Lend Academy Network Forum

Lending Club Discussion => Investors - LC => Topic started by: Joleran on October 09, 2013, 01:04:47 PM

Title: Payments remaining less than outstanding principal
Post by: Joleran on October 09, 2013, 01:04:47 PM
Does anyone know off-hand how loans with payments remaining less than the outstanding principal work?  I've got the below loan that's standard, current, never had any weird late stuff, but the math doesn't work out to remove all the principal.

I'm guessing payments remaining is a rounded estimate, and the loan will have a mini balloon style payment at the end?



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Title: Re: Payments remaining less than outstanding principal
Post by: New Jersey Guy on October 09, 2013, 03:18:15 PM
His normal payment is $637/month.
He's been paying $785/month since May 2012.

He's accelerated his payments and is going to have his loan paid off sooner.  This is what is skewing the numbers.   I'm going to guess he's not going to have a full payment due when his last payment comes around.  It will be a smaller amount.  I think at this point, the total principle due will change.    Otherwise, some sort of adjustment will be made right after he pays the loan off.  You'll have to wait and see.
Title: Re: Payments remaining less than outstanding principal
Post by: yojoakak on October 09, 2013, 06:09:54 PM
On LendingClub, the math rarely if ever "works out" beforehand.
Title: Re: Payments remaining less than outstanding principal
Post by: core on October 09, 2013, 06:24:38 PM
It rarely works out afterhand either.
Title: Re: Payments remaining less than outstanding principal
Post by: pplinvestor on October 13, 2013, 11:17:23 AM
I wonder anyone actually looks and tracks Account Activities everyday (putting into a DB to track each note activity).  I won't be surprised if LC takes a few pennies on each note and no one really realizes.   I had one note that I received payment BEFORE I bought it from Folio according to Account Activities.  And the payment received in Account Activities page is a few pennies less than showing on My Notes page.   Since I don't spend much time looking Account Activities, I just ignored it.  Yes, I'm pulling my money out a little by little slowly.