# Lending Club Experiences **URL:** \ **Category:** In My Humble Opinion\ **Created:** [October 24, 2009, 7:00pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989 "2009-10-24T19:00:38Z")\ **Posts on this page:** 20\ **Page:** 39
**Author:** ![bup](https://avatars.discourse-cdn.com/v4/letter/b/6bbea6/32.png) [@bup](https://boards.straightdope.com/u/bup)\ **Post date:** [June 1, 2015, 7:11pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/762 "2015-06-01T19:11:26Z")
> [@Chessic\_Sense](#): > > I don’t manage my existing notes. Never have. It’s not time-efficient. If you can’t do it in bulk, don’t do it. I always sell my notes as soon as they issue and the system auto-invests them for me. It’s an easy way to churn $15 a month or so. > > If a note doesn’t sell in its first month, it almost always comes through. Then you can just relist it next month. I don’t think I’ve ever had to take 3 or more payments on a note before it sold. I just searched up this thread looking for advice on selling notes (I’ve been moving my money from prosper to LC slowly, and thinking about just selling off the rest). BUT THE POINT IS, I saw this post. Are you basically selling ‘new’ notes to people in states that don’t have Lending Club? Are those your buyers? Interesting strategy. ---
**Author:** ![Chessic\_Sense](https://avatars.discourse-cdn.com/v4/letter/c/7c8e57/32.png) [@Chessic\_Sense](https://boards.straightdope.com/u/Chessic_Sense)\ **Post date:** [June 9, 2015, 12:33am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/763 "2015-06-09T00:33:41Z")
> [@bup](#): > > I just searched up this thread looking for advice on selling notes (I’ve been moving my money from prosper to LC slowly, and thinking about just selling off the rest). > > BUT THE POINT IS, I saw this post. Are you basically selling ‘new’ notes to people in states that don’t have Lending Club? Are those your buyers? > > Interesting strategy. Yes, I’m selling new notes. I have no idea who is buying them; I have no way of knowing. My strategy has weakened somewhat because I’ve paid less attention to it, but it definitely makes a profit. It’s as is you’re putting money into _only_ the time period that is guaranteed to be profitable. You never take a payment, so you never have a late note. ---
**Author:** ![Mama\_Zappa](https://avatars.discourse-cdn.com/v4/letter/m/71e660/32.png) [@Mama\_Zappa](https://boards.straightdope.com/u/Mama_Zappa)\ **Post date:** [June 10, 2015, 9:25pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/764 "2015-06-10T21:25:45Z")
> [@Chessic\_Sense](#): > > Yes, I’m selling new notes. I have no idea who is buying them; I have no way of knowing. My strategy has weakened somewhat because I’ve paid less attention to it, but it definitely makes a profit. It’s as is you’re putting money into _only_ the time period that is guaranteed to be profitable. You never take a payment, so you never have a late note. I’ve had very little luck selling new notes. How are you pricing yours, and do you typically have to reprice / relist yours several times before they sell? I haven’t been paying super close attention to my account lately, so I’ve been occasionally letting money pile up a bit (100 bucks or more) from repayments, before reinvesting it. They can also take a while to close out some notes, so there’s a built-in fallow period for everything. My nominal rate of return is just over 12%, though that doesn’t account for loans I saw going south and sold at a significant discount (or even a small one). I will periodically go through and try to ID notes where the FICO has dropped significantly (20 points or more). Last I looked, the downloads didn’t include that information, just their latest FICO and whether it was a downward trend, so it’s a manual thing. I’d been sending 20 dollars a month from my checking account - I’m very small potatoes here - and just realized they stopped that - I guess LC’s transfers aren’t open’ended. I’ll have to re-initiate that. ---
**Author:** ![Onomatopoeia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/onomatopoeia/32/4145_2.png) [@Onomatopoeia](https://boards.straightdope.com/u/Onomatopoeia)\ **Post date:** [June 15, 2015, 4:54pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/765 "2015-06-15T16:54:41Z")
I am becoming increasingly annoyed by not being able to buy new notes on the LC site. Being relegated to the Folio_fn_ platform sucks. I guess I shouldn’t complain, I am making money after all. But after almost 5 years of investing, I am tired of having access to discarded loans only. Rant over. How’s everyone else doing? ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [October 16, 2015, 11:41am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/766 "2015-10-16T11:41:55Z")
Long time no news - how is everyone doing? My adjusted return has slipped a little to 8.2% However (and possibly related) I am have further problems with Automated Investing not being able to find enough notes. I relaxed my criteria a little, but this does not seem to have helped. At the end of last month I had over $1,200 uninvested out of a total of $18,000, so about 7% of my money. I have decided to remove all excess cash over $500 at the end of each month. I did that in September. My cash is again growing - over $700 now. ---
**Author:** ![wguy123](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/wguy123/32/3161_2.png) [@wguy123](https://boards.straightdope.com/u/wguy123)\ **Post date:** [October 16, 2015, 2:26pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/767 "2015-10-16T14:26:46Z")
I stopped adding money every month when I started getting quite a few notes going south (I have $4200 in for reference - about 230 notes). This started in April and continues on. I try to sell bad notes but you have to practically give them away now. My net gain (not sure of the real name but total current worth - total invested) is still pretty much the same as 6 months ago because of this. I keep thinking I’ll start investing more once all these bad notes clear up but I just keep getting them. I guess I’m at the point that having a couple hundred means you’ll always have some bad ones. However, the interest income is just barely keeping up with the losses from selling them or them getting charged off. My notes are mostly of the C grade. ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [October 16, 2015, 2:57pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/768 "2015-10-16T14:57:59Z")
As a comparison point, I have nearly 1,000 active notes and have averaged four charge offs per month this year. ---
**Author:** ![wguy123](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/wguy123/32/3161_2.png) [@wguy123](https://boards.straightdope.com/u/wguy123)\ **Post date:** [October 16, 2015, 3:33pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/769 "2015-10-16T15:33:55Z")
> [@amarone](#): > > As a comparison point, I have nearly 1,000 active notes and have averaged four charge offs per month this year. Do you actively try to do something with them or do you just leave them be? Interest income still outweighs charge offs? What grade notes do you buy? ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [October 16, 2015, 3:47pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/770 "2015-10-16T15:47:29Z")
> [@wguy123](#): > > Do you actively try to do something with them or do you just leave them be? Interest income still outweighs charge offs? What grade notes do you buy? Just leave them be. My aim is to exert as little effort as possible - hence the use of automated investing. I buy B - F notes with an allocation 25/30/25/15/5. Interest does outweigh the charge-offs. I am still netting over 8% ---
**Author:** ![wguy123](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/wguy123/32/3161_2.png) [@wguy123](https://boards.straightdope.com/u/wguy123)\ **Post date:** [October 16, 2015, 6:17pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/771 "2015-10-16T18:17:21Z")
> [@amarone](#): > > Just leave them be. My aim is to exert as little effort as possible - hence the use of automated investing. I buy B - F notes with an allocation 25/30/25/15/5. > > Interest does outweigh the charge-offs. I am still netting over 8% I think I need more of this strategy. Maybe I’ll restart my monthly additions and try to automate and then not look at it very often. 😃 ---
**Author:** ![Onomatopoeia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/onomatopoeia/32/4145_2.png) [@Onomatopoeia](https://boards.straightdope.com/u/Onomatopoeia)\ **Post date:** [January 28, 2016, 9:31pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/772 "2016-01-28T21:31:55Z")
I logged in today and lo and behold I can now invest in new loans! No more rummaging around in the dust bin of Folio_fn_! Yippeeeee!! Who here is using the automated investment feature and how do you like it? What has been your experience with it? ---
**Author:** ![Mama\_Zappa](https://avatars.discourse-cdn.com/v4/letter/m/71e660/32.png) [@Mama\_Zappa](https://boards.straightdope.com/u/Mama_Zappa)\ **Post date:** [January 29, 2016, 3:58am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/773 "2016-01-29T03:58:35Z")
> [@Onomatopoeia](#): > > I logged in today and lo and behold I can now invest in new loans! No more rummaging around in the dust bin of Folio_fn_! Yippeeeee!! > > Who here is using the automated investment feature and how do you like it? What has been your experience with it? Cool! Your location is in Japanese (or Chinese?) characters, have they extended investment to outside the US? 😉 I just logged in - I’d been falling behind on checking on it and had 300 bucks waiting to be invested. I should look into the auto-investment options as well, as I’m finally above the minimum account value to do so - currently 2700 dollars or so. ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [January 29, 2016, 4:11am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/774 "2016-01-29T04:11:23Z")
> [@Onomatopoeia](#): > > Who here is using the automated investment feature and how do you like it? What has been your experience with it? I use it and it has generally been fine. The only issue I had was when I tried to increase my allocation of F notes. Because there are so few, my uninvested cash grew and grew while automated investing waited in vain for F notes in which to invest. It would not invest the surplus in B/C/D/E because that would skew against my stated desired allocation. When I realized what was happening, I abandoned F notes and it has been fine since. ---
**Author:** ![Onomatopoeia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/onomatopoeia/32/4145_2.png) [@Onomatopoeia](https://boards.straightdope.com/u/Onomatopoeia)\ **Post date:** [January 29, 2016, 8:31pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/775 "2016-01-29T20:31:35Z")
I enabled automated investing yesterday after setting my allocations. I had $319 in cash yesterday. When I logged in today, I see $300 in Committed Cash and $19 in Available Cash. How do I check where the $300 was automatically applied if the notes are not yet issued? ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [January 29, 2016, 8:48pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/776 "2016-01-29T20:48:51Z")
> [@Onomatopoeia](#): > > I enabled automated investing yesterday after setting my allocations. I had $319 in cash yesterday. When I logged in today, I see $300 in Committed Cash and $19 in Available Cash. How do I check where the $300 was automatically applied if the notes are not yet issued? Order History. Or you can go into Notes and view those of status “Not Yet Issued”. ---
**Author:** ![Onomatopoeia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/onomatopoeia/32/4145_2.png) [@Onomatopoeia](https://boards.straightdope.com/u/Onomatopoeia)\ **Post date:** [January 29, 2016, 9:35pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/777 "2016-01-29T21:35:45Z")
> [@amarone](#): > > Order History. > > Or you can go into Notes and view those of status “Not Yet Issued”. Okay, thanks. I see the following. 4 loans with the status “Issuing” 1 loan with the status “In Review” 7 loans with the status “In Funding” I just went to Browse Notes to manually apply my $19 cash balance to a loan that is 99% funded, but received a notice that the minimum that can be applied is $25. I guess I have two options: 1. Let the cash sit until Monday when it’ll be over $25 and invest in the new loan at that time, or 2. Purchase a discarded note selling for $19 on Folio_fn_. ---
**Author:** ![Onomatopoeia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/onomatopoeia/32/4145_2.png) [@Onomatopoeia](https://boards.straightdope.com/u/Onomatopoeia)\ **Post date:** [January 29, 2016, 10:21pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/778 "2016-01-29T22:21:24Z")
> [@Mama\_Zappa](#): > > Cool! > > Your location is in Japanese (or Chinese?) characters, have they extended investment to outside the US? 😉 It’s Japanese. Go ahead and translate it for a chuckle. 🙂 > [@Mama\_Zappa](#): > > I just logged in - I’d been falling behind on checking on it and had 300 bucks waiting to be invested. I should look into the auto-investment options as well, as I’m finally above the minimum account value to do so - currently 2700 dollars or so. I typically log in every two weeks or so and invest the accumulated cash (typically between $250 and $300). Now that I can use automated investing, I will probably check in less often as there is really no longer a need to as I don’t have to manually invest anymore. Thankfully, I am now at the point where I no longer really care about the inevitable monthly charge-offs as my monthly return far exceeds any charge-off amount, so I don’t go crazy trying to sell off loans going south as I used to. ---
**Author:** ![bup](https://avatars.discourse-cdn.com/v4/letter/b/6bbea6/32.png) [@bup](https://boards.straightdope.com/u/bup)\ **Post date:** [January 29, 2016, 10:35pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/779 "2016-01-29T22:35:11Z")
> [@amarone](#): > > I use it and it has generally been fine. The only issue I had was when I tried to increase my allocation of F notes. I’m getting close to being able to use automated investing - another couple of hundred dollars. This is perhaps overly OCD of me, but I think I have noticed that notes that are ‘Approved!’ with the little green checkmark even before they’re fully funded end up being actual loans a lot more often. I don’t suppose there’s a filter in the ‘autoloan’ feature to say 'only invest in loans that are in status ‘Approved,’ is there? ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [January 29, 2016, 10:44pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/780 "2016-01-29T22:44:49Z")
> [@bup](#): > > I’m getting close to being able to use automated investing - another couple of hundred dollars. > > This is perhaps overly OCD of me, but I think I have noticed that notes that are ‘Approved!’ with the little green checkmark even before they’re fully funded end up being actual loans a lot more often. I don’t suppose there’s a filter in the ‘autoloan’ feature to say 'only invest in loans that are in status ‘Approved,’ is there? Yes there is. What you can do is have Automated Investing use a filter that you have created and saved. So create your filter to use only Approved loans (and any other filter settings you want) and AI will use it. ---
**Author:** ![Onomatopoeia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/onomatopoeia/32/4145_2.png) [@Onomatopoeia](https://boards.straightdope.com/u/Onomatopoeia)\ **Post date:** [February 3, 2016, 8:41pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/781 "2016-02-03T20:41:05Z")
> [@amarone](#): > > I use it and it has generally been fine. The only issue I had was when I tried to increase my allocation of F notes. Because there are so few, my uninvested cash grew and grew while automated investing waited in vain for F notes in which to invest. It would not invest the surplus in B/C/D/E because that would skew against my stated desired allocation. When I realized what was happening, I abandoned F notes and it has been fine since. Wait a sec… Is because automated investing has reached the allocation threshold percentages I set for all classes the reason my available cash is continuing to grow uninvested? If so then what is the advantage of automated investing if I have to wait until there is “room” in all my classes before my available cash will be invested? My cash could be sitting there for weeks. I logged in today and there is $29 in available, uninvested cash in my account. I suspect it will be between $32 and $34 tomorrow. [Previous page](https://boards.straightdope.com/t/lending-club-experiences/514989.md?page=38) [Next page](https://boards.straightdope.com/t/lending-club-experiences/514989.md?page=40)