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It looks like I bought a note that was already paid off.

Started by Peter, January 06, 2015, 11:00:00 PM

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yojoakak

QUESTION: How would you even be able to tell if they switched from monthly to daily, since their numbers already don't add up.


See also:
How does LendingClub calculate Interest?
http://www.lendacademy.com/forum/index.php?topic=595.0" class="bbc_link" target="_blank">http://www.lendacademy.com/forum/index.php?topic=595.0



david450

had same experience and apparently same conversation with LC

This is one of the things that can happen because of the way LC processes payments.

I don't think it was still listed after the final payment has been processed, but the fact that LC back dates the payment to the last normal
payment raises the red flag.   (hopefully new accounting rules will make some beneficial changes here).

I see it as a variant of the note on which you lose money from because the borrower pays off early.

After many iterations with LC, I came away with the idea that a loan paid off after a normal payment, but before the next one is treated like a late payment of principle on that former payment,  subject to a late fee if LC so deems it, but no interest.

(and of course they won't deem it if this is one of the borrowers they have incented to take out a new loan at a lower interest rate).

--db--



TravelingPennies





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