# 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:** 40
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [February 3, 2016, 8:55pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/782 "2016-02-03T20:55:37Z")
> [@Onomatopoeia](#): > > 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. To give an example: if I set an allocation of 20% each of grades B to F, and my current allocation is 20%, 20%, 20%, 20%, 10% and 10% uninvested cash, then it will only invest in grade F notes to try get that up to my desired 20% It will not use the spare cash to buy more B - E notes as that would put their allocation above the target 20% There are so few F notes that it would take a long time for it to get that to 20%, and hence cash will pile up. Actually, as your cash grows because of receiving payments, the 20/20/20/20 in B - E will fall slightly, then at some point automated investing will buy B - E loans to get back to 20% ---
**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:** [February 4, 2016, 1:55am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/783 "2016-02-04T01:55:59Z")
It’s tax time and I don’t want to manually enter all my entries from the 1099’s. According to this page, LC works with Turbotax: [https://www.partner.turbotax.com/top\_partner\_list.html](https://www.partner.turbotax.com/top_partner_list.html) However, when I get to that section, LC is not listed as a partner that I can import from. And, I cannot find a way to import from a CSV which LC kindly provides. Has anyone found a way to do this with TurboTax? TaxAct makes it a breeze to import from a CSV. Yes, I’m comparing the two as a check. And I’m going with TaxAct if they agree since it is so much cheaper. ---
**Author:** ![Ruken](https://avatars.discourse-cdn.com/v4/letter/r/f475e1/32.png) [@Ruken](https://boards.straightdope.com/u/Ruken)\ **Post date:** [February 4, 2016, 4:26am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/784 "2016-02-04T04:26:20Z")
Are the taxes on these generally a pain because it’s a separate 1099 for each one? ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [February 4, 2016, 12:21pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/785 "2016-02-04T12:21:23Z")
There is a single 1099-OID that covers all interest, and a single 1099-B for all the charged off loans. I have not started this year’s taxes, but I am pretty sure that they downloaded automatically into TurboTax last year. ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [February 4, 2016, 1:20pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/786 "2016-02-04T13:20:52Z")
Thought I’d give it a try - I cannot download the 1099s into TurboTax either. The 1099-OID is trivial as it’s just a single number. My 1099-B has about 70 line items on it, though. However, the TurboTax support site says that download support will be available by [mid-February](https://ttlc.intuit.com/questions/2975922-lending-club-listed-as-turbotax-import-partner). That works for me - I will not have all my other 1099s and K-1 until at least then anyway. ---
**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:** [February 4, 2016, 3:02pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/787 "2016-02-04T15:02:46Z")
> [@amarone](#): > > Thought I’d give it a try - I cannot download the 1099s into TurboTax either. The 1099-OID is trivial as it’s just a single number. My 1099-B has about 70 line items on it, though. > > However, the TurboTax support site says that download support will be available by [mid-February](https://ttlc.intuit.com/questions/2975922-lending-club-listed-as-turbotax-import-partner). That works for me - I will not have all my other 1099s and K-1 until at least then anyway. Thanks for finding that. Yeah, the OID is cake. It’s the gazillion entries on the two 1099-B’s (LC and Folio) that I do not want to hand enter. I’ll cool my jets for a couple weeks I guess. Seems like this is such a simple thing: Just allow CSV uploads. Then anyone can do it from any source. There have been CSV import tools for a couple decades now… ---
**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 4, 2016, 6:13pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/788 "2016-02-04T18:13:37Z")
> [@amarone](#): > > Thought I’d give it a try - I cannot download the 1099s into TurboTax either. The 1099-OID is trivial as it’s just a single number. My 1099-B has about 70 line items on it, though. > > However, the TurboTax support site says that download support will be available by [mid-February](https://ttlc.intuit.com/questions/2975922-lending-club-listed-as-turbotax-import-partner). That works for me - I will not have all my other 1099s and K-1 until at least then anyway. Yuck. The dreaded K1. I should have mine mid-February as well. My company made a profit last year so I am not looking forward to seeing the hit I am going to take. ☹ ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [February 4, 2016, 7:09pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/789 "2016-02-04T19:09:23Z")
> [@Onomatopoeia](#): > > Yuck. The dreaded K1. I should have mine mid-February as well. My company made a profit last year so I am not looking forward to seeing the hit I am going to take. ☹ We have had one every year for the last 5 or 6. Each year it tells us of our theoretical profits, of which we have not seen a red cent, and then we pay actual taxes on 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 4, 2016, 9:26pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/790 "2016-02-04T21:26:02Z")
> [@amarone](#): > > We have had one every year for the last 5 or 6. Each year it tells us of our theoretical profits, of which we have not seen a red cent, and then we pay actual taxes on it. Man, you are singin’ my tune. ---
**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:** [February 5, 2016, 3:16am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/791 "2016-02-05T03:16:58Z")
> [@wguy123](#): > > Thanks for finding that. Yeah, the OID is cake. It’s the gazillion entries on the two 1099-B’s (LC and Folio) that I do not want to hand enter. > > I’ll cool my jets for a couple weeks I guess. Seems like this is such a simple thing: Just allow CSV uploads. Then anyone can do it from any source. There have been CSV import tools for a couple decades now… I’m a bit surprised that there’s no way, in TurboTax, to put transactions in with a range of dates. Yes, you’d still have to break them out for long/short purposes - which I think the LC tax document has already - but being able to enter “purchase between April 1 2012 and October 31 2014, and sold between November 1 2014 and December 31 2014” seems eminently reasonable. I actually wound up spending quite a bit of time massaging the figures to get them to import into TurboTax - imported into a spreadsheet, I think I had some formulas that helped me generate the txf file. It’s hard as hell to find out how to do that - there is no good documentation online. I finally found snippets of info on a variety of different sites, tried cobbling them together, and importing variants until it looked “right” in TT. Fortunately this year I’ve been largely ignoring LC, and have very few sales as a result, so I’ll probably just enter them manually. ---
**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 11, 2016, 9:35pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/792 "2016-02-11T21:35:54Z")
After almost two weeks after enabling automated trading, my current feeling about it is: not in love. I currently have $225 sitting in Committed Cash, which is down from the $300 that was there when I enabled it, but what the heck? Why aren’t those loans closing? What happens if these loans don’t close? Also, how long do funds typically sit in Committed Cash? I now have $94 sitting in Available Cash. The heck? Why aren’t those funds being committed to new loans? ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [February 11, 2016, 10:51pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/793 "2016-02-11T22:51:17Z")
> [@Onomatopoeia](#): > > After almost two weeks after enabling automated trading, my current feeling about it is: not in love. > > I currently have $225 sitting in Committed Cash, which is down from the $300 that was there when I enabled it, but what the heck? Why aren’t those loans closing? What happens if these loans don’t close? Also, how long do funds typically sit in Committed Cash? The process a loan goes through is just the same as if you buy it yourself. Bear in mind, though, that AI will snap up a loan as soon as it becomes available, so that means it will take longer to go through the process than if you bought a note in a loan that has been gathering funding for 3 or 4 days. If you want notes to issue more quickly, you could set a filter to buy only notes that have already been approved, thereby skipping the review process. My oldest unissued note is from Jan 26. It is still In Review. My loans generate $900/month to be reinvested and my current committed cash is $575, suggesting that the average length of time for a loan to process is about 575/900 \* 30 = 19 days. > [@](#): > > I now have $94 sitting in Available Cash. The heck? Why aren’t those funds being committed to new loans? I would check your desired allocation (see my recent posts on this subject). If you need low-grade loans (E, F, G) to get to your desired allocation, then that can take a while as there are not many of them. During that time, available cash can accumulate. Once you get to your desired allocation, then things should move more quickly. As per my previous posts, I was getting up to $1,000 available cash. It is now $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:** [February 12, 2016, 6:29pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/794 "2016-02-12T18:29:26Z")
I got an email that Turbotax has LC integration now. I’ll give it a shot this weekend. ---
**Author:** ![Raza](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/raza/32/213_2.png) [@Raza](https://boards.straightdope.com/u/Raza)\ **Post date:** [February 12, 2016, 7:40pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/795 "2016-02-12T19:40:30Z")
Dang, I just did my taxes last weekend with TurboTax. Oh well, it wasn’t bad - I had very little on my OID (I probably only have 25 loans or so). ---
**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:** [February 14, 2016, 2:01am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/796 "2016-02-14T02:01:26Z")
LC integration into Turbotax works awesome. TT and TaxAct came up with the same results for me. However, TT Premier is $60 and Taxact is $15. Sorry, TT: Don’t charge so much. And my tax return is simple: We claim the standard deduction. ---
**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:** [February 18, 2016, 2:38pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/797 "2016-02-18T14:38:45Z")
> [@Raza](#): > > Dang, I just did my taxes last weekend with TurboTax. Oh well, it wasn’t bad - I had very little on my OID (I probably only have 25 loans or so). It’s only really an issue if you’ve been selling loans. The OID is just a single figure, you don’t have to break that out by loan. I did the TT import this year - I had just enough sales to make that worth it. Previous years I had a lot more sales - but no TT integration, so I wound up having to format them in a spreadsheet and generate a txf file (and boy howdy is it tough to find info on that standard!) to import. ---
**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:** [February 18, 2016, 2:46pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/798 "2016-02-18T14:46:45Z")
Finally turned on automated investing today. I haven’t had the chance to watch over my loans much lately and so my uninvested cash has been hovering at about 300 bucks. I set it for 5% A, 40% each B and C, 10% D, 3% E, and 1% each F and G. I’ve actually never invested in F or G class loans before so that would be a new thing. ---
**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:** [February 18, 2016, 9:24pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/799 "2016-02-18T21:24:18Z")
> [@Mama\_Zappa](#): > > Finally turned on automated investing today. I haven’t had the chance to watch over my loans much lately and so my uninvested cash has been hovering at about 300 bucks. I set it for 5% A, 40% each B and C, 10% D, 3% E, and 1% each F and G. I’ve actually never invested in F or G class loans before so that would be a new thing. And, my whole backlog is now committed - 275 dollars. One of those is a D-3 already issuing - submitted January 27th which is strange: they usually only have 14 days to fund and that would have finished by the 10th of this month. The annoyance with automated investing is that you can’t add in other criteria such as credit score. ---
**Author:** ![amarone](https://avatars.discourse-cdn.com/v4/letter/a/e0b2c6/32.png) [@amarone](https://boards.straightdope.com/u/amarone)\ **Post date:** [February 18, 2016, 9:33pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/800 "2016-02-18T21:33:32Z")
> [@Mama\_Zappa](#): > > The annoyance with automated investing is that you can’t add in other criteria such as credit score. Yes you can. On the screen where you set your allocation, click on “Special Instructions (Not Required) \>” This will allow you so specify a filter that you have previously created and saved in the Browse Loans page. So set up a filter that filters on credit score (and anything else you want) and specify it be used in Automated Investing. ---
**Author:** ![churrrm](https://avatars.discourse-cdn.com/v4/letter/c/7ea924/32.png) [@churrrm](https://boards.straightdope.com/u/churrrm)\ **Post date:** [February 24, 2016, 2:34pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/801 "2016-02-24T14:34:14Z")
I wish I would have found this board before now. I have been with LC since 12/2014. I started with investing a $100 a month and then bumped it to a $100 twice a month. This is my current portfolio: 11.18% return, invested $2200, $2410 current outstanding principal, account value $2550 Accounts I’ve bought on the regular market I only buy accounts with no delinquencies or public records, debt/cc consolidation, own/mortgage their house, and prefer 36 month loans that have already been approved. B notes- 26 1 paid off early 25 current C notes- 24 All current D notes-22 1 just sent bankruptcy info in after 2 payments 1 in grace period 1 paid off early 19 current E notes- 22 1 has never made a payment and currently 31-120 days late yet their credit score has climbed 50 points 21 current F notes-7 2 paid off early 5 current G notes-1 1 current I just recently sold 2 accounts on the trading platform and took the money and reinvested in some late accounts at a huge discount. I bought 12 accounts for $41.96 with an outstanding principal of $252.61 with a weighted average rate of 21%. I know these accounts are risky. I only invested in ones that had some kind of contact with the borrow, were 60-70 days late, had a history of getting behind and then becoming current, and only required 4 payments to make my investment back. Has anyone had any luck with these? Do you sell them as soon as they become current or keep them? [Previous page](https://boards.straightdope.com/t/lending-club-experiences/514989.md?page=39) [Next page](https://boards.straightdope.com/t/lending-club-experiences/514989.md?page=41)