P2P Lending / NFT Lending Forum

I apologize if this is an incorrect place to post  this, but I did not see a section for MyConstant or misc investment.

Not sure if anyone is investing in MyConstant or is aware of it.
It is a P2P lending platform somewhat similar to lending club, that allows you to set your own interest and terms on crypto loans.
Unlike LC though, it does not have bad Notes/Loans. This is from my personal experience from being with them since September.
So all of a sudden, I no longer need to spend hours (or write/run my php scripts) to choose loans based on  credit history, location, job, home, etc etc etc.
Remember all the nice LC filters .... which would still get bad notes.

When I initially signed up, the Advertisement mentioned that I would receive $1000 deposited in my account which I could use for just a month.
After I signed my, I never received it and believed it was a scam.
Support mentioned there was technicality on the way I signed up, but then turned around and gave me $10 free and clear.

Curiosity got the better of me and I ventured into the site.
In the site we can invest funds two ways (I do not use the crypto staking as I do not have crypto currency ):
1) Flex: I get 5% and can withdraw the money anytime
2) Pro: Its a dashboard that allows me to set:
a) Amount of money  I want to invest
b) Interest rate: The average rate is currently 9%
c) Length of loan: I can specify a term anyway from 30 days to 360 days or even custom.

Interest rates:
The interest rate is based on supply and demand. In the Dashboard under "order book" you will see the investing orders and borrowing orders.
The investing orders are orders that investors have added. Its important to note the interest rate and term.
So when I add an order under "Invest" it will show up under "Investing orders".
Also be aware that the initial capital (I believe) is returned only at the end of the term period, unlike a normal loan, which contains principal and interest.
So there is always the though of "should I invest for a longer term and loose out on the reinvestment " or "go long term".
I usually break my investment into blocks of $100 and invest in varied "terms" of 30, 60, 90, 120. I have gone as far as 360 at times.

https://i.imgur.com/XY5sj9v.jpg" alt="" class="bbc_img" />
Under "Trade history" you can see history in the last 24 hours. That will give you a gauge of the Interest rate and term you can probably get.
It was 10% a few months ago and its about 9% now.

Fees:
There are no fees to the investors, when you invest.
There are no fees when you add money to your account.
There are no fees when you withdraw money from your account.
This is from my personal experience as an investor and I have done all three transactions.

Advantages:
1) I have granular control on how long I want the money invested, which could be as short at 30 days.
2) I do not need to filter borrowers for loans anymore unlike LC where a quarter of loans were late or default. All my past investments are successfully repaid. 14 loans repaid so far ranging from $10 - $500
https://i.imgur.com/nUdjaga.jpg" alt="" class="bbc_img" />

Disadvantages:
Its important to note that the money in the PRO account is NOT FDIC insured.

Site: https://www.myconstant.com" class="bbc_link" target="_blank">https://www.myconstant.com or you can use my referral link https://www.myconstant.com?r=DBL44KVXR5" class="bbc_link" target="_blank">https://www.myconstant.com?r=DBL44KVXR5

Again I apologize if this is an incorrect place to post  this.

Since Monday I have been noticing several Notes with errors when accessing the "original listing" on several notes.
This is just one example: https://www.lendingclub.com/foliofn/browseNotesLoanPerf.action?showfoliofn=true&loan_id=66485064&order_id=93192624&note_id=106345018" class="bbc_link" target="_blank">https://www.lendingclub.com/foliofn/browseNotesLoanPerf.action?showfoliofn=true&loan_id=66485064&order_id=93192624&note_id=106345018 and then Click on "Original listing" at the top right corner.. out pops the error.. "An Error Has Occurred. Your Lending Club account has encountered an error. We apologize for the inconvenience"

I am seeing several Notes with errors. Its almost like 5 in every 7 notes.
Is anyone else seeing the same problem?
https://i.imgur.com/DPwmXal.jpg" alt="" class="bbc_img" />

I had sent LC support an email yesterday and they mentioned they were checking on it .
If more of us contact support, they will probably understand the need for the Collection logs and put them back on.

When Notes turn delinquent they take out a huge chunk of the money we have earned in the form of interest received on the good notes. We really struggle to get the good notes and when one of them tuns bad it negates all the hard work put in.

LC really needs to do a better job of going behind the defaulters. But then, why should they. Its not their hard earned money. its ours.  Sorry I am ranting.

Hi,

I need to be able to programmatically assign a note to a portfolio.
I have looked through the API resource  (https://www.lendingclub.com/developers" class="bbc_link" target="_blank">https://www.lendingclub.com/developers) and do not see a way  to assign/move notes.

Any ideas?
Thanks
Hil

The biggest deceptive practice that LC employs is their cash flow system.
If you notice they take 5 days from the time the client makes a payment till the time the payment is effective.
To the normal eye it makes little difference, although LC makes tons of money on it

Again this is my assumption and I apologize if I am incorrect but....
... I was recently researching companies to buy Stocks and I stumbled on m1finance.com. I was surprised when they do not charge any fees for stocks and have an amazing system. So how do they make their money See https://www.reddit.com/r/m1f/comments/7lj33z/how_does_m1_finance_makes_money/" class="bbc_link" target="_blank">https://www.reddit.com/r/m1f/comments/7lj33z/how_does_m1_finance_makes_money/ as the owner mentions "They believe eventually every investment platform will be free".

So I would conclude LC is doing the same with the funds they hold for 5 days. Investing it.
Another way.. It should not take 5 days for money to be credited to your account. When i transfer money between banks it is 24 hours.  Transferring money to m1finance was 4 hours!!!!

The difference of 5 days may not make a huge difference to the small investor like us, but i am sure if I received the Borrower payments without the 5 day holdup, I would have invested 5 days earlier.

Dont get me wrong. I am not saying I do not like LC. Actually I love them . I have to.. I have thousands of dollars invested https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />

I have used NSR too and I believe they are pretty good.
peercube.com may have some options too, but I have never used them myself

I have noticed this several times, So I though I would get details.
On August 10. I wanted to sell a note which was CURRENT, but I could not as it was "Processing payment"
https://i.imgur.com/k2F9Ulb.jpg" alt="" class="bbc_img" />

Today (3 days later) I noticed that the same note is in the grace period.
https://i.imgur.com/Kihdh10.jpg" alt="" class="bbc_img" />

I am concerned now. What kind of payment was the system processing on 8/10 as no payment was ever received?
Am I reading this incorrectly or is there a problem with LC?

Wow the old platform is back. I hope this is hear to stay.

Thanks to all of you who reported the problems in the new platform to LC !!!!!!!
They finally heard the pain.
Thanks.

In the  newly redesigned platform, when I purchase notes and try to assign them to specific portfolio, I cannot find them.
So to demonstrate , when I click on the 8 as in the attached screenshot, it should have brought up the 8 notes (that does not belong to any portfolio), but instead it brings up the DETAILS page (which shows ALL the notes in the account).
Is any one else seeing the same problem?

https://i.imgur.com/NX3Z9ns.jpg" alt="" class="bbc_img" />

Kowser,
I agree,  I use that functionality too and without the link  has thrown my process in disarray.
Yes we can use the FULL download although  downloading a file as large as that  will cause LC to throttle your connection. The full file is several MB while the search results are usually in KB, and copying such a large file will cause LC to throttle the connection. I have seen this in  the past.  It looks like they made the change on 5/2. I am going to send them an email shortly.

Here you go https://www.lendingclub.com/info/download-data.action" class="bbc_link" target="_blank">https://www.lendingclub.com/info/download-data.action.
have fun

Yes. I have a similar problem with that API (I use the buy function)
 I have been going back and forth with LC Support for about a month now .

With the new api i tried Content-Type - application/json and Accept - application/json which failed. When I mentioned it to support they asked me to change it to text/csv. That failed too. Then they asked to change it back to application/json.. wow. now we are having funnnnnn.. and I have been sending them screenshots everytime.

They used to have a different API to buy/sell earlier which needed the "order id" and that was working fine. Now they go and change it and dont want to admit there is a problem.

I have been downloading the full CSV download of secondary notes, but of late I have been seeing that LC has been throttling that full CSV download. For example yesterday from 5 PM EST - past midnight, it was taking me +1 hour to down the CSV file. This would normally take about 10 seconds.

So this morning I attempted using the API to download the secondary notes and the data does not have the ORDER id. Without the ORDER ID you cannot buy a note. you need the note , loan and order IDs.
Anyone else seeing the same thing?

Has anyone used the API functionality @ Bondora.
They do not appear to have an API Key or am I looking in the wrong place.
If we use  https://api.bondora.com/Application/Create" class="bbc_link" target="_blank">https://api.bondora.com/Application/Create, it asks for a website as part of the details. Is that the only way to go.. or is there an alternate approach?

Thanks