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Author Topic: I havent seen any "new" 13 day loans in weeks

T
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I havent seen any "new" 13 day loans in weeks
OP: September 26, 2015, 11:00:00 PM
I've been a lender since May 2013, have made several thousand loans, have about $125K invested.    But now it seems to be changing.   My filters are coming up with very few loans and the loans that suddenly show up are already 8,9,10 day loans.   Also, the D, E, F, G loans my filters used to regularly show have practically disappeared.   It seems as if all new loans I am seeing have already been picked over by some other lending group.   Are the small retail lenders being hung out to dry?  Any ideas? 
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I havent seen any "new" 13 day loans in weeks
#1: September 26, 2015, 11:00:00 PM
Flow of new loans is always small at the end of the quarter.  Right now is the end of the quarter.
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T
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I havent seen any "new" 13 day loans in weeks
#2: September 26, 2015, 11:00:00 PM
I hope you are right.    This is my 10th "end of quarter" with Lending Club and never has it been so meager.  Not even close, never a complete lack of 13 day loans like this.

  I was one of the Prosper "1.0" investors nearly 10 years ago and survived that carnage.    Bummer that I am starting to get a bad feeling about Lending Club.  I will continue to reinvest principal but am now drawing off interest (minus charge offs) and have stopped injecting new capital.   
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r
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I havent seen any "new" 13 day loans in weeks
#3: September 27, 2015, 11:00:00 PM
There have been periods past where LC had literally 0 loans available.  It just happens every quarter
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b
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I havent seen any "new" 13 day loans in weeks
#4: September 28, 2015, 11:00:00 PM
No, when I use a filter and new loans show up that weren't there an hour ago but they've only got 7 or 8 days left, clearly someone is getting to the inventory first, and in a major way.

I'm also sensing some bad juju.
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s
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I havent seen any "new" 13 day loans in weeks
#6: September 28, 2015, 11:00:00 PM
I think they must have a bug in their software. 
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I havent seen any "new" 13 day loans in weeks
#8: September 28, 2015, 11:00:00 PM
Code: [Select]
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g
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I havent seen any "new" 13 day loans in weeks
#9: September 29, 2015, 11:00:00 PM
They clearly manipulate the loan volume in relation to quarter end. Last quarter there were thousands of loans (last week of june), this time they are holding them back, playing games with their quarterly numbers. I would expect the volume to pick up dramatically the first few days of October if that is the case.
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F
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I havent seen any "new" 13 day loans in weeks
#11: September 30, 2015, 11:00:00 PM
Not sure how you guys are investing in LC, but I still got some investment hits on every feeding time in the last 3 days of Q3/2015.
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T
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I havent seen any "new" 13 day loans in weeks
#12: September 30, 2015, 11:00:00 PM
I haven't changed my filters in about 18 months.    Now I am getting about 2-3 loans, in the past it was always 10-20.    6 day loans are suddenly showing up.    Where were they?

I am becoming more convinced that LC likes to manipulate things.   For instance my charge offs.   I never have had charge offs in consecutive weeks (I keep careful spreadsheet data on all my loans).    If I get charge offs in a given week there have never been charge offs the next week, LC always waits at least an additional week.    Also, I no longer have confidence in the number of days for 31-120 and 121+ default categories of "late".    It seems LC does what they want pretty much.

The max days listed for a loan have dropped from 13 to 11?   did not know that.

I will wait and see what happens in the next month or so.   One thing for sure, I am not about to loosen up my filters in order to find more loans.   If I cant find enough to reinvest principal and payoffs with my existing filters then I will start to draw down my accounts rather than compromise or let dead money sit there.     I was never very happy about the dead money time as it was and now it is worse.   
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T
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I havent seen any "new" 13 day loans in weeks
#13: September 30, 2015, 11:00:00 PM
Looking at the CSV file downloaded from "Browser Loans" web page, it seems that LC is delaying the list_d by 7 days on purpose. But the total days from accept_d to exp_d are still 14 days. Hope they are using the first 7 days to do more and better underwriting job.

(Download All from Browser Loans:)
accept_d                     exp_d                   list_d            credit_pull_d
9/22/2015 11:40   10/6/2015 11:42   9/29/2015 18:00   9/22/2015 11:40
9/22/2015 12:55   10/6/2015 13:07   9/30/2015 14:00   9/22/2015 12:55
9/23/2015 14:33   10/7/2015 14:37   10/1/2015 6:00   9/16/2015 15:31
...

Update: I saw [Time Left] increased to 10 days now on Browse Loans page. So, my past guess is most likely wrong. All the changes are still because LC postponed the listing of accept loan applications when near quarter-end. Also, the # of loans passed my filters resumed normally in this afternoon. Great!
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r
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I havent seen any "new" 13 day loans in weeks
#14: September 30, 2015, 11:00:00 PM
I'm only seeing 17 loans available tonight.  I've only been with lending club since March, but this is the lowest number of available loans that I have seen.
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