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Messages - Fred93

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Investors - LC / Re: What's your next move?
« on: November 21, 2020, 05:01:24 PM »
I voted "transition to prosper".  I have been moving money from LC to Prosper, but not all. 

I've been moving some money to stocks, in other words changing my allocations.  There aren't good alternatives in fixed income any more.

Investors - P / Re: Good Returns on Prosper?
« on: November 04, 2020, 11:23:28 PM »
For me, Prosper reports 4.98%. 

Investors - LC / Re: Collections when the Notes platform is discontinued
« on: October 23, 2020, 05:14:48 PM »
That's creative. Yes, I could continue paying fees that are higher than the money coming in, and choose to give LC/Strata even more of my money and claim that I'm not being forced.

Are you sure you aren't just angry in general?

Have you asked LC to pay the strata fee during wind-down?
See this post...,21624.msg61665.html#msg61665
Seems that others have had good luck with that.

Investors - LC / Re: Collections when the Notes platform is discontinued
« on: October 23, 2020, 02:51:17 PM »
The difference, of course, is that LC will keep all this money and not compensate us in any way once our accounts are closed. It's not a lot of money, but looking at my account it looks like it adds up to a couple hundred bucks a year.

It's a cash grab by LC verging on theft. It may be only a little bit of money for each of us, but added together I'm sure it's significant.

Nobody is forcing you to close your account, so this conclusion is wrong.

Investors - LC / Re: Collections when the Notes platform is discontinued
« on: October 18, 2020, 04:14:57 PM »
I expect that collections will continue as before.

LC is NOT eliminating their loan program.  What they are eliminating is RETAIL LENDERS, ie you and me.  For several years, most of the lenders on LC have been institutions such as banks or hedge funds.  LC services the loans for these customers, so loan servicing, collections, etc should continue.  The people doing these functions probably won't even notice that the retail investors are gone.

Investors - LC / Re: Bonus payment
« on: October 16, 2020, 05:08:35 PM »
I think the bonus payments are an indication that Lending Club did not have some diabolical plan years in the making to shut down the retail platform. They were trying to keep it viable and just recently decided that it is not viable.

Nah.  The other evidence is so overwhelming.  I suspect that the bonus payments are better attributed to left hand not coordinated with the right hand.

But, for the record, I have never called it "diabolical".  Just practical disinterest.

Investors - LC / Re: Is the API Done?
« on: October 16, 2020, 05:05:54 PM »
Started working again shortly before noon today. 


Investors - LC / Re: RIP Lendingclub Notes
« 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.

Will it be simply an "introductory offer" valid only for your initial opening deposit?  Or expires after 12 months.
Will there be a minimum deposit maintained amount of say $10,000 in order to achieve it?  Otherwise it reverts to 0.01%.
Will it be  the scenario of only up to the first $3,000 and then any amount above that is the standard rate of 0.01%?

You must have dealt with some banks.  :-)

Well, there are clues.  Here are the terms for radius bank's high yield savings account, available to anyone...
Radius High-Yield Savings is a free savings account with no monthly maintenance fee, no minimum balance requirement after $100.00 to open the account, and is FDIC-insured up to the maximum allowed. Annual Percentage Yield (APY) accurate as of 10/10/2020. Minimum amount to open account is $100.00. Rate tiers are as follows, 0.00% APY applies to balances of $0.01$9.99, 0.05% APY applies to the entire balance on balances of $10.00$2,499.99, 0.15% APY applies to the entire balance on balances of $2,500$24,999.99, and 0.25% APY applies to the entire balance on balances of $25,000 or more. Rates may change after account is opened. Fees may reduce earnings.

So if 0.25% is available to any Tom Dick or Harry, I'd imagine that long-standing beloved LC customers would get at least 0.3%.

They don't seem to make any of the fine print available.  Maybe you can read it if you begin an application.  I was unwilling to give them my email address, so I didn't do that.

Lending Club has told us they will soon announce a special "a high-yield savings account exclusively available to our Notes investors".  What an opportunity! 

They have not yet said what the interest rate on this special high-yield account will be. 

Would you like to guess?  Place your bets gentlemen.  Pick the answer closest to your guess.

Unfortunately, these online loan places have to depend on things like credit score, as they don't have the manpower to do individualized underwriting.  I doubt that you can get thru to a person who can deviate from the rules.

Even banks, which appear to have people involved, are less flexible these days than they used to be.  You may need to find a lender who specializes in low-credit-score individuals.

I wish you good luck.

PS: Reasonable funerals don't cost $13,500, so that part of your story will sour any underwriter.

Foliofn - LC / Re: Folio ending August 28th.
« on: August 27, 2020, 01:47:11 PM »
Is the institutional secondary market similar to Folio (listing loans, self service by institutions) or it is just someone at LC or 3rd party when approached by seller finds buyers? I recall few years ago there was a third party that was doing this with LC loans for institutions.

It is fully automated API, bid/ask type thing.  I have only limited information, because the discussion stalled when I did not proceed to form an LLC as they requested.

They never were open about the reason for requiring an LLC.  I understand that it is appropriate if I were handling other people's money, but I'm only handling my own money, so it didn't make any legal sense for ME.  I figure there must be some regulations somewhere that make them feel safer if their customers are only LLCs, but they would never tell me what it was.  They just didn't want to say much about anything until I spent a bunch of money to become an LLC, which was a real turnoff.

Because they never did provide an explanation of their logic, I cannot validate that their reason is "real".  For all I know it may be imagined.

Suggest you call them and engage.  Maybe you'll get further than I did.

Foliofn - LC / Re: Folio ending August 28th.
« on: August 26, 2020, 10:54:23 PM »
The Foliofn web site now says the ending date is 8/26, which business day has ended.  The API stopped working at 15:20PM PDT.

Foliofn is dead. 

Foliofn - LC / Re: Folio ending August 28th.
« on: August 23, 2020, 05:18:24 PM »
LC does have a secondary market.  It is for "institutions only".  They told me I'd have to form an LLC to go further.  I found this would cost me a lot of money.  State of CA has a fee to form an LLC and an annual tax, and I'd have to pay an accountant to make another tax return every year.  I figured a few thousand a year.  I did not proceed.

Investors - LC / Re: My hardship loan experience
« on: August 02, 2020, 07:21:19 PM »
Under 10% being hardship and less than 10% of those being delinquent seems really good, seeing as how 20% of the country has lost their jobs.

Be careful with the interpretation of those percentages.  Loans default over time. 

That means you should look at delinquency in units of "% per year", not just "%".   If you don't get the time element in there you will confuse yourself.  Covid hardship status hasn't been around for very long, which means there hasn't been much time for many of them go late yet.

I'm happy to see the "hardrship only" check box.  LC owes us visibility.

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