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.
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.
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!!!
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.
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.
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 :).
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.
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.
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.
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.
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
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.
