P2P Lending / NFT Lending Forum

It's going to be not even worth your time. Most likely less than .50.

Sounds like they are basically giving up on the whole "peer-to-peer lending" model and turn into a Wealthfront/Robinhood/Betterment type of company but with an actual bank charter. They will probably keep some lending in place but it will only be for the other big banks/companies/funds that buy the whole loan instead of little pieces. Really this is the end of the original lendingclub model and transformation into a totally new company. Only problem is they are years behind those other companies so it's going to be a hard hill to climb to transform from a peer-to-peer lending company into a totally different model with more competition.

I sold off pretty much the rest of my account. Down to the last 1,400 that no one wanted to buy even at a good discount. Guess I'll have to remember to login once a month to withdraw my $10.

Official email today Folio investing will be discontinued on August 28th. Very bad news for anyone that uses folio to buy/sale. I've sold off around ~160K over the last year to liquidate my account. so happy I was able to get out while I had the chance.

"An Update on Folio

As a Folio account holder, you know that historically Folio Investments, Inc. (Folio) has offered a secondary market for Notes, where individuals could buy and sell Notes to and from other investors. LendingClub was recently notified that Folio is being acquired by a financial institution and, as a result, the secondary market for Notes will be discontinued.

Please know that the closure of the secondary market will not affect the Note investments in your LendingClub account, and your LendingClub account will continue to be serviced as usual.

Should you wish to buy or sell Notes on the secondary market, please keep these key dates in mind:
August 26, 2020: The last day you will be able to list a Note for sale. Any remaining Note listings on the trading platform at the end of the day will expire or terminate. Any trades executed on August 26, 2020 will settle in accordance with standard settlement procedures on August 27, 2020.

August 28, 2020: Investor account(s) with Folio for trading Notes will be closed, after which you will be able to log in to view statements and legal agreements only.
While most investors consider Notes to be part of their buy-and-hold long-term investment strategy, we understand that the secondary market has provided a valuable option to those who needed it. We're disappointed in the decision and understand that investors who actively trade Notes will be disappointed too. Because the secondary market has always been offered by a third party, we unfortunately do not control its availability."

Official email today Folio investing will be discontinued on August 28th. Very bad news for anyone that uses folio to buy/sale. I've sold off around ~160K over the last year to liquidate my account. so happy I was able to get out while I had the chance.

"An Update on Folio

As a Folio account holder, you know that historically Folio Investments, Inc. (Folio) has offered a secondary market for Notes, where individuals could buy and sell Notes to and from other investors. LendingClub was recently notified that Folio is being acquired by a financial institution and, as a result, the secondary market for Notes will be discontinued.

Please know that the closure of the secondary market will not affect the Note investments in your LendingClub account, and your LendingClub account will continue to be serviced as usual.

Should you wish to buy or sell Notes on the secondary market, please keep these key dates in mind:
August 26, 2020: The last day you will be able to list a Note for sale. Any remaining Note listings on the trading platform at the end of the day will expire or terminate. Any trades executed on August 26, 2020 will settle in accordance with standard settlement procedures on August 27, 2020.

August 28, 2020: Investor account(s) with Folio for trading Notes will be closed, after which you will be able to log in to view statements and legal agreements only.
While most investors consider Notes to be part of their buy-and-hold long-term investment strategy, we understand that the secondary market has provided a valuable option to those who needed it. We're disappointed in the decision and understand that investors who actively trade Notes will be disappointed too. Because the secondary market has always been offered by a third party, we unfortunately do not control its availability."

I got around the same amount. Hey at least we got something back. Its unfortunate the people that actually did the crime simply left the company and started a new company in the same industry. I doubt any of the settlement actually came from the people responsible for causing it.

Lendingclub Responds:

https://blog.lendingclub.com/lendingclub-responds-to-federal-trade-commission-complaint/" class="bbc_link" target="_blank">https://blog.lendingclub.com/lendingclub-responds-to-federal-trade-commission-complaint/

Got it. 45.1.

When you list on folio you can markup all your loans at once. Just select them all and at the top of the column hit the + next to the markup until you get to the % that you want to markup. You can use that to markup all your loans so you don't have to do them one at a time. You can also use that when you reprice as well.

I guess your strategy is worth a try. I find people rarely buy my loans that are marked up more than 2%. Let us know how it goes.