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.
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.
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.
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).
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.
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.
It was interesting to read about! I appreciate you all sharing over the years.
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
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.
Not just Folio. You can no longer invest in LC itself. Notes are gone:
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 I now have withdrawn $8100 with $240 left to go over the next 10 months in 42 remaining notes.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.
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.
I’m out! With 6550 invested I ended a bit over $1750 on the positive side. Was it worth it? Nope.
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.