Recent Posts

1

Investors - LC / Re: Winding down on Lending Club

« Last post by dr.everett on February 26, 2020, 06:33:44 PM »

I went with B first and when that completed went with C for the remaining notes. I feel like I got rid of notes in as quick and efficient fashion as I could without taking unnecessary losses.

2

Investors - LC / Re: Winding down on Lending Club

« Last post by Lovinglifestyle on February 26, 2020, 02:19:03 PM »

I chose "C" when I did it in 2018.  Manually was not hard.  For 2019 taxes, the $8 in recoveries took me an hour to do right on TaxAct.  For a do-over, I'd rather have let LC keep it!

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Investors - LC / Winding down on Lending Club

« Last post by BruiserB on February 26, 2020, 12:04:54 PM »

I've decided to most likely completely wind down my Lending Club accounts.  I've been doing so on my taxable account for a couple of years now.  But today I think I've decided to finally wind down my ROTH IRA as well.  I had been using NSR's managed investing to keep that account going, but now it seems to be having trouble keeping my money invested.  Lately it's been investing $50-100 per note and still cash has been piling up.  Now I see the news of LC acquiring Radius Bank and it seems that the whole retail aspect of LC is fading away.

My IRA is with STRATA.  I see that LC now has a new preferred custodian in IRA Services Trust Company.  That custodian seems to have lower fees.  Does anyone know if LC can simply facilitate a change in custodians?  I've written them to ask.  Not sure if it would be worth doing....I'll need to compare transfer out fees, etc. more closely.  But STRATA will have a $100/year fee once I drop below $10,000 in notes and it appears ISTC's fee is only $40 per year and only assessed if the balance drops below $5500. 

I'm going to be evaluating a few different ways to wind down, since there are fees for withdrawls.  Would be interested in any feedback on pros/cons of the following?

A) Just let account wind down on it's own.  Let cash build up and do periodic (yearly?) transfers of cash to my other ROTH account?

B) Try to sell notes on secondary market to get a lot of cash out now.  I'm thinking to sell whatever I can above or at par value.  I have zero experience selling notes on the secondary market and would appreciate any pointers on best way to do.  Manual?  Automated?  Who has a good automated selling tool recommendation?  Then transfer a bunch of cash out now and let the rest wind down slowly.

C) Keep aggressively lowering prices below par and try to completely liquidate and just get out ASAP.  Would take losses, but avoid aggravation of waiting around and fees for multiple cash transfers and yearly custodial fees.

Or anyone have any other strategy recommendations?

Thanks for any and all advice.  It was a good run with LC, but just doesn't seem to be worth it any more.

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Introductions / Open minded lender needed. Here's my situation!

« Last post by Mr. Mellott on February 26, 2020, 12:02:56 PM »

I'm in need of $2,000.00 asap. The reason for this loan is to catch up some bills that I have fallen behind on these last few months and get a few weeks ahead until pay checks from new job start coming.
I was working outside, laboring for masonary company, and the hours fell off due to the weather. I tried to stay with company up until last week, because the owner is a good guy,  but elected to find something more reliable. I start next Monday with the new company.
There's my situation. I've applied for loans at several banks and MANY online lenders but have been denied ever time. Bankruptcy for early 2018 is hurting me.
Please respond with any questions or advice.

5

General P2P Lending Discussion / Re: Inventory Crowdfunding On Kickfurther

« Last post by kleisein on February 25, 2020, 12:07:24 PM »

Kickfurther offers are contractually tied to a revenue share of sales of the inventory funded. For this reason there is variability in the required payout based on actual sales. Kickfurther projects an "estimated" timeline assuming sales are evenly distributed across all the months the business projects the deal will require, but we know that for many businesses this is not the case.

My Statistics on lateness refer to offers that have passed their "Completion date", so they either did complete or were expected to complete. Bidfurther's figure is taking into account any offer for which a single payback has been owed. Historically Kickfurther offers finish stronger than they start, with first payouts often under performing due to manufacturing/production delays and sometimes just logistical issues connecting payment methods.

Whoa!  Complexity.  Is all this explained somewhere?

I'm not even sure I understand your little payback graphs.  The two solid lines I think I understand, but I'm unsure about the dotted line and the blue colored in region.

This is very unlike the P2P loans we've become familiar with.  I'll have to become more comfortable with these details before I can figure what metric makes sense to me.

I hope that I've piqued your interest in Kickfurther a bit

Thank you for the solution.

Indeed.

6

Introductions / Re: I wonder if I'm in the right place.

« Last post by Mr. Mellott on February 24, 2020, 09:19:04 PM »

Thanks for the reply. But I've literally applied to all those sites and probably 100 more just like them. I'm looking for other options.

7

Introductions / Re: I wonder if I'm in the right place.

« Last post by lascott on February 24, 2020, 08:49:42 PM »

Lot of places to get personal loans.

https://www.nerdwallet.com/personal-loans?annualIncomeFilter=50000&creditScoreFilter=630&loanAmountFilter=5000&loanUseFilter=CONSOLIDATE_DEBT&stateFilter=CO

8

Introductions / I wonder if I'm in the right place.

« Last post by Mr. Mellott on February 24, 2020, 06:53:50 PM »

Hello. I am a "borrower" looking to connect with "investors"; that have (or know of) options for debt consolidation loans for individuals that are unable to get the typical loan or line of credit.

9

General Lending Club Discussion / Re: LC made changes to the platform over the weekend, with no notice.

« Last post by jrl on February 23, 2020, 10:56:55 PM »

Also: Payments on weekends? The banks are closed, no?

So now there's account activity every day, not just Business Days. Interesting...

10

General P2P Lending Discussion / Re: Lending Club Is A Bank

« Last post by Rob L on February 21, 2020, 10:47:56 AM »

Right now LC makes a much higher margin on institutional investments than they do on retail investments.  Years ago they set the fees for the retail platform too low.  They actually charge the institutional customers more!  [They charge institutional customers with a different kind of fee, so you have to do some work to compare the two.]

If you have the time could you expand a bit on this. I for one was not aware and it sounds like an interesting story.