P2P Lending / NFT Lending Forum

My web service client logs in automatically at the prescribed times.  Yesterday, it logged out after 1 PM, 5 PM, and 9 PM (Eastern) without detecting any new drop of notes.  That was a first.  Anybody else experience the same?

I've been getting consistently around 10.75% for years.  The API has helped as I have found that investing automatically at each of the 4 drop times, setting my filters to have (on average) just enough notes available to keep me fully-invested, I can select the notes that fit my filters in descending order by interest rate.  My portfolio is averaging over 17% interest rate.

The trick is to set the filters tightly enough that you can cherry pick the best notes while loosely enough to keep your money invested.  You also have to hit the window at each drop time precisely as the good ones go fast.

As far as I can see, we get "PaymentsReceivedToDate" and "PrincipalRemaining".  From that, we can subtract to get interest paid to date, but what about the fees paid to Lending Club?  Guess they don't want us to see that, huh?  No matter how hard I try, I can't back into their NAR from the data provided in the notes download.  Anyone get past that?

I suspect that the cancellation rate goes up roughly with the interest rate.  Underwriting would look for more information from the borrower, the borrower doesn't bother to provide it, or when they do, it doesn't support approval of the loan, and it is cancelled.

As usual, my account rep at LC was useless when it came to answering any questions or taking any feedback.  (I stopped giving any feedback about the UI or policies and procedures over a year ago.)  I wonder if any of my colleagues have gotten any info on expanding the API features.  I use it exclusively for investing now, but of course can't get even the most basic info about any of my accounts (such as how much cash do I have).  I have to just keep funding each until I get the out of cash response.  I'd like to get more info out of the API, if that functionality will increase. 

With large investors buying notes WHOLE (yes, I said whole - in addition to being investors, we borrowed last year - the note was purchased by ONE investor), smaller investors trying to diversify (as LC advises) don't stand much of a chance to find as many of the loans that they want.

I suggest that we start a campaign to pressure LC to limit investment on any given note (you pick the number, say $1,000?)

Given that most notes are in the $10k to $30k range, that would mean at least 10 to 30 investors would get a shot at each of these loans.

Nearly all good notes, all the time now, are funding in less than 10 minutes.  Period.  Been in LC for a number of years, with a significant exposure, and it has never been like this before the last few months.

I have NOT, however, had to "soften" my lending criteria.  There ARE strategies, at least for now.  They keys are WHEN to look for notes and how to select them once you have done so.

Bottom line... we have to work harder to stay fully invested, but if you invest more frequently, you won't have as much to invest when you do.

Ever since "approved" notes went away (months ago), we all have no choice but to have some money on the sidelines however, since it will take days for these fully-funded-yet-unapproved notes to actually disburse.  And when they don't, we have to reinvest the same dollars on other notes. 

So why bother?  Easy answer... where else can you get 9 or 10% on your money without the wild swings of the market?