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Investors - LC / AltoIRA == Bozos
« Latest by Fred93 on Today at 02:41:44 PM »
sounds like a huge PITA


What you have posted is concerning.

Nothing to be "concerned" about, as there's no decision you can make to change things.  You just gotta play it thru.  I'm sure your money is safe, but these middlemen at Alto are bozos. 
Investors - LC / AltoIRA == Bozos
« Latest by rj22 on Today at 01:16:01 PM »
The last of my loans will pay off this month. I will then be starting this process, sounds like a huge PITA. Please let us know when you actually get your money!

What you have posted is concerning.
Investors - LC / AltoIRA == Bozos
« Latest by Fred93 on October 14, 2021, 03:30:07 PM »
Here's their explanation and non-apology for delaying my funds 1 month. 
Date: Thu, 14 Oct 2021 09:25:08
Hi xxxxxxxxxxx,

Thank you for following up and I sincerely apologize for the delay. Once the request has gone through a lengthy review process by our compliance team. It is then submitted by our Financial Operations team to our Bank to be issued. Our bank then provides us with an estimated delivery date. Again, this is an estimated time frame, I believe your custodian should be expecting the check very soon. Please let me know if you need any additional information.


xxxxx xxxxxxx
Client Experience Team

The "lengthy review process" is of course simply the checking of a few check boxes.  The submission "by our Financial Operations team to our bank" means a person types in a few things on a web site, to tell the bank to issue a check.  Routine stuff.

Investors - LC / AltoIRA == Bozos
« Latest by Fred93 on October 13, 2021, 11:11:14 PM »
It gets wilder.

My LC IRA is done.  All the (non written off) loans are paid.

I transferred the last of the funds from LC to Alto.  Then I had TDAmeritrade send a request to Alto to pull the last bit of cash out of Alto to my TDAmeritrade IRA.

I made that request on 9/28.  TDAmeritrade sent the request letter to Alto the next day.  Then on 10/12, I asked Alto what was going on.  They  said they hadn't heard from TDA.  Checking with TDA, they claimed the letter had been sent, but they overnighted it again to Alto. 

Then I sent a message to Alto telling them what I just heard from TDA.

Then... I got a message from Alto saying ...
Thank you for reaching out! I just confirmed with our Financial Operations team that the check has been processed and currently has an expected delivery date of October 25, 2021. Please let me know if you need any additional information.

What this means is that they've now admitted that they had the paperwork for the last 2 weeks, during which time they sent me and the TDAmeritrade folks on a wild goose chase tracking it down.  But it's worse than that...  A completely ordinary first class mail takes 4-5 days to go across the country, so there is no reason in hell that a check that has already been cut would have an expected delivery date two weeks in the future, unless they are intentionally holding it. 

Looks to me like Alto is intentionally delaying payments.  In this case, they've added 1 month of delay.

Alto must be aging payments intentionally.  Only reason I can think for doing this is to help their own cash flow (ie "keep the lights on").  But client funds are supposed to be segregated, so that doesn't make much sense, unless they aren't really segregated.

Bozos.  Their web now says my account has $2400 more than it should have.  That will sit there forever, or until they figure it out, whichever comes first.

Investors - LC / The wind-down
« Latest by rj22 on October 02, 2021, 04:20:12 AM »
My account is now over 99% cash, with only a few trivial holdings left, but I have not yet transferred my IRA out because LC's recoveries continue to throw off more cash than I would earn by moving my IRA balance to a high interest savings account. So I am treating it as a cash balance.

Probably that'll change soon.
Borrowers - LC / ATM Business Loan
« Latest by rosechap on October 01, 2021, 10:30:58 AM »
This is a very complex process, and it is pretty challenging to figure it out yourself. Your idea is quite interesting.  To start a business like this, you only need to save up the initial capital. I don't have the money to buy 2 ATMs at once, so I will take out a loan. When I take out loans, I always consult with them Mortgage Advice Bristol. They are true professionals in this area. They always manage to find a loan offer with the lowest interest rate. Do you think the monthly profit will cover the loan payment?
Investors - LC / The wind-down
« Latest by lascott on August 24, 2021, 11:27:10 AM »
If you wanted to beat stock returns using consumer debt, that was never a winning beta unless you planned to use leverage.   I am happy with my Lending Club performance, but I used it instead of bonds

Bonds were my philosophy as well and used it as that part of my 'asset alloction'.

My biggest regret was getting into 60 month notes after holding out for the longest time and only doing 36.

Overall I am pretty satisfied and feel fortunate it didn't go worse with all that transpired at LC.

Both my accounts ended up about a 13% charge off rate.

My 1099-OID acct:
Interest $67,640.47

My ROTH IRA acct:
Interest $55,504.47
Investors - LC / The wind-down
« Latest by rj22 on August 04, 2021, 12:52:06 PM »
I am down to $20 in outstanding principal across six notes that represent three underlying loans (bought the same loan multiple times on folio). Still getting a couple bucks a month from them, and a couple bucks a month from recoveries.

Gonna have to decide at what point just to call it quits and lose what's left on the table. It's in an IRA, there are fees to transfer out, so those last few loans are blocking me from getting the rest of the accrued cash out. I have a chunk of cash un-invested and losing out on other opportunities.

Presumably the point to transfer is when the lost interest from a high interest savings account exceeds the ongoing payments from loans and recoveries. Depending on how recoveries are doing, that  point may come in two months when most of the remaining loans will be paid off, and it'll just be one loan plus recoveries.
Our cash is in Ally which is only paying 0.50% but it is reliable, quick, and convenient.  They've improved their "bucket" management and flexibility since it has come out which is pretty handy for planning at a high-level.
Good to know thank you!