Lending club revisit - Page 2

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[ARCHIVED THREAD] - Lending club revisit (Page 2 of 2)

Posted: 8/5/2017 9:35:41 AM EDT

[#1]

Latest statement

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Posted: 8/6/2017 12:06:51 AM EDT

[#2]

after seeing A grade loans charged off at the first payment I'm trying my hand at the lending platform, we'll see what happens.

Posted: 8/6/2017 9:26:55 AM EDT

[#3]

I have had one bankruptcy in my traded loans.
However the risk wasn't 25$ it was closer to half or less.

Posted: 8/6/2017 10:33:03 AM EDT

[#4]

Do you mind detailing the losses/charged off loans? Are all but one from before you started purchasing loans on the secondary market?

Posted: 8/6/2017 8:52:41 PM EDT

[#5]

What details would you like to know about the charge offs? My one traded account heading that way is a bankruptcy and it is in the 60-120 day range. Defaults aren't likely to come back at all.

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Working backwards

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Posted: 8/6/2017 8:59:29 PM EDT

[#6]

So if I'm reading it correctly; after you changed methods you have a single $12.70 loan that may not get paid back.

Posted: 8/6/2017 9:05:27 PM EDT

[#7]

This will be he 7 charged off accounts.

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Posted: 8/6/2017 9:06:06 PM EDT

[#8]

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Posted: 8/6/2017 9:09:22 PM EDT

[#9]

Quote History

Quoted:
So if I'm reading it correctly; after you changed methods you have a single $12.70 loan that may not get paid back.

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Exactly. Buying on the trading platform I bought the note for $12.70, and got nothing out of it. On the main platform purchase of notes it would of been a min $25 a note purchase.

sou you can double the diversity on the trading platform and see the payment history of the note you are buying.

Posted: 8/24/2017 5:27:02 PM EDT

[#10]

Also, is there any way to send a message to a borrower?
If I get an account on Lending Club, can I buy notes? Or do I need an account on Folio for that? I just want to buy and sell notes.

Posted: 8/25/2017 12:15:25 AM EDT

[#11]

Quote History

Quoted:

Also, is there any way to send a message to a borrower?
If I get an account on Lending Club, can I buy notes? Or do I need an account on Folio for that? I just want to buy and sell notes.

View Quote

There is no contact with the borrower. You can buy new notes on lending club at a minimum of $25 each. Folio is for buying/selling established notes.

Posted: 9/10/2017 5:47:22 PM EDT

[#12]

I am about done with Lending club. I started with 10k, no more than $25 per loan, and used their automatic investing spread over the risk grades. 400 loans total.

The rate of return was good at first but the charge offs and delinquents keep rising. My adjusted return is now just over 3%. I am not losing money but there are better options.

I turned off the automated investing and in 3 years or whatever after all my people have paid off their loans I will be cashing out.

It is a cool idea and if you have the time to sit through and cherry pick loans you very well might be able to get great returns but I don't have the time for that.

Posted: 9/11/2017 12:34:32 PM EDT

[#13]

Quote History

Quoted:
I am about done with Lending club. I started with 10k, no more than $25 per loan, and used their automatic investing spread over the risk grades. 400 loans total.

The rate of return was good at first but the charge offs and delinquents keep rising. My adjusted return is now just over 3%. I am not losing money but there are better options.

I turned off the automated investing and in 3 years or whatever after all my people have paid off their loans I will be cashing out.

It is a cool idea and if you have the time to sit through and cherry pick loans you very well might be able to get great returns but I don't have the time for that.

View Quote

Is this buying notes?

Posted: 9/11/2017 1:00:29 PM EDT

[#14]

Quote History

Quoted:
I am about done with Lending club. I started with 10k, no more than $25 per loan, and used their automatic investing spread over the risk grades. 400 loans total.

The rate of return was good at first but the charge offs and delinquents keep rising. My adjusted return is now just over 3%. I am not losing money but there are better options.

I turned off the automated investing and in 3 years or whatever after all my people have paid off their loans I will be cashing out.

It is a cool idea and if you have the time to sit through and cherry pick loans you very well might be able to get great returns but I don't have the time for that.

View Quote

What grade loans were you mostly into? I've kind of found the same thing.....returns keep dropping and I've cherry picked a ton of mine. Also do you have any 60 month loans that will take you 5 years to get out of? I'm trying out the Folio as suggested on here to minimize my losses and to find people to have a history of paying. So far, not much better but I'm not losing money so I'll stick with it for a bit. I like the idea of lending club because it seems to have more consistent returns, but getting involved in consumer credit seems to be another bubble just waiting to burst.

Posted: 10/10/2017 3:22:54 PM EDT

[#15]

Reming me to give you all an update.

Posted: 11/26/2017 4:02:49 PM EDT

[#16]

Great thread.

The trading platform you are using is Folio?

Posted: 12/1/2017 6:31:49 PM EDT

[#17]

Quote History

Quoted:
Great thread.

The trading platform you are using is Folio?

View Quote

It is the trading platform that they offer to buy and sell notes. Folio investing.

After logging in to check on the account after not looking at it for a while I saw some of the traded accounts are close to charging off and I have decided that there is way to high of accounts charging off for me to believe that they aren't funneling sub prime loans to the individual investor.

I am letting it run its course and taking my money out as people pay out.

I haven't lost money but I believe there are better options out there.

Posted: 12/1/2017 6:37:50 PM EDT

[#18]

Thanks for the update.

Posted: 12/2/2017 7:09:25 AM EDT

[#19]

Quote History

Quoted:

It is the trading platform that they offer to buy and sell notes. Folio investing.

After logging in to check on the account after not looking at it for a while I saw some of the traded accounts are close to charging off and I have decided that there is way to high of accounts charging off for me to believe that they aren't funneling sub prime loans to the individual investor.

I am letting it run its course and taking my money out as people pay out.

I haven't lost money but I believe there are better options out there.

View Quote

Wonder if there is a way to research historical default rates on Lending Tree?

Thanks for the update!

Posted: 12/2/2017 7:30:24 AM EDT

[#20]

Quote History

Quoted:
It is the trading platform that they offer to buy and sell notes. Folio investing.

After logging in to check on the account after not looking at it for a while I saw some of the traded accounts are close to charging off and I have decided that there is way to high of accounts charging off for me to believe that they aren't funneling sub prime loans to the individual investor.

I am letting it run its course and taking my money out as people pay out.

I haven't lost money but I believe there are better options out there.

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
Great thread.

The trading platform you are using is Folio?

It is the trading platform that they offer to buy and sell notes. Folio investing.

After logging in to check on the account after not looking at it for a while I saw some of the traded accounts are close to charging off and I have decided that there is way to high of accounts charging off for me to believe that they aren't funneling sub prime loans to the individual investor.

I am letting it run its course and taking my money out as people pay out.

I haven't lost money but I believe there are better options out there.

Ive been doing that for some time now. Occasionally check in on it and have noticed a uptick of charge offs as well. Went from 10-3% return pretty damn quick.

Posted: 12/2/2017 11:10:28 AM EDT

[#21]

Quote History

Quoted:

Wonder if there is a way to research historical default rates on Lending Tree?

Thanks for the update!

View Quote

Not quite what your looking for but might be worth a look

https://www.lendingclub.com/info/demand-and-credit-profile.action

Posted: 12/2/2017 11:19:55 AM EDT

[#22]

I've noticed lending club is going downhill as well. I started in 2011 and was able to squeek out 6-7% returns without much effort. Now I have to work for it, Folio started out great as well and now they are continuing down the same path.

Posted: 12/2/2017 11:28:48 AM EDT

[#23]

Quote History

Quoted:

Not quite what your looking for but might be worth a look

https://www.lendingclub.com/info/demand-and-credit-profile.action

View Quote

Thank you!

Posted: 12/4/2017 2:40:58 PM EDT

[#24]

I've never looked into lending club or p2p lending at all, but wouldn't most of the people borrowing money just go to their local bank if they could? It seems like most of the loans would either be sub-prime or maybe some kind of start up that couldn't get traditional bank financing.

Maybe I'm wrong, but from the surface that's the way I would think it works.

[ARCHIVED THREAD] - Lending club revisit (Page 2 of 2)

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