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Author Topic: RIP Lendingclub Notes

j
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RIP Lendingclub Notes
OP: October 06, 2020, 11:00:00 PM
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c
  • Posts: 227
RIP Lendingclub Notes
#1: October 06, 2020, 11:00:00 PM
I swung by here to see if I had really read that email correctly.

The email reads like they are "only" retiring the Notes platform.  But ummm... what the heck is left of LendingClub without the notes platform?  Am I missing something? Perhaps they are just trying to put lipstick on a pig.  Which is fine with me, as long as one's porcine recreational activities stop there.

As an existing Radius Bank customer, having another account isn't all that $exciting.  But they are good for various schemes.
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t
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RIP Lendingclub Notes
#2: October 06, 2020, 11:00:00 PM
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B
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RIP Lendingclub Notes
#3: October 06, 2020, 11:00:00 PM
Wonder if they just mean the retail notes platform?  Still serving commercial customers and their own bank with notes?
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  • ****
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  • Posts: 363
RIP Lendingclub Notes
#4: October 06, 2020, 11:00:00 PM
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Publisher of the Lend Academy blog

See my returns here: http://www.lendacademy.com/returns

T
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RIP Lendingclub Notes
#5: October 06, 2020, 11:00:00 PM
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b
  • Posts: 9
RIP Lendingclub Notes
#6: October 06, 2020, 11:00:00 PM
Sounds like they are basically giving up on the whole "peer-to-peer lending" model and turn into a Wealthfront/Robinhood/Betterment type of company but with an actual bank charter. They will probably keep some lending in place but it will only be for the other big banks/companies/funds that buy the whole loan instead of little pieces. Really this is the end of the original lendingclub model and transformation into a totally new company. Only problem is they are years behind those other companies so it's going to be a hard hill to climb to transform from a peer-to-peer lending company into a totally different model with more competition.
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T
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RIP Lendingclub Notes
#7: October 06, 2020, 11:00:00 PM
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E
  • Posts: 51
RIP Lendingclub Notes
#8: October 06, 2020, 11:00:00 PM
Sad, but it hardly makes any difference to me. I've been blocked from buying notes for about a year now, and it's been obvious that restoring my capability was not on LC's radar. I've been pulling cash out as it accumulates, and assuming that the game has already ended.

It will be convenient (slightly) to have these transfers done automatically. They trumpet a "high yield" savings account. Did no one notice that "high yield" is associated with low grade bonds? Of course it's actually an FDIC insured account, but the use of those words is poor marketing.

And what will that yield be? That's conspicuously missing from the email. Perhaps 0.05% instead of 0.01%? Oh joy. Capital One has recently been advertising accounts paying "five times the national average" without saying exactly how close to zero that average is.

Edward
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T
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RIP Lendingclub Notes
#9: October 06, 2020, 11:00:00 PM
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G
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RIP Lendingclub Notes
#10: October 06, 2020, 11:00:00 PM
I suspect this. My gut was just telling me this was going to happen. I have about 250k in lending club, just rolling over the payments month after month. Out side of Propser and FundingCircle are there any other investment platforms similar to lending club ?
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T
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T
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Y
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RIP Lendingclub Notes
#13: October 06, 2020, 11:00:00 PM
If you really want to still invest in these notes, Prosper is still there.  I wonder how long they will offer P2P notes.
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T
  • Posts: 6588
RIP Lendingclub Notes
#14: October 06, 2020, 11:00:00 PM
LC stock up 6% today.  The market thinks this is a positive development.
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