Recent Posts

1

Investors - LC / Re: How is it legal that LC is forcing us to forfeit our remaining notes?

« Last post by rj2 on May 14, 2021, 11:06:50 PM »

One thing that really burns me is the order in which LC did things: First they announced folio was closing THEN they announced the whole platform was winding down THEN that they would no longer cover the fees. That basically left everyone with no options but to pay stupid fees that are utterly unavoidable because there's literally nothing you can do, you're locked out of anything except a slow wind-down during which you are forced to pay fees.

Why oh why didn't they do it the other way around? Or announce it all together?

Like, let everyone know that the platform will be winding down in 6 months, and in 3 months folio will be shutting down, and after that 6 month mark Lending Club will no longer be covering the fee.

THAT would give people options. Want to get out fast, and move on? No problem - liquidate everything on folio. You'll likely have to sell at a discount, but you'll get out and move on. Others who want to hang on and cash in on notes for another couple of years will have a buying opportunity--buy up all those folio notes at a discount, but on the flip side, be on the hook for fees. But with the profit from the discount? Probably a good deal. And a good service to those who want out.

Lending Club took away these kinds of options by almost maliciously planning this in the worst possible order, locking you out of trading before you knew about the impending shutdown and the coming fees.

2

Investors - LC / Re: Alto Alternative IRA

« Last post by BruiserB on May 14, 2021, 01:26:09 PM »

Got my conversion email this morning. Has anyone gone through the process yet?  How easy/difficult was it? 

3

Investors - P / Do I need to adjust Box 1 figure in my 1099-OID?

« Last post by ryanf1475 on May 14, 2021, 01:46:53 AM »

Hello, I have been searching all day for the answer to this question, and I apologize if it's already been asked. But as I am doing my Prosper taxes, I see a note on my 1099-OID Box 1 saying that the amount may need to be adjusted. Is this something I need to worry about? Or, I just report the number in Box 1 as it is? Thank you!!

4

Investors - LC / Re: Alto Alternative IRA

« Last post by jameslend on May 13, 2021, 05:24:18 PM »

Does anyone know for sure that they will completely transfer our Strata Accounts to Alto?  I have “withdrawn” cash from Lending Club and the $ is sitting in Strata’s Cash Account….will that move too?  I’ve seen in the e-mails that it mentions cash moving as well, but I’m wondering if that’s only cash in the actual Lending Club account?  Should I be trying to move my cash from my Strata account back into the Lending Club account before the transfer?  Hopefully that will be clarified in the transfer details coming Friday, but just wondering if anyone has already asked LC this question and gotten feedback?

Unless you are planning to keep your strata account, I would assume so, since they are covering termination fees.

On the side note, the multiple email from STRATA imploring to stay doesn't really present any thing really motivating. Guess their break up wasn't really amicable.

5

General P2P Lending Discussion / Looking for research participants [$100 Visa Gift Card]

« Last post by MuratDikmen on May 13, 2021, 08:59:59 AM »

Hi everyone, I am looking for participants who have decent experience with peer to peer lending (consumer) who can help me understand borrower risk assessment and potential role of an AI tool. Official post below:

Hello, my name is Murat Dikmen. I am a PhD Candidate in the Department of Systems Design Engineering at University of Waterloo, Canada. I am conducting a research study to understand how experienced users make risk assessments and lending decisions on peer to peer lending websites, as well as their opinions on using artificial intelligence to assess borrowers.

You are invited to participate in a one-hour long virtual interview about your experience with peer to peer lending websites, how you make investment decisions, and your opinions on artificial intelligence based tools to assess the risk of the borrowers. The study will take place on a virtual meeting platform at an agreed upon date and time. Our preferred platform is Microsoft Teams. If Teams is not an option for you, Skype or Zoom will be used. In appreciation of your time, you will receive a $100 VISA Gift Card.

Please note that this is a research study for a PhD dissertation. We do not have any affiliation with a peer to peer lending company or any financial institution, and the interviews will be used for research purposes only. You can read more about the study here: https://docs.google.com/document/d/1w3PojI3QGW7NFuwsP5FBylXAsoFzb3sq-QvwSECIQMA/edit?usp=sharing

For more information about the study or to participate, please contact Murat Dikmen at murat.dikmen@uwaterloo.ca

This study has been reviewed and received ethics clearance through a University of Waterloo Research Ethics Committee (ORE #43151). If you have questions for the Committee contact the Office of Research Ethics, at 1-519-888-4567 ext. 36005 or ore-ceo@uwaterloo.ca.

Thank you for considering participation in the study!

6

General P2P Lending Discussion / Digital Marketing Company

« Last post by gofly7 on May 13, 2021, 04:05:53 AM »

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7

General Discussion / Re: Webinar

« Last post by jameslite on May 13, 2021, 02:15:06 AM »

Really nice webinar thanks for sharing sir very much.

8

Investors - LC / Re: Alto Alternative IRA

« Last post by BruiserB on May 12, 2021, 07:30:38 PM »

Does anyone know for sure that they will completely transfer our Strata Accounts to Alto?  I have “withdrawn” cash from Lending Club and the $ is sitting in Strata’s Cash Account….will that move too?  I’ve seen in the e-mails that it mentions cash moving as well, but I’m wondering if that’s only cash in the actual Lending Club account?  Should I be trying to move my cash from my Strata account back into the Lending Club account before the transfer?  Hopefully that will be clarified in the transfer details coming Friday, but just wondering if anyone has already asked LC this question and gotten feedback?

9

Investors - LC / Re: tax question: "worthless security"?

« Last post by Claireredfil on May 12, 2021, 10:48:55 AM »

If I were you, I wouldn't risk changing the dates in the reports as this is an accounting error. Perhaps iris really doesn't care about dates but we can't be 100% sure what to do and what you can do If I were you I wouldn't risk changing the dates in the reports as this is an accounting error. Maybe the IRS doesn't really care about dates, but we can't be 100% sure to fake sales reports.I would advise you to contact the company that provides accounting services, where you will be helped to deal with this problem. I think qualified accountants are well informed about the innovations and difficulties of reporting.

Is it expensive?

10

Investors - LC / Re: tax question: "worthless security"?

« Last post by Pricillacui on May 12, 2021, 10:44:37 AM »

If I were you, I wouldn't risk changing the dates in the reports as this is an accounting error. Perhaps iris really doesn't care about dates but we can't be 100% sure what to do and what you can do If I were you I wouldn't risk changing the dates in the reports as this is an accounting error. Maybe the IRS doesn't really care about dates, but we can't be 100% sure to fake sales reports.I would advise you to contact the company that provides accounting services, where you will be helped to deal with this problem. I think qualified accountants are well informed about the innovations and difficulties of reporting.