Author Topic: How to get API access  (Read 13385 times)

pasvincome

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How to get API access
« on: November 20, 2013, 01:18:37 AM »
Thinking about putting a good part of savings into LC, just over $100k. I don't really care to spend too much time reinvesting in new notes. Can develop tool(s) with the API, so I'm thinking that's a good option. I tried emailing investor relations but I think they're ignoring me because I only have a $5k or so balance in there and just starting. So far I'm finding that it would take far too much time to scale. Any suggestions?

Bohb Daishi

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Re: How to get API access
« Reply #1 on: November 20, 2013, 03:02:08 AM »
Unless you have the means of purchasing a fresh note within 30 seconds of it showing up on LendingClub's primary market, don't bother with it. You'll only get the leftover "crap" that the hedge funds and Core don't want.

However, if you spend a few hours a week on the secondary market (FolioFN), it shouldn't take too long to fund that large of a portfolio with good notes. Maybe 1-3 months tops, depending on how strict your filters are. It might also benefit you to look into www.interestradar.com, since it can help you automate much of the buying process on Folio.
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pasvincome

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Re: How to get API access
« Reply #2 on: November 20, 2013, 03:36:50 AM »
Not sure what you mean by "have the means of purchasing a fresh note within 30 seconds of it showing up on LendingClub's primary market"?
I think that's where I'm trying to get with API access. How do I get there?

LonghornSF

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Re: How to get API access
« Reply #3 on: November 20, 2013, 03:43:31 AM »
You have to have big bucks to get API access. Not sure 100k cuts it for LC any more.

core

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Re: How to get API access
« Reply #4 on: November 20, 2013, 03:44:01 AM »
I think that's where I'm trying to get with API access. How do I get there?

Use a scraping approach instead, take advantage of the cart loophole, and hammer their servers into submission like a whipped schoolboy.

pasvincome

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Re: How to get API access
« Reply #5 on: November 20, 2013, 03:50:05 AM »
I think that's where I'm trying to get with API access. How do I get there?

Use a scraping approach instead, take advantage of the cart loophole, and hammer their servers into submission like a whipped schoolboy.

I'm down for that. Any pointers on the cart loophole? First mention I've seen of it.

Bohb Daishi

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Re: How to get API access
« Reply #6 on: November 20, 2013, 03:58:46 AM »
Not sure what you mean by "have the means of purchasing a fresh note within 30 seconds of it showing up on LendingClub's primary market"?
I think that's where I'm trying to get with API access. How do I get there?

You also need to keep in mind that many new loans end up getting cancelled before they are funded. You'll end up spending a lot of time working with API to find quality notes when half end up getting cancelled, tying up your cash for several weeks (assuming your system is faster than the hedge funds). I still think you're better off finding notes in the Folio. Especially since you can weed out the borrowers who pay for the first month or two then let the note charge-off.

I tried emailing investor relations but I think they're ignoring me because I only have a $5k or so balance in there and just starting.

Have you tried calling them? I'm sure you'll get a much better response that way. Especially if you tell them you are thinking of putting $100k into your account.
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pasvincome

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Re: How to get API access
« Reply #7 on: November 20, 2013, 04:06:24 AM »
Not sure what you mean by "have the means of purchasing a fresh note within 30 seconds of it showing up on LendingClub's primary market"?
I think that's where I'm trying to get with API access. How do I get there?

You also need to keep in mind that many new loans end up getting cancelled before they are funded. You'll end up spending a lot of time working with API to find quality notes when half end up getting cancelled, tying up your cash for several weeks (assuming your system is faster than the hedge funds). I still think you're better off finding notes in the Folio. Especially since you can weed out the borrowers who pay for the first month or two then let the note charge-off.

I tried emailing investor relations but I think they're ignoring me because I only have a $5k or so balance in there and just starting.

Have you tried calling them? I'm sure you'll get a much better response that way. Especially if you tell them you are thinking of putting $100k into your account.


I see this reasoning a lot here but I don't think it holds weight. That institutional investors get the best loans because they can act on the opportunity quicker. So Folio is better? I wouldn't think institutional investors are selling notes on Folio. Thus it's the same crappy notes that you refer to, with a little less yield because of the trading fees. Doesn't that make the pool of notes on Folio even LESS attractive than the pool of new ones that are available to average Joe?

I can see that the cashflow advantage with Folio is definitely a huge plus.

core

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Re: How to get API access
« Reply #8 on: November 20, 2013, 04:12:21 AM »
I'm down for that. Any pointers on the cart loophole? First mention I've seen of it.

Immediately add all notes to the cart as soon as they appear.  Examine them at your leisure.  Toss unwanted ones back.  You can't do this via API as far as I know.

Especially if you tell them you are thinking of putting $100k into your account.

The last guy who posted here about getting API access made it sound like they were more interested in making sure he wasn't an extremely large investor who was going to gobble notes.  I don't think it was a very large account at all but I can't find the thread now. 

core

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Re: How to get API access
« Reply #9 on: November 20, 2013, 04:20:21 AM »
Thus it's the same crappy notes that you refer to, with a little less yield because of the trading fees.

There are no fees for you as the buyer.  Even if I was a buy and holdie type I'd buy everything on Folio.  Unless it was an IRA, that is.

Bohb Daishi

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Re: How to get API access
« Reply #10 on: November 20, 2013, 04:53:03 AM »
I see this reasoning a lot here but I don't think it holds weight. That institutional investors get the best loans because they can act on the opportunity quicker. So Folio is better? I wouldn't think institutional investors are selling notes on Folio. Thus it's the same crappy notes that you refer to, with a little less yield because of the trading fees. Doesn't that make the pool of notes on Folio even LESS attractive than the pool of new ones that are available to average Joe?

I can see that the cashflow advantage with Folio is definitely a huge plus.

Folio isn't just about cashflow. It's about volume. I just pulled up LC's primary market - there are 194 loans available to invest in.  Looking at Folio, there are 138,765 notes available that are either "Never Late" or "Now Current". If you stick to those categories (albeit doing more research on each note in the "Now Current" section, you will find plenty of good notes. Even if you have to pay a 1%-2% premium for the best notes - you'll earn that back (and then some) in interest compared to the months your cash will sit idle while trying to fully invest your account using the primary platform.

The vast majority of notes on Folio are high-quality, investment-grade notes with proven payment histories.


There are no fees for you as the buyer.  Even if I was a buy and holdie type I'd buy everything on Folio.  Unless it was an IRA, that is.

I'd be even more inclined to do it with an IRA. There is a huge lawsuit waiting for them if they allow people to purchase notes via FolioFN if it actually violates the IRA tax status.
« Last Edit: November 20, 2013, 04:57:21 AM by Bohb Daishi »
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mo

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Re: How to get API access
« Reply #11 on: November 20, 2013, 06:12:24 AM »
Thinking about putting a good part of savings into LC, just over $100k. I don't really care to spend too much time reinvesting in new notes. Can develop tool(s) with the API, so I'm thinking that's a good option. I tried emailing investor relations but I think they're ignoring me because I only have a $5k or so balance in there and just starting. So far I'm finding that it would take far too much time to scale. Any suggestions?

I started with an investment of 20k and their investor relations contacted me.  When I wanted API access I just emailed my contact and it was taken care of.  Granted that was a year ago so things may have changed.

Rob L

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Re: How to get API access
« Reply #12 on: November 20, 2013, 10:06:41 AM »
Use a scraping approach instead, take advantage of the cart loophole, and hammer their servers into submission like a whipped schoolboy.
LOL -- sometimes you do have a way with words

pasvincome

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Re: How to get API access
« Reply #13 on: November 20, 2013, 12:24:52 PM »

The vast majority of notes on Folio are high-quality, investment-grade notes with proven payment histories.


Where do these investment grade notes come from? Again, institutional investors are not selling their notes on Folio.

If I want to invest $100,000 in $25 notes, that means 4,000 notes. That'd be about 2% of the total notes available on Folio. I suppose maybe at least 10% of them are "good".

core

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Re: How to get API access
« Reply #14 on: November 20, 2013, 01:36:18 PM »
Where do these investment grade notes come from? Again, institutional investors are not selling their notes on Folio.

I don't think a snapshot at origination of only the stated income, city/state, credit data, and employer is going to enable institutional investors to snatch up 100% of the "good" loans.  You just don't know how they're going to play out.    All they can do is grab some that look good based on very limited information.

But once on Folio and there's several months of payment history behind them, you've just eliminated all of the 1-and-out scammers, you know who lied about the loan purpose, maybe even get a feel for who started rack up debt again, and in general you have a much better feeling for who's going to pay.  Even if you don't believe a word of this paragraph, there are tens of thousands of really good notes on Folio that look good now and looked good at origination, and yes many are overpriced (many are not), but they got there somehow.  If your theory was true they shouldn't be there at all.  Institutions aren't getting 100% of the good stuff.  Not yet.

If you'd like, why not run a simple test?  Whip up your super-duper filters that are going to pick you out the best loans.  See how many brand new notes you get after a week from new originations.  Then run those same filters on Folio (no cheating) and see if you don't still find tons of them.