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Topics - pplinvestor

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Investors - LC / Loan posted more than 1.5 days after submitted
« on: June 27, 2015, 09:12:48 PM »
Last couple days, I noticed there are no more notes submitted within 4 hrs before feeding time.  Instead note released to platform at 6:00pm on 6/27 are loans submitted on 6/26 6am.  Is LC doing more due diligence before releasing to the platform? 

Borrower is over 30 days late and "Borrower requested that Lending Club cease and desist all communications" is noted in the collection log.  Did Lending Club cross the line in its collection efforts?  I saw several notes having the same log entry recently.  At the time like this, I feel like I'd better be a Borrower, instead of lenders.

Investors - LC / New IRA Agreement for Folio trading?
« on: November 14, 2014, 05:03:06 PM »
Any one seen new Folio IRA agreement? 
I have been selling non-performing notes in my IRA account for last two years.  Even though there are many discussion on this Forum that Lending Club no longer allow IRA account to trade notes on Folio, Lending Club never contacted me to inform me the new rule and never blocked my trades on Folio.   Just this week, when I click the Trading Account link, it pops up new Folio Agreement and Folio IRA Agreement.  Anyone seen it?   My interpretation is that (without reading 10+ pages long agreement), with Folio IRA, the money will never leave IRA account.  It will move from Lending Club IRA to Folio IRA and back and forth to make perfectly legal to trade notes for IRA account.   Anyone thinks otherwise?  Thanks.

Investors - LC / Borrower engage with debt consolidator
« on: June 12, 2014, 10:26:41 AM »
Notice this Collection Log entry: "Borrower engaged with debt consolidator"

Any guess on when borrower will engage with debt consolidator? 

Investors - LC / C and D rates lowered
« on: December 25, 2013, 05:13:09 PM »
Noticed C rated and D rated loans interest rates are lowered.

Investors - LC / why this note still in Grace Period?
« on: December 22, 2013, 03:59:55 PM »
Why does this note in Grace Period, not be late (16-30) days?   There is no 12/1/13 payment.  Should be in late status on 12/16/13.

I have sell orders outstanding and then cancelled for "Payment Processing".  After waiting days, there is no actual payment ever showed up.  Now, the status is "Not Received" and scheduled.   This is ridiculous.   Cancelled just because due date that LC will automatically code as "payment processing" when in reality there is no payment.

Investors - LC / Fully Paid becomes Current
« on: September 10, 2013, 11:37:08 AM »
Going through my spreadsheet and just noticed that one note was "Fully Paid" a couple weeks ago and now become "Current".  Seems LC had retracted payment from note to note.  Anyone has such experience?   

Foliofn - LC / Canceled or expired sell orders that are not visible?
« on: September 08, 2013, 12:54:12 PM »
My fn account shows 6 canceled sell orders.  But 0 visible.  Anyone has similar issue?  I never had it before.  I like to see those canceled sell orders and re-list those notes, instead of searching my notes holding to find them again.

Canceled Sell Orders
6 Note(s) (0 visible)    

This is the 2nd time I see this type notes.  Borrower had been paying on-time until the latest one.  Then, suddenly borrower contacts LC and provides "Bankruptcy counsel information" while FICO is increasing.  What can be the explanation?

Foliofn - LC / Folio Search Function
« on: July 25, 2013, 10:49:57 AM »
I selected "Never Late" and "Now Current" and clicked Search.  It still returned >50K notes selling.  Many of them clearly were late many times.  Like this one....did not pay in Oct. 2012, and did not pay in May 2013.  How can it be "Never Late"?

Investors - LC / Fully Paid but have $0.05 balance?
« on: July 16, 2013, 01:59:01 AM »
Looks like Lending Club Computer system is awful. I'm not sure I can trust them to allocate money to appropriate account.  This note said Fully Paid today, but back dated payment date to 7/2.  Last Payment (7/2/13)  = $21.78, Payments to Date (7)=$5.95.  Uh???  Payments to Date is less than the Last Payment?  Also, it still owe $0.05 principal.  But LC says Fully Paid.  I sure don't want to loose $0.05 per note.  On 800 notes, it will mean $40.  My yield is already so low (way too many defaults of A-Rated notes), making LC investment not attractive.  Don't want to loose another $0.05 here.  Anyone has Fully Paid notes, but have > $0.02 balance?

Investors - LC / Lending Club Default Rate over entire life of loans
« on: July 07, 2013, 10:24:49 PM »
This may have been discussed before.  But I just pulled these data below and I'd like to share.
Download all loan data today.  Pick all loans that are supposed to be paid off by 7/8/13 (removing any loans that are not ready to be paid off yet)

Bad Loan = Charged off + Default + Late loans

Bad loan percentage
5.4%        A
11.5%      B
15.1%      C
19.3%      D
22.3%      E
27.4%      F
31.9%      G

I feel Lending Club published default rate are distorted greatly because they calculate as percentage of issued loans.  Given LC extremely fast growth rate, there are so many new loans that don't have a chance to default yet (less than 150 day from issue date, less than 120 days from the first payment due).   For those of us who plan to buy and hold, default over the entire loan cycle is more relevant since # of loans in our holding does not grow much.   Granted later default loan will have less impact than early default loans (my next task to sort default time frame and impact to investment), still I believe current interest rate of LC is not that good for the risks investors are taking.

Investors - LC / Late Fee
« on: July 03, 2013, 06:12:31 PM »
Some of notes were late and I received late fee payment.  But I did not receive late fee for some other notes that were late for over 30 days.  On what circumstance investors will receive late fee payment?  Look this one note.  It was late so many times.  But only one time Late fee is charged.  Why?

Investors - LC / How to wind down IRA Account?
« on: June 28, 2013, 09:49:47 PM »
I invested $10K in IRA account since $10K is minimum required to avoid $100/Yr account maintenance fee.  Now, I am getting less and less happy with Lending Club.....a lot higher default rate in my account than advertised, lower interest rate, no capability to ask questions and borrowers don't answer any way, fewer and fewer quality loans, misleading payment plan, service fee not fraction-ed (you can pay up to 2% fee when each payment is $0.5), etc, etc.
But how shall I wind down the account?  I recall to avoid $100/yr fee for the IRA account, one has to invest $10K in notes, not just leave $10K cash in the account.  500 notes won't be paid off at the same time.  So potentially, it can drag a few years before all notes are paid or defaulted.  That means I'll end up to pay $100/yr for several years to wind down the IRA account.  Anyone has good suggestion?

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