# 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:** 13\ **Page:** 45
**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:** [April 22, 2020, 3:25pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/883 "2020-04-22T15:25:13Z")
I am still on the fence. I have been pulling out between $30 and $40 a week for about 5 months. I have $58 sitting in there now, and I am contemplating turning automated investing on again. I don’t know. ---
**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:** [April 22, 2020, 7:09pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/884 "2020-04-22T19:09:12Z")
I continued to pull out $100/week until there wasn’t enough. Now, I pull out $100 once I accumulate that much. I’ve now pulled out more than I invested (I invested $6550 and have pulled out $6700). I still have $1775 that I’ll slowly pull out as the notes pay off. My newest note has 18 payments left so I still have 1.5 years to get that remaining out. Over the life of my time at LC, I’ve had 712 notes paid off, 193 remaining, and 49 charged off. I’ve also sold quite a few on Folio that were going south. ---
**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:** [August 11, 2020, 8:00pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/885 "2020-08-11T20:00:50Z")
I now have pulled out $750 more than I invested and have about $1200 left in LC. However, the 'rona is putting plenty into arrears and “hardship”. I’m guessing this will get worse before it gets better. Oh well, I didn’t lose my shorts, but I’m not getting rich off this. Glad I started divesting. Too me, LC isn’t worth it. ---
**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:** [August 13, 2020, 2:32pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/886 "2020-08-13T14:32:54Z")
And now Folio is closing up shop. Can’t even attempt to sell all my notes that are going south. Oh well, 14 months to go before the remaining 144 notes are paid off or charged off (there are more and more under hardship). ---
**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:** [January 15, 2021, 3:35pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/887 "2021-01-15T15:35:19Z")
I have now taken out $1300 more than I put in with $550 left to go. About 1 year left till everything is paid off or charged off. Then I can close the book on this experiment that wasn’t worth 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:** [May 8, 2021, 10:38pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/888 "2021-05-08T22:38:42Z")
Welp, I can no longer invest in Notes on Lending Club even if I wanted to. I still have 227 active notes that I now can’t get rid of, so I guess I have to ride it out. I can’t really say this experience was worth it, but it was definitely interesting for a while. ---
**Author:** ![Ruken](https://avatars.discourse-cdn.com/v4/letter/r/f475e1/32.png) [@Ruken](https://boards.straightdope.com/u/Ruken)\ **Post date:** [May 9, 2021, 1:09pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/889 "2021-05-09T13:09:54Z")
> [@Onomatopoeia](#): > > but it was definitely interesting for a while It was interesting to read about! I appreciate you all sharing over the years. ---
**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:** [May 13, 2021, 9:15pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/890 "2021-05-13T21:15:50Z")
The good news is I made far more than my $1000 investment. I am hopeful that at least 80% of my remaining 227 active notes will pay off instead of defaulting, but I’m probably being too optimistic. RIP Lending Club ---
**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:** [May 13, 2021, 11:10pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/891 "2021-05-13T23:10:54Z")
Wow - I missed that Folio was shutting down. I had liquidated my last few loans a year or two back, since defaults were getting so high. I definitely made money overall, but the profits were definitely creeping downward. ---
**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:** [May 14, 2021, 1:46pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/892 "2021-05-14T13:46:43Z")
Not just Folio. You can no longer invest in LC itself. Notes are gone: > **[Investing with LendingClub for Individual Investors](https://www.lendingclub.com/investing/peer-to-peer)** > > LendingClub investors have helped millions of borrowers get on the path to financial health. I invested a total of $6550. I now have withdrawn $8100 with $240 left to go over the next 10 months in 42 remaining notes. It was too much work for not enough payoff. I could’ve automated a bit more and invested more, but, it wasn’t worth the risk. ---
**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:** [June 23, 2021, 8:11pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/894 "2021-06-23T20:11:42Z")
Somehow this got bumped, even though the last message was me over a month ago. I’ve now withdrawn $8200 out of 6550 invested. 28 notes left to go worth $120. ---
**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:** [January 7, 2022, 12:49am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/895 "2022-01-07T00:49:24Z")
I’m out! With 6550 invested I ended a bit over $1750 on the positive side. Was it worth it? Nope. ---
**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:** [January 7, 2022, 1:03am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/896 "2022-01-07T01:03:47Z")
My account is also empty. If I recall, about 20% of my notes defaulted. I think I made less than the yield on the S&P with much more work. It was fun, though, and technically profitable. [Previous page](https://boards.straightdope.com/t/lending-club-experiences/514989.md?page=44)