I don't anticipate this going forward.

My question is what's working for people these days? I'm not asking for your finely tuned credit filters...but just some insights on how the different note grades, etc.  are doing over the last 6-12 mos.

I come from "old school" LC of investing in the highest note grades filtering on a few of the more profitable criteria, but obviously that strategy crashed and burned a while back. I haven't kept up with recent returns, but for the last year I've just been investing A, B, C, with maybe only 20% in A...and filtering on a few things, inquiries etc..

In the old days I knew where to look for this analysis, but I've lost track as my returns have disappointed.. Even some pointers/links on how to do this analysis would be appreciated.

Thanks.





#3
Investors - LC / wave of grace notes
May 23, 2014, 11:00:00 PM
Latest update from IR, 7 chargeoffs, 2 IGPs - I've only had 1 month with more than 7 chargeoffs. Now I have 7 in 1 IR alert.
#4
Yes. I see those outliers at the 500 note level with well aged portfolios, and I'm thinking how can I figure out what that guy is doing?

When I was in B school in the 80's, we were taught that no-one can beat the stock market indexes consistently, and basically I still believe that, but I wish like hell I would have had $10k and the wisdom to give it all to Warren Buffett back then. I guess those outliers are the Warren Buffetts of the P2P world.

#5
Investors - LC / 0 APR Convenience Check
November 16, 2013, 11:00:00 PM
Just wanted to add a word of caution here that may not apply to everyone, I did this with my REI card (US Bank), so I got a 0% APR 15 mos. advance for 4% fees. Sounds ok, but the only catch is I like to use my REI card for the 5% cash rebate, and apparently the cash advance counts toward your balance, so basically there is no grace period.

Now whenever I use my REI card, I get charged interest, and US Bank has a $2 minimum interest payment, so even if I charge something for $30 and send a payment the next day, I get charged $2, and my rebate (from REI next year) would be $1.50.

It's not a big deal, but it's annoying and adds up over time. I suspect most cards are like that, so my advice would be to only use this on a card you don't plan on using for anything else.
#6
Investors - LC / Folio and IRAs
October 18, 2013, 11:00:00 PM
What's to keep someone with a regular account and an IRA from listing notes from the regular high account at a ridiculous markup, and then buying then notes from the IRA account...and I assume getting a penalty free distribution from the IRA? Maybe this has something to do with it?
#7
Wow, thanks everyone. I wasn't checking this when I purchased loans on FolioFN, and I just noticed that 2 out of 3 of my >31 days notes had public records on file.

brycemason - looking forward to your site too.
#8
Investors - LC / Engaged external collections agency
December 07, 2012, 11:00:00 PM
Well it was bound to happen sooner or later but now I have a note Late 31-121 days with the note, "Engaged external collections agency", and this was after 1 payment on a loan of $4000. The note amount is just $25

Anyone ever see one of these come back from the dead?
#9
It looks like LC has an offer through November to start a Prime account with no fees for as little as $10k, or convert an existing account to Prime. I would appreciate thoughts on the Prime account and expected returns.

In my case, I have an LC account under 10k of hand-picked loans (using mostly information from here) that is doing well (but only 4mos old), and I would need to top this off with new funds to hit the 10k mark.

What kind of returns can a Prime account expect and what are the best options for selecting notes in a Prime account?

I would probably fund another smaller account just to keep doing the hand-picked strategies.
#10
I'm having a hard time understanding Lending Club's due date and when a note goes into the Grace Period. For instance today (9/8) I have a loan due on 9/1 that LC shows as current and payment status Processing. If I check, previous payments for the loan, the always show completed by the 6th or 7th.  I know this is a bank holiday week, but still this seems like a while.

Also, I should note that I purchased a note off the trading platform that said Current and payment processing. As soon as the transaction cleared my account, the note showed up as in Grace Period - and I believe "Payment Failed".

Are there any hard and fast rules on determining when a payment has been made even when the status is "Processing" and when does a note really go into Grace Period status?

Thanks in advance for any info.