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Topics - WES

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Investors - LC / Four clicks required to invest?
« on: July 28, 2013, 05:16:47 PM »
Is there any way to shorten the number of clicks required to complete an order? I count a minimum of 4: add to order, view order, continue, place order. And that's for just one note in an order.

This is making it difficult to compete with the institutional computers. What am I missing?


Investors - LC / New LC Filter for Monthly Income
« on: March 26, 2013, 01:59:20 PM »
Anybody else having trouble getting this filter to work? It's returning invalid results for me, despite logging in and out several times today.

Investors - LC / Borrower deceased
« on: May 20, 2012, 02:44:32 PM »
My account has a late note with the annotation "Borrower Deceased."

Here's the LC FAQ on the subject: "If a borrower dies with a loan in repayment, the executor or administrator of the estate must send a death certificate to Lending Club, after which Lending Club will file a claim on the borrower's estate to recover the outstanding loan balance. The amount to be recovered for each lender will be determined by a) the size of the estate and b) each lender's proportional share of the loan. Depending on the size of the estate, lenders may only receive a partial repayment. In the case where the estate does not include sufficient assets to cover the outstanding loan balance, the loan will be written off as defaulted with zero value."

Any idea how long this process will take? Obviously it's a function of state probate law. This particular state has a deadline of 8 months to file an accounting. And I wonder how many borrowers have died before payoff? Are those stats available?

Investors - LC / Check received after Charged Off
« on: May 12, 2012, 01:06:27 PM »
Collection Log:
4/18/12 Received check payment
3/26/12 Borrower contacted Collections Agency
3/18/12 Charged off. Payment 120+ past due.

So when will LC post to my investor account the funds received after charge off? Any clue as to how this works? It's been over three weeks since the payment was made and my investor account hasn't received a penny of the 4/18 payment.

Investors - P / Monthly statements
« on: March 12, 2012, 05:26:01 PM »
Prosper has not yet issued monthly statements for January and February 2012. This is worrisome and inconvenient, but does it foretell bigger problems at Prosper?

Investors - LC / LC Acct Manager
« on: February 13, 2012, 02:40:50 PM »
I don't particularly like my assigned LC "Acct Manager." Nothing big, just personal -- his answers are glib and smooth, but vague and lacking in substance. (I think he used to sell skiboats or aluminum siding?)

Anyone request a new Acct Manager? I silently applaud when someone else picks up, and just ask them my question.

Investors - LC / Q&A for Borrowers
« on: February 13, 2012, 02:36:15 PM »
Not really a question, but a comment. I usually stick to Credit Card and Debt Consolidation loans, and I compare the amount requested with revolving debt outstanding. If the interest rate differential is significant, that's a positive factor in my estimation.

Therefore, if the borrower has not provided current interest rate(s)/debt load in his Loan Description (and very few do), I generally tick that button under Q&A.

I have been somewhat amazed that the majority of the answers simply don't address the question. What I want to see is:
     Debt A $x due at x%
     Debt B $y due at y%

What I frequently get is "pay off credit cards." Or the disclosure that the borrower is going to build up a nest egg/safety cushion by borrowing more than outstanding debt. Suze Orman would get a kick out of that approach! Or I find that the borrower plans to start a business, go on vacation, buy a car, etc.

I wish LC would provide a template for the borrower to answer the Q&A. Although that might not help in all cases, it would at least point the borrower in the right direction. If a listing can't answer the question, I pass on the loan.

General Prosper Discussion / Loan Listing Updates
« on: January 27, 2012, 03:39:46 PM »
Does anyone know when Prosper updates loan listings? Is there a set time daily? Or do new loans just list when applications are approved?

Investors - LC / IRA Promotion
« on: January 15, 2012, 02:17:21 PM »

Lending Club offered an IRA promotion in December. It seems likely that they would offer another promotion as April 15 draws near. Do you know anything official about this?

Investors - P / Debt Sales
« on: November 29, 2011, 02:15:02 PM »
Hi Peter:

Just had my first charge-off on Prosper.  :(

Just to be clear, I understand that the chances of recovering anything on this note are slim, but I also see that Prosper has done Debt Sales in the past. But I don't see any Debt Sale history since 2007. Is this something that the "New" Prosper no longer does?

Borrowers - LC / Payment Plan details
« on: November 27, 2011, 01:23:18 PM »
Hi Peter,

As a Lender, I would like to know the details of Payment Plans offered to late borrowers. When does LC offer a payment plan (how many days late)? What are the terms? I can see that the number of remaining payments increases, and I can see my lender's account credited with late fees, but I haven't had enough experience to be able to discern the pattern. LC Help doesn't provide the details.


General Lending Club Discussion / How can Lending Club improve?
« on: October 29, 2011, 03:59:11 PM »

Would we able to get a Lending Club rep on this forum, to take suggestions for improvement? Glenn's participation on behalf of Prosper has made their site much more user-friendly. I've got a couple of suggestions for Lending Club, and I'm sure others do, too.

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