# 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:** 8
**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:** [March 18, 2011, 5:15am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/141 "2011-03-18T05:15:23Z")
> [@Mama\_Zappa](#): > > Any status updates from anyone? > > I periodically glance at the individual loans to see how their credit scores are faring… and just noticed the other day that one (an early C2 from January 2010) had the usual ups and downs… then plummeted 3 notches this month. It’s due in 10 days, we’ll see how that goes. > > Another early B5 from about that same time ALSO plummeted 3 notches. It just made an on-time payment, however. > > No other defaults so far. I currently have 19 notes. They’re all chugging along. The excitement seems to have worn off for me. I check my account once every two weeks or so and purchase a new note whenever I have enough in the account to do so. I haven’t transferred any money into my account since November. Since I opened my LC account 5 months ago, I’ve received $114.33 in payments, of which $19.24 is interest. This is on my $500 investment which, according to my calculations means that my effective interest rate is 9.4%, which is much, much better than I can get from any bank. Maybe I should just take the plunge and throw $10,000 in there. Does anyone know someone with a large LC account? ---
**Author:** ![drachillix](https://avatars.discourse-cdn.com/v4/letter/d/48db29/32.png) [@drachillix](https://boards.straightdope.com/u/drachillix)\ **Post date:** [March 18, 2011, 11:18pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/142 "2011-03-18T23:18:41Z")
> [@Mama\_Zappa](#): > > Any status updates from anyone? My initial 2 defaults ($70 worth) still effect my overall results but the number keeps climbing Currently 42 notes $101.58 in intrest recieved little over $1K total balance. I check every few days. ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [March 21, 2011, 2:09am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/143 "2011-03-21T02:09:03Z")
I finally got around to giving all this a closer look and wouldn’t you know it: Oregon is on their shit list (or vice versa). How do I get around this, when they ask for your address? ---
**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:** [March 21, 2011, 5:53am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/144 "2011-03-21T05:53:18Z")
> [@Chefguy](#): > > I finally got around to giving all this a closer look and wouldn’t you know it: Oregon is on their shit list (or vice versa). How do I get around this, when they ask for your address? I hear there are ways around it, but it sounds kind of sketchy to me, so I won’t repeat it here. What I did was sign up under their trading platform called Folio\*fn, \*because my state, NJ, also doesn’t allow its residents to use the Lending Club main site to lend. There are advantages and disadvantages to doing so. For me, the pluses outweighed the minuses, the main plus being that I make so much more in interest than I could from any bank, so I jumped in. ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [March 21, 2011, 3:25pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/145 "2011-03-21T15:25:30Z")
> [@Onomatopoeia](#): > > I hear there are ways around it, but it sounds kind of sketchy to me, so I won’t repeat it here. > > What I did was sign up under their trading platform called Folio\*fn, \*because my state, NJ, also doesn’t allow its residents to use the Lending Club main site to lend. There are advantages and disadvantages to doing so. For me, the pluses outweighed the minuses, the main plus being that I make so much more in interest than I could from any bank, so I jumped in. And where does one find Folio_fn_? If you need to PM information, feel free. ---
**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:** [March 21, 2011, 3:33pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/146 "2011-03-21T15:33:40Z")
> [@Chefguy](#): > > And where does one find Folio_fn_? If you need to PM information, feel free. There should be links on the main page at [lendingclub.com](http://lendingclub.com), or from one of their FAQ pages. ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [March 21, 2011, 4:16pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/147 "2011-03-21T16:16:13Z")
> [@Mama\_Zappa](#): > > There should be links on the main page at [lendingclub.com](http://lendingclub.com), or from one of their FAQ pages. Perhaps there should be, but I can’t find a link, which is why I asked. ---
**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:** [March 21, 2011, 4:25pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/148 "2011-03-21T16:25:29Z")
> [@Chefguy](#): > > Perhaps there should be, but I can’t find a link, which is why I asked. Sorry - I answered without checking the links. Here’s one I got by googling “[lendingclub.com](http://lendingclub.com) foliofn”: [Log In | LendingClub](https://www.lendingclub.com/foliofn/aboutTrading.action) They don’t make it obvious, for sure! I got to this link by noodling around the Help section: [https://www.lendingclub.com/foliofn/faq.action](https://www.lendingclub.com/foliofn/faq.action) I gather you sign up as an investor and then have to do a separate folio application (which is trivial). Onamatopoeia can tell you more; I have a folio account but have never bought / sold there. ---
**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:** [March 21, 2011, 4:32pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/149 "2011-03-21T16:32:01Z")
> [@Chefguy](#): > > And where does one find Folio_fn_? If you need to PM information, feel free. Hi **Chef** , You won’t see it on the home page, or login page. What you have to do first is to create an LC account. If your state doesn’t allow you to use the main LC platform to fund notes, you will be given an option at that time to sign up with Folio_fn_, but again, you must create a Lending Club account first. ---
**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:** [March 21, 2011, 4:33pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/150 "2011-03-21T16:33:17Z")
> [@Mama\_Zappa](#): > > I gather you sign up as an investor and then have to do a separate folio application (which is trivial). Onamatopoeia can tell you more; I have a folio account but have never bought / sold there. Yes, this is correct. Sign up with Lending Club first. You will then be given the option to sign up with Folio_fn_. ---
**Author:** ![Hockey\_Monkey](https://avatars.discourse-cdn.com/v4/letter/h/a183cd/32.png) [@Hockey\_Monkey](https://boards.straightdope.com/u/Hockey_Monkey)\ **Post date:** [March 21, 2011, 6:11pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/151 "2011-03-21T18:11:19Z")
To date I’ve realized 13.6% annualized return. Wow! I really just kinda remembered I had this account. I’m bought 2 more notes today with the $30 I had sitting in there doing nothing, and I’m transferring in some more funds as soon as I verify my bank account. I had 6 loans with 5 active and 1 paid in full, bought 2 today and I’d like to get up to 25 or so. I have to trade on the Folio_fn_ platform because of where I live, but I kind of like that you can see the history of the loan before making a decision to buy. I limit my search parameters to loans that are current and less than 36 months, then I only purchase loans that are offered at a discount. ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [March 21, 2011, 7:22pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/152 "2011-03-21T19:22:34Z")
> [@Onomatopoeia](#): > > Hi **Chef** , > > You won’t see it on the home page, or login page. What you have to do first is to create an LC account. If your state doesn’t allow you to use the main LC platform to fund notes, you will be given an option at that time to sign up with Folio_fn_, but again, you must create a Lending Club account first. Unfortunately, it won’t allow me to register because it requires a state to be entered in a field, and Oregon isn’t included. ---
**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:** [March 21, 2011, 8:39pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/153 "2011-03-21T20:39:14Z")
> [@Chefguy](#): > > Unfortunately, it won’t allow me to register because it requires a state to be entered in a field, and Oregon isn’t included. Hi **Chef** , I just went to the account creation page and, you’re correct, Oregon is not on the list. I just called Lending Club and spoke to Blake for you. I told him I have a friend in Oregon who’s interested in investing. Blake told me that Oregon is one of the states not approved to invest in either the Lending Club or Folio_fn_ side. He did say that if you are an accredited investor, they could make arrangements for you to invest, but you’d have to speak to them for the details, and an explanation of what would make you an accredited investor. I’m going to PM you this info as well. ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [March 21, 2011, 9:13pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/154 "2011-03-21T21:13:12Z")
> [@Onomatopoeia](#): > > Hi **Chef** , > > I just went to the account creation page and, you’re correct, Oregon is not on the list. I just called Lending Club and spoke to Blake for you. I told him I have a friend in Oregon who’s interested in investing. Blake told me that Oregon is one of the states not approved to invest in either the Lending Club or Folio_fn_ side. > > He did say that if you are an accredited investor, they could make arrangements for you to invest, but you’d have to speak to them for the details, and an explanation of what would make you an accredited investor. > > I’m going to PM you this info as well. Don’t know what an accredited investor is, but I’m reasonably sure that I don’t qualify. What a pain in the arse. I wonder what the hell Oregon’s problem is. ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [March 21, 2011, 9:25pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/155 "2011-03-21T21:25:52Z")
So what’s the downside/risk of using my sister’s address in Alaska? Does anything get mailed to you? What about tax statements? ---
**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:** [March 21, 2011, 10:58pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/156 "2011-03-21T22:58:18Z")
> [@Chefguy](#): > > So what’s the downside/risk of using my sister’s address in Alaska? Does anything get mailed to you? What about tax statements? I know others have done it, but I don’t have any info on how it would work. ---
**Author:** ![Chefguy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chefguy/32/138_2.png) [@Chefguy](https://boards.straightdope.com/u/Chefguy)\ **Post date:** [March 21, 2011, 11:08pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/157 "2011-03-21T23:08:57Z")
Well, I don’t want to get crossways of Oregon tax laws, so perhaps I should call the people at Lending Club. ---
**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:** [March 21, 2011, 11:32pm UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/158 "2011-03-21T23:32:49Z")
> [@Chefguy](#): > > Well, I don’t want to get crossways of Oregon tax laws, so perhaps I should call the people at Lending Club. I think it’d be worth the phone call to find out what you can do, if anything, through them. None of my other investments are returning anywhere near the rates I’m getting from Lending Club. ---
**Author:** ![drachillix](https://avatars.discourse-cdn.com/v4/letter/d/48db29/32.png) [@drachillix](https://boards.straightdope.com/u/drachillix)\ **Post date:** [March 22, 2011, 3:27am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/159 "2011-03-22T03:27:18Z")
Just for giggles I went and looked through foliofn, holy crap there are some morons posting stuff over there. Either that or there are really ugly typos…people wanting $250 for loans with $22 in principal remaining… or better yet, who posts $500 on a D loan…then tries to sell it for more than $500 when their credit drops. Do they think we are that stupid. ---
**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:** [March 22, 2011, 3:44am UTC](https://boards.straightdope.com/t/lending-club-experiences/514989/160 "2011-03-22T03:44:36Z")
> [@drachillix](#): > > Just for giggles I went and looked through foliofn, holy crap there are some morons posting stuff over there. Either that or there are really ugly typos…people wanting $250 for loans with $22 in principal remaining… or better yet, who posts $500 on a D loan…then tries to sell it for more than $500 when their credit drops. > > Do they think we are that stupid. It’s not stupidity, it’s laziness. Over time, the outstanding principal goes down. People post an offer of, say, $250 for $250 outstanding, and it doesn’t sell. 12 months later, it’s only $25 outstanding and the offer hasn’t been updated or deleted because the seller forgot about it or doesn’t care enough to come back to it. It’ll be there until the loan has been repaid in full. [Previous page](https://boards.straightdope.com/t/lending-club-experiences/514989.md?page=7) [Next page](https://boards.straightdope.com/t/lending-club-experiences/514989.md?page=9)