Author Topic: Entertaining listings  (Read 13729 times)

cfb

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Entertaining listings
« on: September 21, 2013, 04:09:35 PM »
Saw some of these leftovers that nobody wants.  Wonder why....?

This one seems to have a split personality.  A credit consolidation/education title and its a 'green loan'.  Should have included a comment that it was a small business loan to help him move.

https://www.lendingclub.com/browse/loanDetail.action?loan_id=7295801&previous=browse

I would recommend not asking for mercy in a loan application.

https://www.lendingclub.com/browse/loanDetail.action?loan_id=7380316&previous=browse

I make 12k a month and want a $15k car loan @26%.  I also don't work for anyone, have such a low DTI that I must be living in moms basement, haven't been working very long, and am late making payments.  Mmmm hmmm....

https://www.lendingclub.com/browse/loanDetail.action?loan_id=7438518&previous=browse

Borrower gets an "F" in business naming to go with the grade level.  I'm pretty sure this has to be said with a heavy Russian accent.

https://www.lendingclub.com/browse/loanDetail.action?loan_id=7438595&previous=browse

Very entertaining to read the leftovers, they're full of gold.

Rob L

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Re: Entertaining listings
« Reply #1 on: September 21, 2013, 06:52:03 PM »
Opportunities remain to invest in these loans!

rlv99

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Re: Entertaining listings
« Reply #2 on: September 21, 2013, 09:20:35 PM »
Loan quality is kinda of skimpy so far this weekend

Randawl

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Re: Entertaining listings
« Reply #3 on: September 21, 2013, 11:13:03 PM »
Loans like these used to barely get above 25% funding before they expired. 

I am going to continue following Lending Club's quarterly filings closely for trends in charge-off rates as I think we will see an increase.  Not only from the relaxed credit criteria in December of last year but from investor demand that now fully funds even the most precarious loans.

rlv99

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Re: Entertaining listings
« Reply #4 on: September 22, 2013, 09:31:07 AM »
Loans like these used to barely get above 25% funding before they expired.

Odd!  Why do some people think so little of their money that they would "give" it to those with little ability to pay it back?  Might as well go to the gambling sites and risk it!  Better returns!

I only picked up 2 at the 9am et release.  I refuse to change my criteria to let "junk" in.  It seems to me that those investors who have been here for 1-2 years and have more than 50k invested must be having trouble reinvesting their money without taking bigger risks.
« Last Edit: September 22, 2013, 09:40:50 AM by rlv99 »

yojoakak

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Dennis

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Re: Entertaining listings
« Reply #6 on: September 22, 2013, 02:02:39 PM »
It seems to me that those investors who have been here for 1-2 years and have more than 50k invested must be having trouble reinvesting their money without taking bigger risks.

I'm one of those investors but would never let myself get so desperate as to invest in garbage notes.  I'm amazed at how all loans seem to get funded now, even the really bad ones.

Seems I've insulted someone here in the past when I referred to certain loans as "leftovers" or "garbage."  He even called me "condescending" and then proceeded to make a case for how much smarter he was.  So there must be at least one investor here who likes these kind of notes.  Go figure.

Dennis

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Re: Entertaining listings
« Reply #7 on: September 22, 2013, 03:21:18 PM »
Loans like these used to barely get above 25% funding before they expired. 

How I remember those days! - and miss them.  When I started this two years ago I remember one of my concerns was the viability of P2P.  The investment risk was much higher then, P2P was still widely unknown, and there seemed to be a dearth of investors willing to take a risk.  Do you remember when LC would routinely pay bonuses (during promotions) on certain notes to spur investment activity? - Those days are gone.... 

Now we have a new problem, finding enough notes to invest in because investor demand is so high.  How things have changed.  But we dreamed of this day, at least we certainly talked about it a lot.  And the whole time Peter never had an inkling of a doubt that P2P would work.  I remember how he had to constantly defend his optimism against his critics.  But he was the confidence some of us needed then, to take a risk here, and I for one am grateful for all his time and tireless work.     

 

PrimeRisk

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Re: Entertaining listings
« Reply #8 on: September 25, 2013, 09:01:49 AM »
I love this one:

https://www.lendingclub.com/browse/loanDetailFull.action?loan_id=7438879&previous=

7 delinquencies in the last 2 years and only 1 month since the last one. 

And now for the best:

Q: If you have a delinquency in the last 2 years, please explain the reason.
A: (09/21/2013-19:03) - I don't recall having any delinquencies.

I guess that credit report must be wrong, eh?
Working diverse passive income solutions as the ticket to retirement.

GS

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Re: Entertaining listings
« Reply #9 on: September 25, 2013, 10:31:54 AM »
Prime risk, that is probably the ugliest loan I've even seen get approved.  Not just the late payments, but the QA sounds like trouble with the IRS, and their monthly payment is high compared to their monthly income.

PrimeRisk

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Re: Entertaining listings
« Reply #10 on: September 25, 2013, 11:23:14 AM »
That's apparently not the worst type of loan that is getting funded right now, this is "only" a G1.  There are loans with fresh (<12 months) majors and judgements that are getting funded in less than a day. 

Maybe people are just needing some losses to offset winning the lotto?
Working diverse passive income solutions as the ticket to retirement.

rlv99

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Re: Entertaining listings
« Reply #11 on: October 05, 2013, 09:10:22 AM »
Borrower Member Loan 7675025

Now we are cupids.   Isn't P2P fun!

rawraw

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Re: Entertaining listings
« Reply #12 on: October 05, 2013, 02:20:06 PM »
That's apparently not the worst type of loan that is getting funded right now, this is "only" a G1.  There are loans with fresh (<12 months) majors and judgements that are getting funded in less than a day. 

Maybe people are just needing some losses to offset winning the lotto?
It's just like undocumented mortgages -- it's not the risk in the note, but the risk in the pool of assets with similar characteristics.  But sometimes the historical performance doesn't predict future very well, as we saw in mortgages.  But the money making went on a decade or so before it all crashed.

nonattender

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Re: Entertaining listings
« Reply #13 on: October 05, 2013, 04:20:25 PM »
Right, and now "securitized p2p" has the same incentive misalignment / moral hazard, as "managers" want to deploy the maximum amts...

Fun while it lasted, but these are no longer "platforms" - they're just Banks of Internet, with securitized capital pools supplying the money.

I used to miss the promise these models used to hold, now I'm just sort of "meh, more marketing bullshit" about the entire p2p landscape.
A little nonsense now and then is relished by the wisest men.

brycemason

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Re: Entertaining listings
« Reply #14 on: October 06, 2013, 01:03:14 PM »
My favorite last week was a CFO who had a 680 fico and numerous late pays. Haha!