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Messages - SeanMCA

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61
Investors - LC / LC Business Loans
« on: February 13, 2015, 12:00:00 AM »
I wouldn't touch Lending Club's business loans with a 10 foot pole. These are stated income loans where little to no underwriting is done nor are there any checks to verify revenues and bank statement legitimacy. Every other business lender out there has been crushed by the sheer volume of doctored statements. It's an epidemic. Because of that it's become a standard to use yodlee, decision logic, and other types of bank access mechanisms to verify the accuracy of information supplied by the merchant.

Not LC though. Their business loan program takes the numbers at face value and offers longer term loans and cheaper rates than what much tougher alternative business lenders are doing.

I learned about their face vaue acceptance of business revenues and legitimacy by asking a high level Lending Club employee about 6 months ago.

I love their consumer notes so far. Have a decent amount of money in but am very bearish on their business loan concept. They have a huge learning curve ahead of them.
62
Investors - LC / New (Especially Quality) Notes Really Trailing Off?
« on: November 20, 2014, 12:00:00 AM »
And yet Lending Club is asking for more money. I got a notification through the LC website about 2 weeks ago that said something about my cash balance being dangerously low and that I better add more money to my account to fix it so that I don't miss out on good loans.

While perhaps the cash balance was "low" compared to the amount of cash I have deployed, it was still about $1,000, not something I'd set off emergency alarms for.

They've also gotten more aggressive with promoting recurring transfers and they're campaigning to get your friends to sign up and make deposits. I thought us retail investors were already a burden to them at present because the institutions would gladly fund everything. I feel like they've gotten really aggressive and they just want the deposits regardless of loan availability. I sense depository institution envy.

63
Investors - LC / Calculate your percentile rank vs other LC accounts
« on: October 29, 2014, 11:00:00 PM »
Quote
64
Investors - LC / Calculate your percentile rank vs other LC accounts
« on: October 28, 2014, 11:00:00 PM »
vs. similar age accounts I got 78%. Very cool tool.
65
Investors - LC / Lending Club contacted 3rd party?
« on: October 09, 2014, 11:00:00 PM »
What does this mean in the collection notes?

10/3/14 (Friday)   Lending Club contacted 3rd party and 3rd party was unable to pay at this time
9/2/14 (Tuesday)   PAYMENT Failed
9/1/14 (Monday)   Lending Club contacted borrower and borrower was unable to pay at this time

Does 3rd party mean like a guarantor or someone else who offered to make payments on the borrower's behalf?
66
Investors - LC / PayPal Working Capital
« on: August 07, 2014, 11:00:00 PM »
I was on a conference call with Tom Green at Lending Club the other day and he said they dont verify the legitimacy of the bank statements.
67
Investors - LC / PRIME Rebranded as "Automated Investing"
« on: May 13, 2014, 11:00:00 PM »
Maybe because the word "prime" could easily be confused with the credit quality of the loans? I wouldn't want that one investor out there to claim one day that they thought "Prime" was completely safe because it was called "Prime" and not "Sub-Prime".
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