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Messages - Joe6Luck

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1
Investors - LC / Re: Review of my lending club account
« on: May 11, 2020, 02:27:00 AM »
Here is my findings about the notes in the status of hardship plan/deferred payment. LC allows me to list such notes on the page of "Folio - Sell Notes". However,  after I tried listing such notes for sale,

  - they show up on the page of "Folio - My Account - Open Sell Orders"
  - but, they don't actually shown up on the page of "Folio - Browse Notes".

So, this looks good news to folio buyers (avoid mistakenly buying such notes with inappropriate discount) and bad news to folio sellers (limitation to liquidate such notes at appropriate discount.)

Regardless, I think Lending Club should have made it a transparent process. However, they just disappointed me one more time.

2
I am seeing quite a few invalid note listings on FolioFn recently. Some seller lists them with high discount (like 20% off for a note in the status of NeverLate/Current/DOWN). However, I think these listings are invalid because their scheduled payment is on the next business day with two possible outcomes:

 1. If the scheduled payment is successfully on the next biz day, the note sale will get cancelled by LC (so, the seller still owns these good notes)
 2. If there is no scheduled payment on the next biz day, the note sale is successful and the borrower get these bad notes (which are no longer "Never Late")

Does anyone see this being an issue or see any other caveats that I have missed here?
 

3
I did not receive any. 

4
Investors - LC / Re: Crisis management - stop charge-offs ?
« on: April 04, 2020, 02:05:16 AM »
Update/Edit: The two notes are now Current, with it saying "Deferred" in the payment status column for their March and April payments. The Next Payment Date is now listed as the day before their normal May/June payment, and the payment amount is now their normal monthly payment. Nothing more in the collection log. No indication of any of this in the notes_ext file yet. I was able to find 20 total out of my 1560 current+late notes with deferred payments and due dates over 30 days away. Half kept their IGP/Late status. My IGP/Late rate still looks normal.

It looks like I also have notes in the "Deferred" status. I tried lising them for sale and they showed up in "My Account" - "Open Sell Orders". However, they are actually not listed on on the page of "Browse Notes" when I tried searching for these notes. Am I the only one who notice this?

Lending Club should have provided an up-front notice on this (which is OK given the current situation), but they didn't and it is very disappointing.

5
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.

6
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?

7
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.

8
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 :(

9
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.

10
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?

11
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

12
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?

13
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.

14
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 :(

15
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.

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