Sudden drop in Lending Club loan count on July 1

[ibonobos]

At 5:30 AM July 1, 2015 Lending Club had 4215 loans available for investment.
At 9:30 AM July, 1 2015 Lending Club had 2458 loans available for investment.
At 9:00 PM July, 1 2015 Lending Club had only 715 loans left.
Any ideas? Keep in mind on a good day perhaps 200 loans are filled and removed from listing.

[lascott]

A few threads about this already.

[TravelingPennies]

@lascott  Where would one find these threads?

[Lovinglifestyle]

Here's one:  http://www.lendacademy.com/forum/index.php?topic=3233.0" class="bbc_link" target="_blank">http://www.lendacademy.com/forum/index.php?topic=3233.0

And another:  http://www.lendacademy.com/forum/index.php?topic=3283.0" class="bbc_link" target="_blank">http://www.lendacademy.com/forum/index.php?topic=3283.0

[TravelingPennies]

Thanks for the links. What concerns me is not a question of loans not issuing but of loans disappearing from the board in great numbers as happened four days ago on July 1. Did anyone else witness this?

[TravelingPennies]

Yes, a lot of people noticed.  Here's more, page 4:  http://www.lendacademy.com/forum/index.php?topic=3272.45" class="bbc_link" target="_blank">http://www.lendacademy.com/forum/index.php?topic=3272.45

Rawraw posted a link I can't find right now.  It shows quantities and times of release, I think.  It was a good chart--darn.   

In general, there weren't enough buyers for a couple of days and then things went back to normal because LC arranges things that way according to demand and how many loans are allocated to whole or fractional.

That was probably the biggest fluctuation ever!

[TravelingPennies]

https://forum.lendacademy.com/index.php?topic=3293.msg29537#msg88888888Quote"> from: Lovinglifestyle on July 04, 2015, 10:11:23 AM

[TravelingPennies]

fhttps://forum.lendacademy.com/index.php?topic=3293.msg29538#msg88888888Quote"> from: lascott on July 04, 2015, 10:50:37 AM

[TravelingPennies]

ok, thanks to my fuzzy mind, this is what I couldn't find.  It's also from you, lascott, at the bottom of page 1 in "Weird Goings On at LC".  Thank you for that.  I had never navigated to it before your post.  It isn't that hard to find for one who is looking for it on PeerCube instead of on the LC site!

https://www.peercube.com/histperf/available_loans/lc" class="bbc_link" target="_blank">https://www.peercube.com/histperf/available_loans/lc

https://forum.lendacademy.com/index.php?topic=3293.msg29539#msg88888888Quote"> from: Lovinglifestyle on July 04, 2015, 11:06:29 AM

[TravelingPennies]

I am troubled by the idea that LC overextended itself and reacted badly. How does Lending Club go from 5000+ loans two weeks ago down  to 6 or 7 hundred today? If they hit the panic button and simply pulled the loans, what happens to investors who had money committed to the pulled loans and all those individuals hoping to have their loans filled?

[edward]

I can't find the thread, but one poster contacted LC and they said they had problems with placing the loans on the "whole loan" platform, so for a few days until they got that resolved, they had to post all the notes on the "fractional" platform.

[TravelingPennies]

https://forum.lendacademy.com/index.php?topic=3293.msg29541#msg88888888Quote"> from: ibonobos on July 04, 2015, 12:09:20 PM

[TravelingPennies]

I am a newbie to this forum. That said, I have been with LC for five years and have made over twenty thousand loans from two different accounts. I pay close attention.  Something does not seem right with LC recently and I hope others will take a closer look as I have done.

[TravelingPennies]

https://forum.lendacademy.com/index.php?topic=3293.msg29547#msg88888888Quote"> from: ibonobos on July 04, 2015, 01:48:05 PM

[Peter]

https://forum.lendacademy.com/index.php?topic=3293.msg29541#msg88888888Quote"> from: ibonobos on July 04, 2015, 12:09:20 PM