Author Topic: Four clicks required to invest?  (Read 4664 times)

WES

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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?

Thanks,

rawraw

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Re: Four clicks required to invest?
« Reply #1 on: July 28, 2013, 05:35:31 PM »
Doesn't it only take one to reserve the spot, though?

Fred

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Re: Four clicks required to invest?
« Reply #2 on: July 28, 2013, 07:19:06 PM »
What am I missing?

Nothing.  This is a common approach for companies that deal with users.  They don't want to be at fault by not providing enough controls & warnings to users.  Imagine a user putting an order for $10000 when he actually meant for $100.00 (decimal point issue). 

Amazon, eBay, etrade, etc., have muti-page ordering process. 

This is making it difficult to compete with the institutional computers.

Agreed.  However, you can utilize auto-invest on existing 3rd party P2P service computers; or you can hire someone to build one for you. ;)

kbenson99

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Re: Four clicks required to invest?
« Reply #3 on: July 28, 2013, 09:25:18 PM »
If you have decent technical experience, it is simple enough to write a script that emulates a browser session to filter notes and auto-invest.  The python scripting language is a good choice.

WES

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Re: Four clicks required to invest?
« Reply #4 on: July 29, 2013, 02:08:46 AM »
I don't want to use a subscription service, and scripting a browser won't work since the filter options don't screen for some of the things for which I manually select. For example, I don't lend to certain occupations, employers, etc.

BTW: I've been investing w LC since 2011 and with Prosper since 2007 (no defaults at all under the old model, ROI around 8%). But the recent influx of computer trading is screwing my access to the  notes I want. My self-computed ROI (XIRR) is 12%, total notes funded about 2900, defaults total 23.


neals384

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Re: Four clicks required to invest?
« Reply #5 on: July 29, 2013, 02:21:01 AM »
Requiring lenders to verify their order with an extra click is a good idea, as pointed out by Fred.  But there's another reason - 1-Click ordering is patented by Amazon.  A design that allows a lender to view a listing and then invest with a single click might infringe on the patent. 

http://en.wikipedia.org/wiki/1-Click

kbenson99

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Re: Four clicks required to invest?
« Reply #6 on: July 29, 2013, 04:37:26 PM »
The filtering of notes can be easily accomplished by having a script download the current available listing, https://www.lendingclub.com/browse/browseNotesRawDataV6.action.  With this listing, the script can slice/dice however you please (eg, DTI > x% and < x%, employer != X, etc).  After you have a list of notes that meets your criteria, using a programmatic browser session (eg, python mechanize or splinter), you simply call the appropriate LC AJAX calls.  I'm not advocating a novice programmer write their own automation tool due to the fact that if you are not careful, you can completely hose up your portfolio.  Thus, I won't go into exact programming details because I don't want to be held accountable for someone else's programming flaws.  However, there are some publicly available examples on github.

Personally, I wrote my own note selection mechanism because I wanted complete control over the filtering criteria (I'm a bit of a control freak).  For the past 6 months, my note selection and order submission has been completely automated.  Prior to the automation, I had to periodically login to check my available cash and then tediously find the notes and submit by hand.  So far, I'm happy with the results (XIRR is 13.5%).   :)

ThinleyWangchuk

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Re: Four clicks required to invest?
« Reply #7 on: August 01, 2013, 02:32:23 PM »
Doesn't it only take one to reserve the spot, though?

Is it possible to use the api to reserve a spot in loans (i.e. "View Order" page) and then to manually sort out these loans on LC's website?