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Messages - sigclem

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Has to do with the news that RL is trying to take the company private.  Which sounds like a bad idea BTW.

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Investors - LC / Re: Is LendingClub Broken?
« on: June 06, 2016, 04:06:28 PM »
Fred93 - thanks for the insight.

My first question on the forum was trying to figure out was in regards to a friends loan, that applied on May 20th, which I could not see on the platform.

I guess I should define backlog as in - loans where people have applied but the loan is not available on the retail platform.  As I look today, specifically at D rated 60 month loans, the application dates for those loans is May 8th.  The date is increasing by 1 day (in general) each day that passes.  So tomorrow I expect to see May 9th. 

I am defining this as a backlog of loans.  There are more D rated 60 day loans that have been applied for, then LendingClub is allowing to reach the platform.  Significantly more if you consider that the current dates are May 8th.

I could be missing something but it feels like supply exceeds demand significantly (in the 60 month loan department)

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Investors - LC / Re: Is LendingClub Broken?
« on: June 06, 2016, 11:00:45 AM »
The question I am not seeing answered is what happens to the thousands of borrowers who just say screw it and don't wait for 30 days for LendingClub to list their loan.  They are likely gone forever.  The most profitable borrowers for LendingClub are the repeat borrowers.  I would also imagine they are the least risky in most cases, if they have paid off a loan and shown an ability to repay. 

I would actually argue they should be taking some of their $850M in cash and funding a ton of loans if they need to.  The cost of acquiring a customer is significant.  These customers who don't wait for 30 days for their loan to be listed will have had a terrible experience and be gone forever.

I think the next 30 days are make or break for LendingClub, and for those of you who have had success earning a return on your investment buying notes.  Discover Personal Loans or SoFi, or any others with adequate capital, will end LendingClub if they don't quickly figure out how to fund their backlog of loans.

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Investors - LC / Re: Is LendingClub Broken?
« on: June 05, 2016, 11:17:39 AM »
I did disclose my interest.

 - borrower previously
 - stock holder previously (no interest now)
 - paying attention because I just recommended to a friend

Your right you can find a few loans listing quickly in the 60 month category. However the vast vast majority are not listing quickly. Whatever you would choose to argue, the answer has to be that funding availability is an issue today.

These borrowers will not wait. They will go elsewhere. The cost to LC of losing these borrowers will be immense both near and short term.

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Investors - LC / Is LendingClub Broken?
« on: June 05, 2016, 09:32:13 AM »
This is a fair question and one I would be curious to hear a reasonable response to.  I have invested in the stock, taken a loan, and most recently advised a friend to try taking a loan as well.  It is the last experience that leads me to believe the company is broken and will have a very hard time recovering.

As of this morning, there were 1,800 loans available for investors (that I could publicly count without being an investor myself).  About 800 of those were 60 month loans.  The demand for 60 month loans appears to completely evaporated.  Lending Club is slowly releasing loans that had applications as late as 30 days ago (last batch of releases appear to be from May 6th).  The demand for 60 month notes is gone.  Does not matter if it is an A loan or an E loan.  It is just gone. 

When a large pool of investors completely shun a material portion of your platform, you are done.  More importantly, what do you think these borrowers are doing?  Do you think they are sitting their waiting for 30 days to get an answer from Lending Club.  Heck no.  They are moving on to different platforms like SoFi or Prosper.  The reality is LendingClub is dying a slow death as it loses thousands of customers daily that it use to convert into borrowers by having the best platform. 

This should concern retail investors and it has definitely made me quickly close the trade I made when I bought LendingClub shares around $4 thinking it was a long term holding.  I see huge risks around this company. 

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Borrowers - LC / Re: Looking for loan: 79081728
« on: May 31, 2016, 12:56:31 PM »
LC appears to be listing notes today that people applied for on May 1st.  They are just dribbling stuff onto the platform very slowly.  You have to wonder if all the investor demand has just completely dried up.

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Borrowers - LC / Re: Looking for loan: 79081728
« on: May 28, 2016, 10:12:18 AM »
I would be interested to hear a Lending Club or P2P advocate weigh in. They are effectively lying to the consumer if they tell them there loan is being funded when it is not even available on the platform yet. Not sure how that makes sense.

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Borrowers - LC / Re: Looking for loan: 79081728
« on: May 27, 2016, 05:09:31 PM »
I can't view the page since I am not registered as an investor. Lending Club is playing fast and loose with the rules right now. They have told her that the loan is fully approved by them and is being funded by investors. Kind of bull crap if the loan is not even available for investors yet as your post would lead me to believe.

They are also saying it could take 14-30 days for funding.


It would appear capital has completely disappeared from the platform.

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Borrowers - LC / Looking for loan: 79081728
« on: May 27, 2016, 01:29:25 PM »
A relative received an invite to apply, and received a Direct Pay loan approval (directly paid to creditors).  I have looked and I can't seem to find it as listed anywhere.  Is this because of the recent issues with funding at Lending Club?

Any insight from investors who can see it would be great.  Lending Club is telling her she is fully approved and I am telling her to hold off on counting her chickens because I don't see the loan.

Thanks

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General P2P Lending Discussion / Re: Status on Peerform
« on: July 31, 2015, 03:16:30 PM »
For what its worth, Peerform is still unfortunately so far behind being a decent option compared to LC or Prosper it is not even funny.  Nobody emails you from customer service, loans sit unfunded, etc...  I don't know why anyone would really even bother.  At Prosper or LC, if you provide accurate information on income and can verify it, you are going to get a loan.  At peerform, you can verify all information and get pre-approved, and then never have human interaction with a sole. 

The platform is busted.  Hope nobody wastes their time on it. 

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Investors - LC / Re: Loan payment to income ratio
« on: April 20, 2013, 04:44:29 PM »
Newbie question here

If LC requires DTI to be under 35% - does that account for the new loan to be issued?  So if someone has a 33% DTI in their listing, should I assume that the new loan is not included in that amount?  Also will these loans actually be funded if total DTI including the LC loan is say 40%?

Thanks

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