Lend Academy Network Forum

Lending Club Discussion => Investors - LC => Topic started by: jheizer on October 07, 2020, 10:44:19 AM

Title: RIP Lendingclub Notes
Post by: jheizer on October 07, 2020, 10:44:19 AM
Quote
Endings & New Beginnings Ė LendingClub & Radius Bank

Earlier this year LendingClub announced that it signed an agreement to acquire Radius Bancorp, the holding company of Radius Bank. Combining the two companies is ground-breaking. By becoming the only full-spectrum fintech marketplace bank, and the first public U.S. neobank, LendingClub can unlock new value for borrowers and investors by using the marketplace to both pay less when borrowing and earn more when saving.

Since our announcement, we have been hard at work with the team at Radius, regulators, and partners about the product suite of the potential combined business and what it will mean for our members. In connection with these efforts and as part of our anticipated transition to a bank holding company, we have decided to make some changes that are important to our Notes investors.
 
Closing an Important ChapteróNotes Platform Retiring on December 31, 2020

As we move towards becoming a full-spectrum fintech marketplace bank, we have looked closely at our current and future product suite and have started development of new products to help our members keep more of what they earn and earn more on what they keep. Unfortunately, under a prospective banking framework, it is not economically practical for LendingClub to continue to offer Notes. So, we had to make the difficult decision to retire the Notes platform effective December 31, 2020.

This will not affect the existing Notes you own but means that the last day to purchase Notes will be December 27. In addition, we will no longer accept new accounts effective October 8 and we are targeting to retire the mobile app on November 10.

We do not take this decision lightly. Many of our investors consider Notes as a key piece of their investment portfolio, and our individual investors have been an important part of the history and growth of our company.

Ultimately, we believe new banking capabilities will enable us to serve you even better in the future. People helping people is core to who we are as a company and weíre scoping new products that would retain the peer-to-peer spirit of Notes under the prospective banking framework.

In the meantime, we are working with Radius Bank to develop an exclusive high yield savings account, only available to Notes investors, which will allow you to earn more on the available cash in your Notes accountóand any additional cash you want to transfer in.

https://help.lendingclub.com/hc/en-us/articles/360050574891-Important-Updates-to-the-LendingClub-Notes-Platform
Title: Re: RIP Lendingclub Notes
Post by: core on October 07, 2020, 10:52:17 AM
I swung by here to see if I had really read that email correctly.

The email reads like they are "only" retiring the Notes platform.  But ummm... what the heck is left of LendingClub without the notes platform?  Am I missing something? Perhaps they are just trying to put lipstick on a pig.  Which is fine with me, as long as one's porcine recreational activities stop there.

As an existing Radius Bank customer, having another account isn't all that $exciting.  But they are good for various schemes.
Title: Re: RIP Lendingclub Notes
Post by: t_b_o_t on October 07, 2020, 10:54:01 AM
But ummm... what the heck is left of LendingClub without the notes platform?

Yeah, came here wondering the same thing...
Title: Re: RIP Lendingclub Notes
Post by: BruiserB on October 07, 2020, 10:58:21 AM
Wonder if they just mean the retail notes platform?  Still serving commercial customers and their own bank with notes?
Title: Re: RIP Lendingclub Notes
Post by: Peter on October 07, 2020, 11:00:59 AM
Quote
Closing an Important ChapteróNotes Platform Retiring on December 31, 2020

This is a sad day for investors. While they have been de-emphasizing retail for years I never expected this development. I am writing a piece on this later today. I would really like to include an on the record quote from an investor or two here. It can be anonymous although I would be including your handle. Please send to peter@lendacademy.com. Thanks.
Title: Re: RIP Lendingclub Notes
Post by: Peter on October 07, 2020, 11:03:46 AM
Quote
But ummm... what the heck is left of LendingClub without the notes platform?

The notes platform is only about 5-6% of the origination volume. Most volume is whole loan sales.
Title: Re: RIP Lendingclub Notes
Post by: bkcarp00 on October 07, 2020, 11:06:10 AM
Sounds like they are basically giving up on the whole "peer-to-peer lending" model and turn into a Wealthfront/Robinhood/Betterment type of company but with an actual bank charter. They will probably keep some lending in place but it will only be for the other big banks/companies/funds that buy the whole loan instead of little pieces. Really this is the end of the original lendingclub model and transformation into a totally new company. Only problem is they are years behind those other companies so it's going to be a hard hill to climb to transform from a peer-to-peer lending company into a totally different model with more competition.
Title: Re: RIP Lendingclub Notes
Post by: core on October 07, 2020, 11:12:18 AM
Really this is the end of the original lendingclub model and transformation into a totally new company.

Oh, I don't know about that.  They have been bending over the little guy and giving him the shaft since the very beginning.  This is just the money shot.
Title: Re: RIP Lendingclub Notes
Post by: Edward Reid on October 07, 2020, 11:27:04 AM
Sad, but it hardly makes any difference to me. I've been blocked from buying notes for about a year now, and it's been obvious that restoring my capability was not on LC's radar. I've been pulling cash out as it accumulates, and assuming that the game has already ended.

It will be convenient (slightly) to have these transfers done automatically. They trumpet a "high yield" savings account. Did no one notice that "high yield" is associated with low grade bonds? Of course it's actually an FDIC insured account, but the use of those words is poor marketing.

And what will that yield be? That's conspicuously missing from the email. Perhaps 0.05% instead of 0.01%? Oh joy. Capital One has recently been advertising accounts paying "five times the national average" without saying exactly how close to zero that average is.

Edward
Title: Re: RIP Lendingclub Notes
Post by: bkcarp00 on October 07, 2020, 11:28:02 AM
Really this is the end of the original lendingclub model and transformation into a totally new company.

Oh, I don't know about that.  They have been bending over the little guy and giving him the shaft since the very beginning.  This is just the money shot.

I supposed you could say the original peer-to-peer lendingclub died when they took away the communication between lender/borrowers and started significantly limiting loans available to the retail platform. There were a few years there in the beginning when it was really only the retail peer-to-peer lending model. Obviously when all these banks/institutional investors started coming in and buying all the good loans was when they gave up on the small retail investor.
Title: Re: RIP Lendingclub Notes
Post by: GsInvestor on October 07, 2020, 11:36:10 AM
I suspect this. My gut was just telling me this was going to happen. I have about 250k in lending club, just rolling over the payments month after month. Out side of Propser and FundingCircle are there any other investment platforms similar to lending club ?
Title: Re: RIP Lendingclub Notes
Post by: bkcarp00 on October 07, 2020, 11:37:53 AM
And what will that yield be? That's conspicuously missing from the email. Perhaps 0.05% instead of 0.01%? Oh joy.

Given that Radius Bank currently offers only .25% on their high yield savings account. I'll bet they give us an extra .10% as our thank you gift for the years we stayed invested in notes. Lucky us! :D
Title: Re: RIP Lendingclub Notes
Post by: core on October 07, 2020, 11:38:05 AM
They trumpet a "high yield" savings account. Did no one notice that "high yield" is associated with low grade bonds? Of course it's actually an FDIC insured account, but the use of those words is poor marketing.

And what will that yield be? That's conspicuously missing from the email. Perhaps 0.05% instead of 0.01%? Oh joy.

As a chronic bank account abuser, I've seen "high yield" used quite a bit with interest-bearing checking accounts.  Often times with rewards accounts where you have to use your debit card 12 times a month, 3 of which need to be at liquor stores, or whatever other lame requirements they can think up.

My current Radius account has no such debit card requirements but it only pays 1.00% APY for balances above $2500.  I'm guessing this Flounder account won't be any better than that.  The unlimited 3rd-party ATM fee refunds are nice, and they run frequent promotions for extra cash.  On the debit card I get unlimited 1% cash back but the way they have it locked down it's hard to abuse (restrictions similar to Paypal's debit card).
Title: Re: RIP Lendingclub Notes
Post by: YellowSeed on October 07, 2020, 01:17:02 PM
If you really want to still invest in these notes, Prosper is still there.  I wonder how long they will offer P2P notes.
Title: Re: RIP Lendingclub Notes
Post by: YellowSeed on October 07, 2020, 01:20:47 PM
LC stock up 6% today.  The market thinks this is a positive development.
Title: Re: RIP Lendingclub Notes
Post by: YoungFred on October 07, 2020, 02:00:22 PM
Interesting development. Would appreciate any insight on the following:

1. Does LendingClub plan on maintaining individualized loan selection on the whole loan channel?
2. Does Prosper have similar plans to eliminate the fractional loans channel?

Title: Re: RIP Lendingclub Notes
Post by: trixh0 on October 07, 2020, 02:08:51 PM
LC stock up 6% today.  The market thinks this is a positive development.
Actually I do too. I was wondering since May how they will take my LC bread crumbs away from me this time. They were way too big (16% annual interest earned so far in 2020) to leave them untouched. Today I got my answer.
Title: Re: RIP Lendingclub Notes
Post by: jrr6415sun on October 07, 2020, 02:33:03 PM
this makes sense why they didn't bother to renew their florida license for over a year. They've probably been planning this since then. I've been gradually taking out my money since they've had me blocked for so long.
Title: Re: RIP Lendingclub Notes
Post by: MarinBB on October 07, 2020, 02:44:35 PM
Interesting development. Would appreciate any insight on the following:

1. Does LendingClub plan on maintaining individualized loan selection on the whole loan channel?
2. Does Prosper have similar plans to eliminate the fractional loans channel?

Good question - is the whole loan platform closing too?
Title: Re: RIP Lendingclub Notes
Post by: lctz on October 07, 2020, 04:39:01 PM
They turned into a bank.  They start to offer "high yield" Founders Savings account. which basically means borrow from you at a lower rate and lend it with a higher rate-- a bank by definition.  It is good to the stock.  Instead of passing higher yield to you, lendingclub will keep it.
Title: Re: RIP Lendingclub Notes
Post by: flyp52 on October 07, 2020, 11:43:21 PM
I'd very much like to see LC implement a program to buy out outstanding notes held by retail investors. Maybe it would allow them to shut down the retail platform earlier, especially if they were willing to pay a small premium for the newer notes?

As an LC investor since 2009, it's been a good run.
Title: Re: RIP Lendingclub Notes
Post by: wiseclerk_com on October 08, 2020, 06:10:40 AM
I suspect this. My gut was just telling me this was going to happen. I have about 250k in lending club, just rolling over the payments month after month. Out side of Propser and FundingCircle are there any other investment platforms similar to lending club ?

If you are prepared to lend in EUR or GBP you can use several European platforms e.g. https://www.p2p-banking.com/countries/us-which-p2p-lending-marketplaces-in-europe-accept-american-investors/
Title: Re: RIP Lendingclub Notes
Post by: core on October 08, 2020, 08:37:46 AM
They start to offer "high yield" Founders Savings account. which basically means borrow from you at a lower rate and lend it with a higher rate-- a bank by definition.

No, that's not a bank by definition.  Banks create money, they don't lend it out.   Trivial reserve requirements aside.

By the way I just read Peter's piece and I haven't seen worse trash since the last time I was on this site.   Worse, even.  He might as well just get down on his damn knees.  'Course he has been since the start?
Title: Re: RIP Lendingclub Notes
Post by: BruiserB on October 08, 2020, 01:19:58 PM
I'd very much like to see LC implement a program to buy out outstanding notes held by retail investors. Maybe it would allow them to shut down the retail platform earlier, especially if they were willing to pay a small premium for the newer notes?

As an LC investor since 2009, it's been a good run.
Agree. Especially for my IRA account. I already sold a bunch of notes on folio earlier this year. But still have about $13K that Iíve been letting wind down naturally. May try to see if I can unload a few more on folio. Hope they have a way out that doesnít trigger a $100 annual fee from Strata as it winds down.  I believe their new custodian has a lower minimum before triggering the fee and at one time they told me I could transfer custodians if I wished. I hadnít done it yet as I still have over $10K in notes. Maybe as a bank they will be able to act as custodian themselves?


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Title: Re: RIP Lendingclub Notes
Post by: core on October 08, 2020, 02:34:52 PM
May try to see if I can unload a few more on folio.

That may be difficult without a time machine.
Title: RIP Lendingclub Notes
Post by: BruiserB on October 08, 2020, 05:45:29 PM
Yea...lol. I see the folio platform went away in August. Shows how much attention Iíve been paying to LC since I liquidated a bunch in Feb/Mar. I wouldnít be surprised if folio shutting down was one of the nails in the coffin. The at least partial liquidity of the notes made the investment a bit more attractive.

Btw, welcome back, @core.


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Title: Re: RIP Lendingclub Notes
Post by: flyp52 on October 09, 2020, 02:51:07 AM
I'd very much like to see LC implement a program to buy out outstanding notes held by retail investors. Maybe it would allow them to shut down the retail platform earlier, especially if they were willing to pay a small premium for the newer notes?

As an LC investor since 2009, it's been a good run.
Agree. Especially for my IRA account. I already sold a bunch of notes on folio earlier this year. But still have about $13K that Iíve been letting wind down naturally. May try to see if I can unload a few more on folio. Hope they have a way out that doesnít trigger a $100 annual fee from Strata as it winds down.  I believe their new custodian has a lower minimum before triggering the fee and at one time they told me I could transfer custodians if I wished. I hadnít done it yet as I still have over $10K in notes. Maybe as a bank they will be able to act as custodian themselves?

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Yes LC should waive fees going forward too, We no longer have the ability to sell notes on the secondary market, so as the amount invested in notes slowly declines as payments are made, we are exposed to fees for as long as five years if we hold 60 month notes. Or LC should just buy out our outstanding notes now.
Title: Re: RIP Lendingclub Notes
Post by: LA87654 on October 09, 2020, 12:02:03 PM
"Yes LC should waive fees going forward too, "

Aren't they 3rd party fees?  I doubt LC has much leverage anymore if they aren't bringing in new accounts to the 3rd party.
Title: Re: RIP Lendingclub Notes
Post by: Edward Reid on October 09, 2020, 02:36:26 PM
as the amount invested in notes slowly declines as payments are made, we are exposed to fees for as long as five years if we hold 60 month notes

Aren't all LC fees directly proportional to the note or payment size? And thus will decrease along with the remaining principal?

Edward
Title: Re: RIP Lendingclub Notes
Post by: macroman7799 on October 09, 2020, 03:51:35 PM
I think they're talking about IRA custodian fees for account maintenance and transfer which can be substantial.
Title: Re: RIP Lendingclub Notes
Post by: Edward Reid on October 09, 2020, 03:56:05 PM
I think they're talking about IRA custodian fees for account maintenance and transfer which can be substantial.

Ah, thanks.
Title: Re: RIP Lendingclub Notes
Post by: .Ryan. on October 09, 2020, 10:42:30 PM
I think they're talking about IRA custodian fees for account maintenance and transfer which can be substantial.

Spot on. Without folio, I am now forced to pay custodian fees ($100/year?) for the next 5 years while my account dwindles. My other option is to forfeit my notes.
Title: Re: RIP Lendingclub Notes
Post by: jrr6415sun on October 09, 2020, 11:56:27 PM
Yea...lol. I see the folio platform went away in August. Shows how much attention Iíve been paying to LC since I liquidated a bunch in Feb/Mar. I wouldnít be surprised if folio shutting down was one of the nails in the coffin. The at least partial liquidity of the notes made the investment a bit more attractive.

Btw, welcome back, @core.


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wait what, why did they get rid of the trading platform? I didn't receive an email about it.
Title: Re: RIP Lendingclub Notes
Post by: core on October 10, 2020, 12:02:39 AM
wait what, why did they get rid of the trading platform? I didn't receive an email about it.

August, I believe.  I didn't receive an email about it either.  I only found out about it when I came here the other day to read about the end of the notes platform.

I'm honestly surprised this thread isn't getting more posts than it has.  Perhaps not many people even cared anymore?  I've seen quite a few posts alluding to being "blocked" from purchasing new notes.  Not sure what that's all about.
Title: Re: RIP Lendingclub Notes
Post by: macroman7799 on October 10, 2020, 12:06:48 PM
I think LC has sunk in popularity quite a bit and of course not everyone uses this forum.

Mark
Title: Re: RIP Lendingclub Notes
Post by: Fred93 on October 10, 2020, 07:01:24 PM
Its been clear to me for the last several years that LC had deprecated the retail investor.  We became a smaller and smaller fraction of their total business, and one that they were no longer trying to grow.  The smaller and smaller allocation to retail investors made that clear, as did getting rid of all the retail-investor oriented customer service people. 

This has been a long time coming.  No one who was observant should be surprised.

Clearly their plan was to slowly drive away the retail investors so they could eventually shut down the retail operation with minimum fuss.

Unfortunately, management was never honest about this.  That's a big negative mark for them in my book.

They have accomplished their goal, and have now just admitted it.
Title: Re: RIP Lendingclub Notes
Post by: Rob L on October 10, 2020, 07:02:24 PM
wait what, why did they get rid of the trading platform? I didn't receive an email about it.
I'm honestly surprised this thread isn't getting more posts than it has.
Nice to hear from you again and best wishes. Almost everyone has moved on.
With this I'm now even wondering how much longer Peter is going to keep the Investor Forum operating.
Title: Re: RIP Lendingclub Notes
Post by: Rob L on October 10, 2020, 07:06:29 PM
Its been clear to me for the last several years that LC had deprecated the retail investor.  We became a smaller and smaller fraction of their total business, and one that they were no longer trying to grow.  The smaller and smaller allocation to retail investors made that clear, as did getting rid of all the retail-investor oriented customer service people. 

This has been a long time coming.  No one who was observant should be surprised.

Clearly their plan was to slowly drive away the retail investors so they could eventually shut down the retail operation with minimum fuss.

Unfortunately, management was never honest about this.  That's a big negative mark for them in my book.

They have accomplished their goal, and have now just admitted it.

Ditto. A long time coming but the end has been obvious for years.

Title: Re: RIP Lendingclub Notes
Post by: Lovinglifestyle on October 11, 2020, 04:58:54 PM
" A long time coming but the end has been obvious for years." , from Rob L, well put--thank you.
If things had stayed the way they were at the beginning I would still be addicted. It was hard to give up.
Title: Re: RIP Lendingclub Notes
Post by: Debt Free on October 11, 2020, 05:18:06 PM
Here's another interesting question.  After the platform closes down for new investments and five years goes by, presuming 5% of these notes charge off, how long will your accounts remain active to collect any charge off recoveries?  Among my accounts, I have two that have drawn down to zero with no active notes.  I still receive recoveries each month of a couple dollars.

Will LC maintain our accounts for another 15 years or buy out the charged off debt from us?
Title: Re: RIP Lendingclub Notes
Post by: storm on October 11, 2020, 05:31:59 PM
Here's another interesting question.  After the platform closes down for new investments and five years goes by, presuming 5% of these notes charge off, how long will your accounts remain active to collect any charge off recoveries?  Among my accounts, I have two that have drawn down to zero with no active notes.  I still receive recoveries each month of a couple dollars.

Will LC maintain our accounts for another 15 years or buy out the charged off debt from us?

After 5 years of note issuance, LC has no obligation to give you any recovered amount:

Quote
In the event that LendingClub receives payments on a member loan corresponding to an investorís Note after the final maturity date, such investor will not receive payments on that Note after the final maturity date.

Each three-year Note will mature on the initial maturity date, unless any principal or interest payments in respect of the corresponding member loan remain due and payable to LendingClub upon the initial maturity date, in which case, the maturity of the three-year Note will be automatically extended to the final maturity date (which in no event shall exceed five years from the initial maturity date). If there are any amounts under the corresponding member loan still due and owing to LendingClub on the final maturity date (for three-year or five-year Notes), LendingClub will have no further obligation to make payments on the related Notes, even if it receives payments on the corresponding member loan after the final maturity date.
Title: Re: RIP Lendingclub Notes
Post by: Rob L on October 11, 2020, 06:49:14 PM
" A long time coming but the end has been obvious for years." , from Rob L, well put--thank you.
If things had stayed the way they were at the beginning I would still be addicted. It was hard to give up.
Another voice from the "better times". Best wishes to you. We had a really good thing and it went bad. :(
Didn't know how lucky I was to get in while the getting was good. I was late to the party starting in 2013.
I'm sure we both did very well but ultimately but had to leave the party when it was over.

It could have been worse; could have bought the stock at the IPO and still own it (a 96% loss to date).
Title: Re: RIP Lendingclub Notes
Post by: BruiserB on October 12, 2020, 10:13:01 AM
Apparently I did get a message about Folio shutting down.  It came in an August 6th email with the subject line "July 2020 Monthly Statement and an Update on Folio."

In it there was this:

An Update on Folio

As a Folio account holder, you know that historically Folio Investments, Inc. (Folio) has offered a secondary market for Notes, where individuals could buy and sell Notes to and from other investors. LendingClub was recently notified that Folio is being acquired by a financial institution and, as a result, the secondary market for Notes will be discontinued.

Please know that the closure of the secondary market will not affect the Note investments in your LendingClub account, and your LendingClub account will continue to be serviced as usual.

Should you wish to buy or sell Notes on the secondary market, please keep these key dates in mind:
August 26, 2020: The last day you will be able to list a Note for sale. Any remaining Note listings on the trading platform at the end of the day will expire or terminate. Any trades executed on August 26, 2020 will settle in accordance with standard settlement procedures on August 27, 2020.

August 28, 2020: Investor account(s) with Folio for trading Notes will be closed, after which you will be able to log in to view statements and legal agreements only.
While most investors consider Notes to be part of their buy-and-hold long-term investment strategy, we understand that the secondary market has provided a valuable option to those who needed it. We're disappointed in the decision and understand that investors who actively trade Notes will be disappointed too. Because the secondary market has always been offered by a third party, we unfortunately do not control its availability.

As always, please contact us with any questions at the email address below.
Title: Re: RIP Lendingclub Notes
Post by: macroman7799 on October 12, 2020, 09:36:01 PM

Please know that the closure of the secondary market will not affect the Note investments in your LendingClub account, and your LendingClub account will continue to be serviced as usual.


That sure lasted a long time!
Title: Re: RIP Lendingclub Notes
Post by: kib on October 14, 2020, 05:00:33 PM
I think they're talking about IRA custodian fees for account maintenance and transfer which can be substantial.

Spot on. Without folio, I am now forced to pay custodian fees ($100/year?) for the next 5 years while my account dwindles. My other option is to forfeit my notes.
If you have an open (non-ira) LC account, you can take a distribution in the amount of the open notes in your IRA and transfer those notes to the non-ira account.  Of course you'll have to accept any IRS consequences / penalties that come from making a distribution.   This is a third option beyond waiting out the years and fees or forfeiting the notes, but it's not a very good one.
Title: Re: RIP Lendingclub Notes
Post by: kib on October 14, 2020, 05:20:52 PM

Unfortunately, management was never honest about this.  That's a big negative mark for them in my book.

  This ^.   I think they could have gracefully cancelled the program without screwing all of us with these last minute announcements, including only announcing the closing of the LC platform after it was no longer possible to sell on Folio to investors who might have been ok with the slow attrition / no new investment agenda.  They've basically been behaving like morally derelict pigs since about year 3.  I assume it's being done this way to suck the last few dollars out of us as we bail on the sinking ship and forfeit our notes.  Such admirable character, I just can't wait for my Flounder account.
Title: Re: RIP Lendingclub Notes
Post by: BruiserB on October 15, 2020, 09:31:33 AM
I did e-mail Lending Club to ask about switching IRA custodians as they previously had told me that it was possible to do so.  The new custodian they have recently been using only had maintenance fees if the notes balance went below $5,500 rather than $10,000.  I figured transferring custodians would be one way to avoid the fees.  Below is the response I received.  Summary: no longer possible to change custodians but they will cover yearly fees as account winds down.  Strange part is that they left it to me to contact them once my balance goes below $10,000 to get added to the waiver list.

Thank you for reaching out!

LendingClub will be happy to cover your IRA account maintenance fee with STRATA Trust if your balance happens to fall below the 10k threshold. The fee is assessed on the month of your anniversary with LendingClub (August) so please reach out to us prior to then if your balance drops below 10k and we will add you to our list.

At this point we can no longer transfer you to our new IRA custodian as the funnel for new accounts was closed a week or so ago. With this being said it should not matter as the only difference between the two Custodians was the lower annual fee, however since we will be covering this for you this should not affect you in any way.
Title: Re: RIP Lendingclub Notes
Post by: rawraw on October 19, 2020, 07:51:23 PM
All we need is New Jersey guy and Bryce for the reunion. It was a good run 😊
Title: Re: RIP Lendingclub Notes
Post by: flyp52 on October 22, 2020, 01:36:10 PM
Sure hope Bryce is doing ok after the Direct Lending Investments debacle.
Title: Re: RIP Lendingclub Notes
Post by: lascott on October 23, 2020, 05:25:10 PM
Sure hope Bryce is doing ok after the Direct Lending Investments debacle.
Wow, I had missed that. https://www.institutionalinvestor.com/article/b1mx87t9y62d3r/FBI-Arrests-Direct-Lending-Firm-Founder-for-Alleged-Fraud
Title: Re: RIP Lendingclub Notes
Post by: rawraw on October 27, 2020, 06:57:42 PM
I think he is doing OK.  I tried reaching out to him but we kept missing each other.  I should check on him again
Title: Re: RIP Lendingclub Notes
Post by: HowFree on December 09, 2020, 06:14:18 PM
My wife and I were very early investors in LendingClub notes and opened a STRATA SD-IRA account to invest tax-free.  With the closing of the retail platform, we are moving our account to Horizon Trust to invest in Secured Promissory Notes issued by LCUSA Funding, a subsidiary of LendingUSA which originates consumer loans similar to LendingClub, but they are originated at retail point-of-sale for consumers. 
Title: Re: RIP Lendingclub Notes
Post by: Booleans on January 11, 2021, 12:49:33 PM
I don't suppose Lending Club will continue updating their data on issued loans and payments? It'd be great if we could get one more file on issued loans (covering 2020 Q4) and then still get updated CSV files on loan payments until the end. I've emailed Lending Club to find out the answer and have gotten no response.
Title: Re: RIP Lendingclub Notes
Post by: macroman7799 on January 13, 2021, 07:50:40 PM
I sent a question on January 3rd and still no response. How long should we expect to wait?