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Messages - SeanMCA

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Investors - LC / Worst Month Yet
« on: November 04, 2017, 11:00:00 PM »
I had a negative month too. Will definitely finish negative for the entire year.
Investors - LC / Trolling Lawyers on Facebook
« on: October 13, 2017, 11:00:00 PM »
The image used on their Prosper page is a photo that I took with my cell phone at a trade show:
Nice copyright violation.  :(

My guess is that this company is running a debt settlement scam. They have popped up everywhere in the online business lending space. Basically there are websites and "lawyers" that contact borrowers and tell them that their loan was illegal and to divert all their future loan payments to a supposed escrow account while they attempt to wipe away their debt or settle it for pennies on the dollar. It's just a scam and this website employs the same routine. That's why they're asking about how much credit card debt the borrower has. It's so they can supposedly enroll all the debt and get it wiped away or settled. The "escrow" money is then all stolen by the scammers and the borrower is left even more screwed. Eventually the company changes its name when too many complaints roll in.

Edit: Prosper employees if you're reading this, that photo was swiped from my website without my permission. I have nothing to do with American Validation.
Investors - LC / Suspicious loans
« on: October 10, 2017, 11:00:00 PM »
Pay these suspicious loans no mind folks because right now you have a limited time to earn 1 MileagePlus award mile for every $1 you invest — that's double the previous MileagePlus offer of earning 1 award mile for every $2 you invest on LendingClub!

Don't miss out on earning up to 100,000 award miles — that's enough for four roundtrip domestic economy Saver Award tickets!** This double MileagePlus offer is only valid from October 9, 2017 through January 9, 2018

See, 700+ FICO, six-figure-earning straight rollers don't seem so bad now, do they?
Investors - P / Worst Month Yet, Prosper Version
« on: October 07, 2017, 11:00:00 PM »
Yes, I'm negative YTD in Prosper just like Lending Club.
Investors - LC / Worst Month Yet
« on: October 02, 2017, 11:00:00 PM »
Got my Sept statement. I still have a net loss YTD. Kind of sucks.
Investors - LC / LC Email: "The Next Generation Credit Model"
« on: September 19, 2017, 11:00:00 PM »
I guess this is why they just hired Anuj Nayar to be their new PR expert. It looks the investor community needs more convincing about how great everything is.
Investors - P /
« on: August 15, 2017, 11:00:00 PM »
Prosper had a $41 million loss last quarter and is on pace for at least $100 million in losses for the year.
Investors - LC / Beta Testing - Lending Club Investing Algorithm
« on: July 16, 2017, 11:00:00 PM »
I think your ANAR will drop once your portfolio seasons more. Mine did. I believe mine said 8%+ around that portfolio age. Now mine is down to a little over 5%. I'm at a 29 month weighted age. I have generated a negative return YTD with no end in sight. Early payoffs are the silent killer. Your good borrowers will get snatched out of your portfolio, leaving you with many borrowers who can't get more credit. Lending Club will also charge you a 1% penalty on the outstanding principal to add insult to injury. With the good notes getting refinanced away from you, you'll be left with a lot of the bad and the ugly, even if they looked good when you first bought them.
Off Topic / Google News Redesign Sucks
« on: June 27, 2017, 11:00:00 PM »
Agreed. The new format is actually unusable.
Investors - LC /
« on: June 02, 2017, 11:00:00 PM »
Yeah, I have had a net loss over the last 9 months. All my account is doing is eroding all the "gains" booked from the first couple years.

I partially blame the early payoffs. About 40% of my notes have paid off early, depriving me of the interest I expected to earn over the loans' lifetimes from these good borrowers. In many cases, those borrowers paid off after the 12-month mark, meaning that Lending Club also charged me a 1% fee on my own outstanding principal.

Is Lending Club giving the good borrowers a 2nd loan and are a significant percentage of these borrowers using it to pay off their first ones? I believe they are. Thank you Lending Club for sticking me as the investor in the first loans with the resulting losses.
83.5% - The percentage of active investors who received returns that met or exceeded their expectations
Um this is kind of a big deal...
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