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Topics - Bohb Daishi

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Investors - LC / Where Lending Club Fails Borrowers
« on: April 24, 2014, 02:11:19 AM »

The borrower negotiated a payment plan on 11/22/2013, made every payment on time as agreed, then was automatically charged-off because that agreed-upon payment amount wasn't high enough to keep it from going 120 days past due. I have several other notes like this, including these two from the recent batch of charge-offs:

I don't mind if Lending Club charges off a note that hasn't paid in 5 months. But when the borrower has been making recent payments, even if it's lower than the standard amount, they shouldn't be charged off. No other major lender or credit card company would charge off a borrower who is still actively trying to make good on their debt. It's utter farce.

Investors - LC / More Hand Holding!
« on: April 17, 2014, 01:06:24 AM »
Anyone notice this on your notes?

My favorite part is that the note I took that picture from was last updated on March 64, 2014...  :o

Investors - LC / Bankrupt Note Went Current!
« on: March 21, 2014, 04:09:14 AM »

In total, two loans went current out of my 100 bankrupt loans. I even have a few that got charge-off recoveries. I'm liking these odds.

Investors - LC / New Loan Status?
« on: March 20, 2014, 01:32:36 AM »

Status: "Loan is being issued"

Granted, I only recently started "purchasing" notes on the primary platform. But I don't recall ever seeing this status before.

Investors - LC / Charge-Offs Start Soon
« on: March 15, 2014, 02:42:51 AM »
Charge-offs seem to happen around the 20th of the month. So if you have "Junk" loans, now is the time to liquidate them!

Investors - LC / Payment History Data File
« on: March 14, 2014, 05:27:53 AM »
Does LC have a downloadable file that includes the payment history for all notes?

FolioFN - Prosper / First
« on: March 11, 2014, 03:04:45 AM »
Had to do it.  ;)

On a more serious note, how many of you actively purchase notes on Prosper's secondary market?

Investors - LC / Folio Traders - Roll Call
« on: March 06, 2014, 05:44:27 AM »
I'm curious how many Folio traders there are on these forums. Whether you dabble with a few notes here and there or you trade enough to make a living, make a post in this thread.

Right now about 95% of my account is devoted to trading. On average, my volume is about 600-800 trades a month.

Edit: to clarify, by "trader" I mean someone who actively purchases notes on folio with the intention of re-selling them shortly thereafter. So even if most of your activity is buy-and-hold, post here if you make trades every now and then.

Investors - LC / Another Whale in the Sea
« on: March 06, 2014, 12:45:55 AM »
Someone just bought up every note in the past-due market that were listed at >93% discount. It completely cleared out my "fire sale" inventory. If you want to sell your bad notes, do it now before the whale goes away.

Investors - LC / New Prime Note
« on: February 25, 2014, 01:55:37 AM »
Prime just hooked me up with another perfect-credit 20%+ note: Technically this is the first approved note, since the one in December was withdrawn by the borrower.

Crossing my fingers to see if it issues!

Investors - LC / In LendingClub's Defense
« on: February 18, 2014, 02:35:30 AM »
For all the griping, moaning, trash-talking, bugs-not-getting-fixed, and all that other crap that we post about here in the forums, I want to say that LendingClub is still an excellent service that provides substantial returns. So for as much as I complain about XYZ happening, I want to make it known that I am still very satisfied with the company overall. Not only has it provided income for myself, but it has also provided a thought-provoking and productive environment that makes me a better trader/investor. These forums are especially useful, giving me ideas that I might never have thought of on my own.

When the company IPO's later this year, I will be first in line to buy some shares.

Investors - LC / Accrued Interest and Paid-Off Loans
« on: February 17, 2014, 03:09:21 AM »
This is a follow-up from my earlier post about losing out on accrued interest when a note became paid off. I felt that this warrants a new thread because it is useful information.

Long story short, according to LendingClub policy, a borrower is typically NOT held liable for accrued interest if they pay off their loan. The only exception is that the loan must have been brought current first (including past-due accrued interest). After it becomes current, the only payoff amount is the current principal, but not the current interest.

For example, take a "current" note with a 24% rate, a due date of March 1st, and a Feb 1st principal balance of $100. In theory, the note should accrue about $2 in interest between 2/1 and 3/1. However, if the borrower pays off the note on 2/28 with a $100 payment, LendingClub will NOT go after the borrower for the accrued interest, nor will they credit investors for that amount. Even if the note showed as having ~$2 in accrued interest on 2/27, investors still will not receive it.

The silver lining is that if the borrower pays AFTER the next due date (or on 3/2, according to the example), borrowers ARE held liable for that full month of accrued interest.

Investors - LC / Loan Paid Off
« on: February 12, 2014, 04:48:47 AM »

I purchased this note back on 12/31/2013 when it had a principal+accrued value of $104.19. According to my account activity, there was one payment made on 1/30 for $8.95. Then yesterday another payment for $95.71 paid the note off, but backdated to 1/30 and combined with the original. That brings the entire paid-off value to $104.66. Good, right? Wrong.

With a 25.83% interest rate, the note should be earning just over 2% a month in interest. So for the 43 days I owned it, I should have earned 3.04%. But In reality, I earned 0.45%. What happened to the remaining 2.69%? It was lost. Forever. That's $2.80 in accrued interest that disappeared. Now, I wouldn't really take notice nor complain, but this just so happened to be the loan that I purchased $1700 worth in December (and at a substantial discount, making it my most profitable trade to date!). After running the numbers, I was cheated out of $42.90 - an amount that DOES catch my attention. And this didn't just happen with this single loan - it happens with every single loan that gets paid off early.

I am definitely calling them tomorrow to complain and I won't stop until I get my $42. I highly recommend you call them too, because I'm sure that some of you have lost over $500-1000, depending on your account size and how long you have been investing. Maybe if enough of us complain, they will realize that their goofy interest calculation and payoff policy actually impact the vast majority in a meaningful way.

Edited the title since it wasn't a "scam".

Investors - LC / How Is This Note Still Current?
« on: February 12, 2014, 02:42:30 AM »

The borrower missed the payment due date of 2/1/14. By all respects, this note should be 11 days into its IGP status right now.

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