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  #251  
Old 06-20-2011, 11:58 AM
Mama Zappa is offline
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Originally Posted by rpinrd View Post
Thanks to you both. Those answers confirm my suspicions. Next question - Why is LC taking so long to process my damn Trading Platform application?!?! I submitted it on the 16th, received a notification saying that they would take one business day to make a decision. Today is the 20th, with no word. Stupid weekend.
Dunno - but if you figure it was lateish on the 16th (Thursday), and they'd review it some time on Friday / this morning, then they have to get around to sending you notification... it's barely outside the 1 business day limit.

If you don't hear by tomorrow morning, try to contact them.
  #252  
Old 06-21-2011, 07:56 AM
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Originally Posted by rpinrd View Post
Thanks to you both. Those answers confirm my suspicions. Next question - Why is LC taking so long to process my damn Trading Platform application?!?! I submitted it on the 16th, received a notification saying that they would take one business day to make a decision. Today is the 20th, with no word. Stupid weekend.
Just give it a few more days. It took them most of a week to process mine, but they did it.
  #253  
Old 06-21-2011, 11:51 AM
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Ah thank you. That does help. I was wondering if I'd just thrown my $250 into a bottomless pit. I did send a WTF? email (nicely worded, of course) to LC today though.
  #254  
Old 06-22-2011, 08:54 AM
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Originally Posted by Mama Zappa View Post
...my yield is, as noted, 8.31%...
Ooooh ooooooh - 2+ weeks later and it's rocketed to **8.37** percent!! LOL!!

I guess getting further and further away from that default, with no further losses, is gradually diluting its effect. As I'm concentrating on B/C class loans, hopefully it'll get closer to 10ish percent.
  #255  
Old 06-22-2011, 01:18 PM
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After 2 months the account summary shows me as making 11%, BUT I have two loans (out of 41) that are 16 - 30 days late on their first payment. One was A5, the other C3. Their credit scores have fallen 5 and 4 ranges respectively.

Both were for weddings, so I'm hoping they just went on honeymoon and forgot to set up the loan payments.
  #256  
Old 06-22-2011, 01:33 PM
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When I first started, Mama, I didn't diversify enough and put $100-$200 toward each loan. So I'm making more than $10 in interest each year from those loans. That's probably why they're reporting to the IRS. And yes, I did get a 1099 in the mail.
  #257  
Old 06-22-2011, 02:07 PM
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Originally Posted by Chessic Sense View Post
When I first started, Mama, I didn't diversify enough and put $100-$200 toward each loan. So I'm making more than $10 in interest each year from those loans. That's probably why they're reporting to the IRS. And yes, I did get a 1099 in the mail.
Ah - that makes sense.

Does your 1099 include anything but those larger loans? (can you even tell?).
  #258  
Old 06-22-2011, 02:33 PM
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My stats:

Initial $250 investment in 10 loans in Oct 2010. Since then, I've taken the proceeds and purchased two new loans.
6 A
5 B
1 C

11 are current with no late payments or defaults. One is issued and pending. 9.20% annual ROI.
  #259  
Old 06-22-2011, 03:27 PM
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I have another one that's misbehaving. I just pulled up my earliest half dozen loans, and all are paying except for a C2 from December '09. One of the early payments on that loan was a day or so late "completed in grace period" (due 6/28/2010, completed 7/4/2010). I assumed that was a timing issue - for example the 5/28/10 payment wasn't completed until 6/4 and that was "on time".

This month, however, the loan now reads "on payment plan" and the next scheduled payment for 6/28 is 36 cents vs 84. The next few are like that, then there's one for 1.07 (which won't catch them up entirely). This all happened in the last couple of days.

This loan had been relatively steady, credit score-wise, until about 4 months ago. Then it dropped one notch, and a couple months later dropped 3 notches in a single month. It's actually rebounded a notch in the past 2 months, but clearly they've had something going on in their lives.
  #260  
Old 06-23-2011, 12:33 PM
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So I was finally approved by the Grand High Council of FOLIOfn and I have now purchased 10 slightly pre-enjoyed notes on the trading platform for the princely sum of $244.56. Why is it taking so long to for my order status to go from "Pending" to whatever is after that? I'm sure that this delay is the only thing holding me back from a life of leisure and fabulous riches!!!

And to all those who said that the search feature on the trading platform sucked - wow you weren't kidding!
  #261  
Old 06-23-2011, 01:02 PM
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Originally Posted by rpinrd View Post
So I was finally approved by the Grand High Council of FOLIOfn and I have now purchased 10 slightly pre-enjoyed notes on the trading platform for the princely sum of $244.56. Why is it taking so long to for my order status to go from "Pending" to whatever is after that? I'm sure that this delay is the only thing holding me back from a life of leisure and fabulous riches!!!

And to all those who said that the search feature on the trading platform sucked - wow you weren't kidding!
Welcome to the dark side

One *good* thing about the trading platform: sometimes you'll get a payment within a few days of purchasing a note, depending on how the timing works out. I think Onomatopoeia had that happen. As opposed to us originating lenders who have to wait over a month from the time we commit our money, to the loan actually funding and reaching its first payment date. That can be a month and a half (if we fund early in the 12 day funding period, then the loan is issued at the end of that, then 4 business days to get credited).

Oh yeah: popping back to something Onomatopoeia mentioned about not being able to ask questions: I wish there was a way to ask the borrowers to comment on a sudden drastic change in their credit score!! Or that LC would post commentary regarding a request for a payment plan.

Last edited by Mama Zappa; 06-23-2011 at 01:03 PM.
  #262  
Old 06-23-2011, 01:17 PM
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Yeah, I remember that comment and am looking forward to my immediate bounty. At the rate with which these transactions are being processed (glacial), I'm afraid that I'm going to miss receiving a payment though.
  #263  
Old 06-23-2011, 01:46 PM
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Originally Posted by Mama Zappa View Post
One *good* thing about the trading platform: sometimes you'll get a payment within a few days of purchasing a note, depending on how the timing works out. I think Onomatopoeia had that happen. As opposed to us originating lenders who have to wait over a month from the time we commit our money, to the loan actually funding and reaching its first payment date. That can be a month and a half (if we fund early in the 12 day funding period, then the loan is issued at the end of that, then 4 business days to get credited).
Yep, this is one of the really good things about the trading platform. I typically receive a payment, on average, within two weeks of purchasing a note. I received a payment on one note just 2 days after purchase, including all the interest that had accrued from the prior month when it was owned by someone else.
Quote:
Originally Posted by rpinrd
And to all those who said that the search feature on the trading platform sucked - wow you weren't kidding!
Yes, yes it does.
  #264  
Old 06-24-2011, 09:59 AM
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Just had another loan pay off early - it issued 4 months ago, so I got 3 regular payments and one payoff. Rereading the original description, it's not a surprise; they were scrounging money to pay the last of the "make it habitable" expenses with a fixer-upper, and were planning on refinancing once the bank was willing to write a regular loan.

I'm just glad they didn't pay it a month or two earlier - total interest paid something like 84 cents, fees something like 28 cents, If they'd paid it off after a month, I'd have lost money like Onomatopoeia did on one loan.
  #265  
Old 06-26-2011, 07:01 AM
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Is all of this really worth your time? I'm seeing where people made 30 bucks in a year and less than a dollar on a loan. It seems like someone is getting rich off of the work you knuckleheads are doing and it's definitely not you guys.
  #266  
Old 06-26-2011, 07:11 AM
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Knuckleheads huh? They will be tomorrows millionaires.
  #267  
Old 06-26-2011, 12:00 PM
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As someone who has just started, yes, there is quite a bit of upfront work, but don't discount the entertainment value. It's interesting to wait for the payments to come in, and I do laugh at myself for getting excited over an 18 cent interest payment.
Even if this is more "work," it is infinitely more fun than dropping $10,000 into a mutual fund. I do realize that I am agonizing WAY too much over a $25 dollar investment, but even now I can tell that that level of involvement is going to decrease. With the next round, I expect to spend WAY less time picking notes, and will be looking to spend around $50/note rather that the $25/note I'm spending now.
Finally, while it is more "work," the rate of return is pretty nice compared to a savings account. I still can't say if the work/rate of return/risk balance works out to something I'm happy with, but there are several people who have been contributing to this thread for quite a while who seem happy. I hope to join them.
  #268  
Old 06-26-2011, 05:32 PM
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Second on the entertainment value.

I will say this much: a single 25 dollar note brings in more in interest in a month than several THOUSAND dollars in my brokerage cash sweep account.

I'm quite sure that if I were to plunk in a larger amount of cash, I'd do something like selecting a bunch of notes that meet x criteria (e.g. all B class loans with zero delinquencies will get 25-50 dollars).

At this point, however, I'm very small potatoes and can spend a few minutes deciding on each of my 25-50 dollar investments.

Larger investors, I suspect, spend even less time per-note - AND also I suspect they put more than 25 bucks per note.

Does the Lending Club itself make money? I['m sure they make a decent amount. They're pretty much guaranteed money from any loan they manage - between the origination fee (paid by the borrower), and the 1% fee they deduct from anything we investors receive, they have nothing to lose and a lot to gain (not to mention the "float" they have on everything). So what? It's really a win-win scenario.
  #269  
Old 06-26-2011, 07:55 PM
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Is all of this really worth your time? I'm seeing where people made 30 bucks in a year and less than a dollar on a loan. It seems like someone is getting rich off of the work you knuckleheads are doing and it's definitely not you guys.
I have a higher rate of return on my LC account than any other investment I have, significantly higher. So yes, it's worth my time.
  #270  
Old 06-26-2011, 10:29 PM
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A few recent news articles

WSJ on peer-to-peer for business loans

Lending Cub almost at breakeven point
  #271  
Old 06-26-2011, 11:01 PM
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Originally Posted by Jagwasher View Post
Is all of this really worth your time? I'm seeing where people made 30 bucks in a year and less than a dollar on a loan. It seems like someone is getting rich off of the work you knuckleheads are doing and it's definitely not you guys.
Most people here are making extremely small investments. Forget the figures, look at the percentages. My LC account has yielded an 11.38% net annualized return (that's including 1 note that defaulted). I have other investments that outperformed it last year only because of the stock market bounce-back (although now it is stagnant again), but that's still pretty damn good.
  #272  
Old 06-27-2011, 06:08 PM
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(not to mention the "float" they have on everything).
Uggh. Don't get me started on the "float." It takes you (LC) multiple DAYS to process a payment? Really?
  #273  
Old 07-08-2011, 04:07 PM
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Just a quick question for the experienced LC'ers. I see that a payment cleared on on one of my notes today (the new due date is now 8/3), but the payment is not showing up in my Payments Received column. Is this just a timing thing? I've had this note for close to a month, so the payment is definitely mine. I'm just not sure if I should be getting concerned yet, or if I should just give it a day to sort out.
  #274  
Old 07-08-2011, 04:27 PM
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Originally Posted by rpinrd View Post
Just a quick question for the experienced LC'ers. I see that a payment cleared on on one of my notes today (the new due date is now 8/3), but the payment is not showing up in my Payments Received column. Is this just a timing thing? I've had this note for close to a month, so the payment is definitely mine. I'm just not sure if I should be getting concerned yet, or if I should just give it a day to sort out.
I find it typically takes 4 business days after the due date, to when it's credited to your account. As in if it's due on a Tuesday, it'll hit your account by the following Monday: Tuesday->Wednesday (1), W-TH (2), TH-F (3), F-M (4).

Sometimes on a weekend day, it'll only take 3 (e.g. due on Sunday but that's really Monday because that's the next business day), then credited by Thursday (where Monday to Thursday is a 3 business day gap). Not always though.

Also, in the afternoon of the day the payment should be credited to me, there's sometimes a very brief time between when it shows as paid in one place, and when it shows up as having been added to your account.

So: 3rd (which is Sunday), Monday was a holiday, so Tuesday was the first real businesss day. Then 4 days after that is W -> TH -> F -> M.

It sounds like you got lucky that it's coming today vs Monday.

Anyway - don't worry that it isn't in both places yet; check tonight or tomorrow and everything should be in balance.
  #275  
Old 07-08-2011, 05:42 PM
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Also, in the afternoon of the day the payment should be credited to me, there's sometimes a very brief time between when it shows as paid in one place, and when it shows up as having been added to your account. . .Anyway - don't worry that it isn't in both places yet; check tonight or tomorrow and everything should be in balance.
That was it. My $0.82 is now properly credited. Whew! The kids can eat tonight.
  #276  
Old 07-09-2011, 08:59 PM
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I have to ask, how dumb do the borrowers think we are?? And/or, how dumb are they????

Witness this loan.

They want 35,000 for 5 years, at a rate of about 20%.

They want to pay off two existing loans - a line of credit for 24,000 and another credit card for 8,800. OK, that matches up with the principal amount especially once the original fee is deducted.

Only... the minimum payments of those two loans add up to about 650 dollars. The payment on the loan is 879.00. An increase of 200ish dollars. OK, maybe that's worth it for a lower rate / faster payoff.

Only - the rates on the loans they're paying off are less than 11%.

So - higher rate, higher payment - WHY would they want to take out the described loan??? Can anyone explain this to me??

And no, I'm NOT investing in that one, LOL. I do have a small handful of D-class loans (3, I think) but those came closer to passing the smell-o-vision test.
  #277  
Old 07-22-2011, 08:50 AM
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Just checked on that crazy loan - and it got 90% funded then issued, so I guess *some* people thought it was a good idea!! Someone must have tossed a chunk of cash at it - about 32,000 funded, 350 people - so that's an average of about 100 per investor. I don't think most people would have tossed that much at it.

For me: things are chugging along. I've now got 51 current loans, plus one default, one "late 16-30", one in funding, and 5 paid off.

The late loan has a payment plan in place, they're paying about half the normal payment for the next 6 months then start making catch-up payments. As such, I think it's a *bit* misleading to list it as late - maybe they need a separate status to cover such.

I have one loan that has a payment processing right now, that might go bad - it's an A5, but the borrower's credit score plummeted 4 notches a couple months ago. Nothing I can do now (except I suppose try to sell it but I think I'll hang on a bit longer).

My very earliest outstanding loan, for adoption, has shown a significant drop as well but it rebounded one notch a couple months ago. That one is exactly halfway paid off, after 20 payments. A couple of others are nearing the halfway point.

Still concentrating on B and C class loans. I have a solid set of A-class, but the rates are so low that most of my new loans are B and C. I have a grand total of two D-class loans, one brand-new (due in early August) and one older that's toddling along just fine with no credit score change. I wonder if I could sell that one for a markup?...

And my current annualized return is a whopping 8.42%. Guess I'll get to retire after all .
  #278  
Old 07-22-2011, 09:27 AM
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Of my original 40, two did not make a single payment and are now in collections (they were A5 and C3). One paid off the loan (for a wedding) after just one payment. This was a $16,000 loan over 60 months. Maybe the wedding fell though.
  #279  
Old 08-07-2011, 01:58 PM
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Looks like one of my loans has gone bad. Wedding expenses. Figures.

The good thing is it is only a $25 loan. Below is the chronology of LC's collection attempts.

Defaultalypse Now Rule #1: Never fund a wedding. Never fund a wedding. NEVER fund a wedding!

Collection Log

7/25/11 (Monday) Collections Agency attempted to contact borrower
7/21/11 (Thursday) Collections Agency sent email to borrower
7/21/11 (Thursday) Collections Agency attempted to contact borrower (no voicemail)
7/21/11 (Thursday) Collections Agency attempted to contact borrower
7/14/11 (Thursday) Engaged external collections agency
6/22/11 (Wednesday) Attempted to contact borrower (left voicemail)
6/22/11 (Wednesday) Sent email to borrower
6/20/11 (Monday) Attempted to contact borrower (left voicemail)
6/20/11 (Monday) Notified borrower of failed payment (e-mail)
6/14/11 (Tuesday) Sent email to borrower
6/9/11 (Thursday) PAYMENT Failed
6/9/11 (Thursday) Attempted to contact borrower (left voicemail)
6/9/11 (Thursday) Notified borrower of failed payment (e-mail)
6/6/11 (Monday) Attempted to collect payment
5/31/11 (Tuesday) PAYMENT Failed
5/31/11 (Tuesday) Notified borrower of failed payment (e-mail)
5/31/11 (Tuesday) Attempted to contact borrower (left voicemail)
  #280  
Old 08-07-2011, 02:57 PM
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Teh two loans I referred to earlier that have not made a single payment were both for weddings. Looks like one person has skipped town (this person was rated A5 and only borrowed $2,000):

7/27/11 (Wednesday) Borrower not located (skip trace)
7/27/11 (Wednesday) Mail service returned pre-collect letter
7/22/11 (Friday) Collections Agency attempted to contact borrower
7/22/11 (Friday) Collections Agency sent email to borrower
7/22/11 (Friday) Collections Agency attempted to contact borrower (no voicemail)
7/14/11 (Thursday) Engaged external collections agency

And the other (C3, $10,000):

7/22/11 (Friday) Drafting lawsuit
7/22/11 (Friday) Collections Agency successfully contacted borrower
7/12/11 (Tuesday) Collections Agency successfully contacted borrower
7/11/11 (Monday) Drafting lawsuit
7/7/11 (Thursday) Drafting lawsuit
7/5/11 (Tuesday) Collections Agency successfully contacted borrower
6/30/11 (Thursday) Engaged external collections agency
  #281  
Old 08-08-2011, 11:38 AM
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Ouch!! Supposedly weddings are among the safer purposes, in general... but obviously anything can default .

I think I've only got 1 or maybe 2 wedding loans, doing OK so far.

I just had a B4 consolidation loan plummet 4 notches (its 4th payment is processing right now). Should be interesting. I have an A4 that had gone up a notch from its start, then plunged 4 notches, then another notch after a couple months... sigh. Some 3-notch dips on a couple other A-class loans. I guess they all have farther to fall.

I have another loan that's on a payment plan; it's paying me 36 cents vs 84 cents. So far the discounted payments have been made on time. It lists as "late" which I think is not accurate, they should have a separate status for such loans. That's one of my earliest loans still extant.

I have at least one other note that's plummeted but is, so far, keeping up payment-wise.

A couple of others that are just old enough to either have paid off half the principal, or are within 1 payment of doing so (that is, without any prepayments). I had substantial prepayments on a couple last month, which almost-but-not-quite paid them off. I may lose money because of the fee when they pay off this month.

Last edited by Mama Zappa; 08-08-2011 at 11:40 AM.
  #282  
Old 08-14-2011, 07:26 AM
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And a third loan goes late, after only 2 payments. Also for a wedding, the borrower was B5 but their credit score has fallen 7 brackets. And their phone number is no longer in service.

Maybe I should invest in something less risky, like Greek credit default swap futures.
  #283  
Old 08-14-2011, 04:48 PM
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And a third loan goes late, after only 2 payments. Also for a wedding, the borrower was B5 but their credit score has fallen 7 brackets. And their phone number is no longer in service.

Maybe I should invest in something less risky, like Greek credit default swap futures.
The collection agency has issued something called a 'skip trace' on my guy's wedding loan. I wonder what that is.

LC has been after my guy since May. It seems to me that they, or the collection agency, should contact his employer. Maybe he lost his job or something. I'd hate to lose my investment, but I'd be okay with it if the guy suddenly found himself unemployed.

All my other loans are doing well and paying like clockwork. At this point, on average, I receive a payment on 4 of every 5 business days.
  #284  
Old 08-14-2011, 06:07 PM
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The collection agency has issued something called a 'skip trace' on my guy's wedding loan. I wonder what that is.
I've got one of those - on loan 734341. A skip trace is an attempt to locate a person.
  #285  
Old 08-14-2011, 10:17 PM
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I'm at a Net Annualized Return of -23.20%

I had one loan that was a Consolidation Request (Loan id: 486250) where I put in $25.00 and they defaulted.
  #286  
Old 08-14-2011, 10:23 PM
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I'm at a Net Annualized Return of -23.20%

I had one loan that was a Consolidation Request (Loan id: 486250) where I put in $25.00 and they defaulted.
How do you have only one loan? I thought the minimum deposit to open an account was $250.
  #287  
Old 08-15-2011, 06:27 PM
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How do you have only one loan? I thought the minimum deposit to open an account was $250.
Not unless they've changed things up quite a bit - I started out with 25 bucks.
  #288  
Old 08-15-2011, 06:33 PM
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Oh - and I see that MannyL was posting in this thread a year or so ago so clearly he (she?) has invested more than 25 dollars. Lots of bad loans though, ouch!!!
  #289  
Old 08-16-2011, 10:17 AM
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No one bad loan and three that are paying but the bad loan killed me.
  #290  
Old 09-02-2011, 10:26 PM
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Well, the latest "payment plan" loan is probably going even further south. The latest payment was scheduled for 8/28 and should have completed by now. I looked at the history and in the collection log, there was a lot of back-and-forth last week, and the latest note was "Borrower provided Bankruptcy counsel information".

So depending on the type of bankruptcy and indebtedness, I suspect I'll lose some or all of the remaining 14 bucks. Oh well. Score is in the 600-619 range right now, it was originally 679-713 but plummeted a couple months before the payment plan went into effect.

On an unrelated note: I noticed recently that if you do the download-all to download all loans, there are separate figures for investor-funded vs. total loan amount. If my Excel skillz are correct, a smaller percentage than I had thought, have lending club's money committed.
  #291  
Old 09-05-2011, 08:40 PM
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Also just noticed another loan that's probably going into the crapper. It's a 4ish month old B4, 3 payments completed on time, but last month the credit rating plummeted 4 notches and this month one more, to the 550-599 range.

This month's payment is processing right now, should be interesting to see what it does.
  #292  
Old 09-06-2011, 11:19 AM
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Originally Posted by Mama Zappa View Post
Also just noticed another loan that's probably going into the crapper. It's a 4ish month old B4, 3 payments completed on time, but last month the credit rating plummeted 4 notches and this month one more, to the 550-599 range.

This month's payment is processing right now, should be interesting to see what it does.
LC is still searching for my wedding guy. I vacillate between being either impressed that they haven't given up and discouraged that they haven't found him yet.

I had another loan pay off early last week. I hate those.

All my other loans are paying like clockwork, and I'm raking in huge fractions of cents as I type this.

Last edited by Onomatopoeia; 09-06-2011 at 11:20 AM.
  #293  
Old 09-06-2011, 11:41 AM
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It's funny, but I don't mind the early payoffs - that is, as long as they've accrued enough interest to cover the LC fee! I seem to recall you had one where you lost money because of that.

I look it as: yeah, I've lost the interest on that loan, but at least it hasn't defaulted. And chances are the fees will therefore take less of a bite (imagine 24 months of 1-cent fees, vs. say 20 cents for the immediate payback). And of course the cash can be re-invested in another loan - but there will be a couple of weeks where it's not earning anything. I think it doesn't make a huge difference, all in all.

I have one loan that made 2 big prepayments in the last couple of months. It had a principal balance of just over a dollar before last month's payment of 83 cents. I assumed they'd pay it off at that point. But nope - they paid the 83 cents.... leaving a balance of 23 cents for this month. I'll probably lose money on that payment .
  #294  
Old 10-02-2011, 11:33 AM
Onomatopoeia is offline
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Join Date: Jul 2005
Location: 小浜国
Posts: 6,550
Well, LC ultimately gave up on my wedding guy.

My net annualized return rate has dropped 3 percentage points. T_T
  #295  
Old 10-02-2011, 11:45 AM
amarone is offline
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Join Date: Mar 2001
Location: Savannah, GA
Posts: 5,025
Quote:
Originally Posted by Onomatopoeia View Post
Well, LC ultimately gave up on my wedding guy.

My net annualized return rate has dropped 3 percentage points. T_T
I wonder if we had the same loan. My two wedding loans that did not make a single payment have just gone into default. My net annualized return is now negative.
  #296  
Old 10-02-2011, 07:34 PM
Mama Zappa is offline
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Join Date: Feb 2003
Posts: 12,349
Quote:
Originally Posted by Onomatopoeia View Post
Well, LC ultimately gave up on my wedding guy.

My net annualized return rate has dropped 3 percentage points. T_T
Ouch.

My net return is currently at 8.66% but I've got one loan, owing 14+ dollars, which has gone into bankruptcy (as of 8/24, it said "Borrower provided Bankruptcy counsel information"). A day or two ago it posted a status saying "Contacted a 3rd party or borrowers acquaintance".

I'm assuming most or all of the 14 dollars is gone at this point. The last full payment was in late May, they made partial payments in July and August, then the bankruptcy thing. That'll wipe about 1/4 of my income for the year.

I have another one that's likely to go south - a B4 that's been in place for about 5 months. The credit score plummet 4 slots 2 months ago and another slot last month. Their next payment comes up in a couple days. I guess I won't be too surprised if it doesn't make it.
  #297  
Old 10-03-2011, 11:54 AM
drachillix is offline
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Join Date: Jun 2000
Location: 192.168.0.1
Posts: 9,988
Just checking in:

Net Annualized Return 5.77%
Interest Received $157.10
Total Payments (Principal & Interest) $758.97
Account Total $1,209.77
Available Cash $24.44

Available Cash
$24.44
In Funding Notes
$0.00
Outstanding Principal
$1,178.65
Accrued Interest
$6.68
Account Total
$1,209.77

My Notes at-a-Glance (61)
In Funding (0) $0
Issued & Current (53) $1,166
Fully Paid (5) $124
Late 16 - 30 Days (0) $0
Late 31 - 120 Days (1) $12
Default (0) $0
Charged Off (2) $69

Not too shabby for not so long ago being -2.75% in the hole.
My one late is behind but is apparently in compliance with a payment plan and has obviously been paying extra every month.

I had an interesting chat with a customer of mine who is both a large investor as well as a retired used car dealership owner. Based on our discussion he said he was going to sign up and take a look stating my account, even with the couple defaults was outperforming many of his current investments. As someone who used to make much of his money on car loans he loved the idea.
  #298  
Old 10-03-2011, 12:54 PM
Mama Zappa is offline
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Join Date: Feb 2003
Posts: 12,349
drachillix, I have to laugh at how similar our portfolios are!
I have 56 current loans, 7 fully paid, one charged off, another very late (the one that was on a payment plan and is in bankruptcy right now). My return is 8.something right now but will drop once they charge off some / all of the bankruptcy loan, and the one that I'm expecting to go south based on the credit score plummeting.

At this point I'm not putting a lot of new money in - when I've had a small windfall I'll put in a hundred or two but aside from that, it's all reinvestment plus 20 bucks I throw in once a month. I'm about at the 3 loans per month stage between repayments and the 20 dollars.
  #299  
Old 10-22-2011, 11:14 PM
drachillix is offline
Guest
 
Join Date: Jun 2000
Location: 192.168.0.1
Posts: 9,988
Net Annualized Return:
5.93%
Interest Received:
$163.40
Total Payments
$817.31
Account Total
$1,264.87
Available Cash
$7.10
In Funding Notes
$75.00
Outstanding Principal
$1,176.61
Accrued Interest
$6.17
Account Total
$1,264.87

In Funding (3) $75
Issued & Current (54) $1,165
Fully Paid (6) $149
Late 16 - 30 Days (0) $0
Late 31 - 120 Days (1) $11
Default (0) $0
Charged Off (2) $69

Just the few payments coming in shifted me up .2%
  #300  
Old 10-28-2011, 06:55 PM
Mama Zappa is offline
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Join Date: Feb 2003
Posts: 12,349
The loan that had gone into a payment plan hasn't paid anything since July 28. As of August there was mention of bankruptcy proceedings, and this week they noted it was going Chapter 7. I assume this means us lenders will get pennies on the dollar if that. No surprise.

That'll take 14+ dollars with it, or a total of 35ish dollars lost, out of 132.81 interest earned to date. So the two loans wiped out about 1/4 of my profits.

Right now I'm showing an 8.77% overall return, not sure when that bad loan will affect that.

I've got 58 issued / current loans (most $25 investment, 36 month, but a handful of $50 investment and a handful of 60 month) , total value of the account is just over 1200 dollars.

A: 32%
B:44%
C: 21%
D: 3%

I've been adding 20 a month in cash, that plus repayments has been letting me invest in 2 to 3 loans per month. A couple more months and it should be a solid 3 loans per month with that plan.

I haven't had any prepayments in a while, I had a bunch of them a few months ago however.

Both the D-class loans are keeping current. One is only 3 months old and is a 60-month loan, should be interesting to see how that's going. The other is 18 months old.

It looks like the 20th payment, no matter the rate, is where the principal is about halfway paid off. 8 of my loans have gotten to the principal halfway mark.
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