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Messages - storm

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Investors - LC / Re: Circumventing a Disallowed State
« on: July 11, 2013, 11:05:41 AM »
I have a regular taxable account that I opened before LCís SEC filing and before my state disallowed it.  LC told me I was grandfathered in and am still allowed to invest in new loans.  I want to open an IRA because it seems like IRS is just taking all my gains, but LC said I would be restricted to FolioFN investing in the new account.  I am contemplating signing up with a cheap mail forwarding service or for a mailbox at a UPS Store in a neighboring state.  This is technically address fraud, but since Iím not planning on skirting any other laws, I donít see how or why anyone would enforce this.  The only down side I can see is that if there was a issue with LC (bankruptcy, etc.), the state attorney generalís office would offer no assistance.  Watching some of the LendIt Conference videos, LC didnít deny seeking an IPO next year.  Theoretically, this should open investing and borrowing in all 50 states, so it may be worth it to just wait and see what happens.

Investors - LC / Re: Discounting Grace/Late Note
« on: June 19, 2013, 10:40:10 AM »
On grace notes, I start with 5% discount and reduce it by another 5% every day it doesn't sell.  Most of mine sell with 5%-10% discount and occasionally a 15%.  Notes that are worth more than $25 seem to require a bigger discount (10-15%) to sell.  I'm not sure if that is a quick enough sell for you.  Rarely do I let a note go late before I sell it, so I can't really say how much to discount them.  I invest in loans with interest > 12%, 0 inquiries, and mortgage holders only.

Investors - LC / Re: What's happened to all the borrowers?
« on: April 16, 2013, 10:21:16 PM »
I would just suggest everyone start using Interest Radar to compete with these big fish...

Call me crazy, but I think it is very shady when a website is not upfront with its pricing.  I shouldn't have to hand over my personal information to access that information.  I won't bother with retail sites that require registration to see the shipping charges, and this is no different.  It is recommended on this forum over and over which makes me all the more suspicious.  Then there is the idea that I shouldn't have to pay some 3rd party to invest my money. 

I have developed my own scripting tools that I use to invest that I'm pretty happy with.  Plus, many borrowers reveal they are using the loan for other purposes in the comments even though it is listed at debt consolidation.  I have changed my habit of investing late at night to waiting until shortly after the 06:00 PDT update.  I think Lending Club needs to limit the investment amount to, say, $100 for the first few days a loan is posted to give the little guy a chance.  Then the big investers can come in and fund the rest of the loan.  It really makes me wonder where LC's priorities lie.

Investors - LC / IRA Minimum
« on: April 27, 2012, 01:13:30 AM »
I am almost ready to open an IRA account with Lending Club.  According to the Lending Club website, "To qualify for a no-fee IRA you must have an initial minimum balance of $5,000 or more in Lending Club Notes and maintain this invested balance for the first 12 months."  Surely, LC doesn't expect me to invest all $5,000 the first day.  I notice on Prosper, it explicitly says you have 2 months to invest your $5k.  I'm wondering if I can take my time investing in my preferred loans or if there is a similar deadline for LC that I have overlooked.  Thanks.

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