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Messages - Joe6Luck

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1
General P2P Lending Discussion / Re: Bondora?
« on: November 03, 2018, 12:39:30 AM »
Bondora now provides an easy way to transfer funds from credit/debit card (issued by US bank in my case) into one’s account via so-called Visa and MasterCard Payment. ...

Does anybody know if there is any potential risk with this process and if there is any upper limit to transfer funds from US to this European p2p lending service?

I was not able to find any explanation of the credit card fees that you are charged for this kind of transfer.  Because it is via credit card, I am sure there are big fees.  How much was added on for a fee when you did your transfer?  2%?  5%?

Good question. I was charged for 5% Cash Advance Fee when I initially used a credit card. I tried again and used a debit card instead  - no extra charge so far.

UPDATE:Just found a 3% foreign transaction fee in my debt card. So, definitely check any cash advance fee and/or foreign transaction fee with your bank. There are a couple of banks that offer debt card without such fees, though. Just check.

2
General P2P Lending Discussion / Re: Bondora?
« on: November 02, 2018, 07:59:01 PM »
Bondora now provides an easy way to transfer funds from credit/debit card (issued by US bank in my case) into one’s account via so-called Visa and MasterCard Payment. I tried transferring 10 euro into and out of Bondora account and both finished in a few seconds with fair exchange rate.

Here is their introduction: https://www.bondora.com/blog/easy-ways-to-make-a-deposit-to-bondora/

Does anybody know if there is any potential risk with this process and if there is any upper limit to transfer funds from US to this European p2p lending service?

3
Investors - LC / Re: Requesting a quick survey on P2P lending
« on: October 13, 2018, 05:18:11 AM »
I am an university professor who are studying P2P lending market.
For my research team's study, could you please participate a quick survey on your P2P lending experience?


From the survey questions, looks you are working on cryptocurrency, instead of p2p lending. I think people like me would appreciate if you could share a bit more details about the purpose of this survey.

4
In my mental model, there are multiple databases, and periodic programs that move data from one to the other.  This means that some of the stuff you see is a little old.  Notes appear to be offered for sale for awhile after they're already sold, etc.  I suspect this is the same sort of thing.

You mental model makes sense. I met similar situation in my work experience before. If this is actually the case, I won't expect Lending Club will fix the problem unless there is a strong reason for them to refactor their whole system :(

5
Foliofn - LC / Re: Why not buy notes with a premium???
« on: October 06, 2018, 09:57:43 PM »
Yes, that makes sense.  I wonder how often that happens deep into the loan. Thanks.
This is one example of how LC's transparency still works really well.

While we have so many complaints about LC, this is a prominent reason that I think LC is better than other platforms.

6
This is the same issue as https://forum.lendacademy.com/index.php/topic,4789.0.html, except that thread was about buying programatically and this one is about buying manually. I expect the same result though- it will tell you you've bought the note, but a few days later it will be in your "Canceled Buy Orders", with the reason that a payment was pending.

I saw similar discussion before: if one purchases a note on foliofn one business day before its due date, the purchase will be automatically cancelled. However, if nobody purchases it, the note on foliofn will be automatically cancelled by LC and shown as "Canceled, Payment Processing".

In my case, I saw the above note was still on foliofn even two business days after its due date. So, I am less curious why a purchase will be cancelled, and am more curious why a note like this is still listed on foliofn. Did you observe similar situation before?

7
I find the following note on FolioFn today (10/4). See the snapshot below for details. It has a pending payment (due on 10/2), and I think it is prohibited to list such a note on foliofn. Does anybody know how this could happen? And, what will happen if I buy this note today and the payment becomes late in a few days?

https://www.lendingclub.com/foliofn/browseNotesLoanPerf.action?showfoliofn=true&loan_id=76415184&order_id=109645784&note_id=125132885

8
Foliofn - LC / Folio API error?
« on: September 22, 2018, 07:28:54 PM »
I started seeing the following error messages yesterday

 > Code 503; Text: Error submitting trade order

It happens when I try submitting a BUY order. Does anyone meet the same issue and have any idea about it?

9
6. Add a new 1099-B.  Instead of listing each transaction, just use the sub-totals of the short term and long term (on your lendingclub pdf file - let TurboTax do the totals. Rememeber that each 1099-B worksheet has two parts - the top part you should use the pulldown for box-A,  the bottom half should use the pulldown menu item for box D (long term losses) .

I reported it in the same way (sub-totals of the short term and long term) this year and last year. Worked well.

10
It is sad there is no other options in US. I did some research on potential investment to EU p2p where secondary market exists. Only find they either don't not accept investment from US or don't provide any idea about tax consequences/complexities :(

11
Other than LendingClub, is there any US-Based P2P platform that provides secondary martket?

I see quite a few EU-based platforms (various p2p lending, e.g., for personal lending, business lending and real estate). Just wondering if there is anything like lending club's foliofn. It will make me feel comfortable to make some long-term investment with an liquidation option available.

12
General Discussion / Notes are not secured by Peerstreet?
« on: March 04, 2018, 12:16:42 PM »
Peerstreet's FAQ @ https://info.peerstreet.com/faqs/are-the-notes-issued-by-peerstreet-secured/

“No, the Notes issued through the platform are not secured. The loan underlying each Note issuance, however, is secured by the underlying real estate.”

How to understand its consequence in bad situations (e.g., borrowers failed to pay and peerstreet goes out of business)?

13
Investors - LC / Withdraw some funds from Lending Club IRA account
« on: July 22, 2017, 10:12:05 AM »
I am planning to withdraw some fund from one of my lending club IRA accounts, move them to Self Directed IRA, and then to my IRA account in Vanguard. However, I saw the following note on Lending Club website - its "withdraw fund" page:

"Please note: you may incur an early withdrawal tax and/or penalty on withdrawals. Please consult your tax adviser or visit the IRS's FAQ section on IRAs."

I don't know why they show a note like this, because I only transfer funds between IRA accounts (from lending club to Self Directed IRA). Also, I am curious about how to further transfer funds from SelfDirected IRA to vanguard - I didn't find any info when searching its website, and wonder if I can simply request Vanguard to start the transfer process.

Did anyone ever successfully transferr funds from lending club IRA to external IRA?

14
Investors - LC / Re: Is Folio dead?
« on: May 29, 2017, 06:43:52 PM »
@AnilG, Thanks for the hint. It is very interesting, and I'd like to get some data points to find out more by myself. Can you tell me where to find the extra info that becomes available right after a note is issued? I guess you didn't mean the note detail page (where there is no extra info such as collection log, credit change, etc. for most just "Issued" notes) or the loan file (that is updated once per quarter.)

Chances are some investors simply need to liquidate their notes purchased on the primary market for whatever reasons. When they bought the notes on the primary market, they might not use any filters or might use different filters than what foliofn users will use. But, I still think these note, when being listed on folfiofn at a discount and satisfying the several other criteria I used in the query below (possibly plus one more criterion:  empty collection log on the note detail page), become a better choice than their counterparts on the primary market.

Of course, we can claim that Lending Club's algorithm might fail to evaluate the risk of these notes and set up right interest rate (which I believe is the case, given the significantly degraded performance in the last 12-24 months). But, this is a separate and more general question, isn't it?

15
Investors - LC / Re: Is Folio dead?
« on: May 28, 2017, 01:39:15 PM »
I have a check and see 80+ notes that are "Issued" && (Trend = "FLAT" or "UP") && Discount > 0.5% && Note Amount = $25. It is supposed that they are strictly better than the new notes released on the retail platform. However, when I download the search results, I see these folio notes have been listed for 4 days (on average.) So, is it merely because the demand is very low on foliofn, or because the quality of these notes are actually not as good (but why)?

As a reference, here is the query I used

https://www.lendingclub.com/foliofn/tradingInventory.action?mode=search&loan_status=loan_status_issued&search_from_rate=0.04&search_to_rate=0.31&fil_search_term=term_36&fil_search_term=term_60&search_loan_term=term_36&search_loan_term=term_60&opr_min=0.00&opr_max=Any&never_late=true&remp_min=1&remp_max=60&askp_min=0.00&askp_max=Any&credit_score_min=600&credit_score_max=850&ytm_min=Any&ytm_max=Any&credit_score_trend=UP&credit_score_trend=FLAT&markup_dis_min=-100&markup_dis_max=-0.5&ona_min=25&ona_max=25

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