Author Topic: Welcome everyone to the Social Lending Network Forum  (Read 40850 times)

TTR_Resources

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #15 on: December 20, 2011, 01:06:14 PM »
Thank you very much!  I also want to express my gratitude for you providing this opportunity for people like us.  I'm looking forward to gathering a lot of information and maybe providing help where me and my staff can.  Again, thank you very much.

Mike W.
« Last Edit: December 20, 2011, 01:08:49 PM by TTR_Resources »
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captainmcb

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #16 on: December 28, 2011, 02:02:37 PM »
My name is Morgan from Arizona.
I am a very happy new investor in Lending club only able to use the Folio platform. My account is only a month old and very small in size but I can see great things in the future as I learn more about the system

Thank you

investorjunkie

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #17 on: February 03, 2012, 09:15:54 PM »
Hi All. Thanks Peter for setting up this forum. I hope it will be better than some of the other ones that have died on the vine.
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Dave Baker

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #18 on: March 28, 2012, 05:04:29 AM »
Hi guys.Great site, Peter.I am Canada's original social lender.Newstartcanada.com and peertopeercanada.com are my sites.I created the first peer to peer lending program up here in Canada.My peer to peer lending system operates off line and serves only the unbankable.My core business is affordable car loans for the unbankable.I am very focused right now finishing up my B CORP registration.Cheers.

Italianpeddler

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #19 on: August 07, 2012, 11:10:43 PM »
Hi All
I just read Peter's free ebook. Thanks for taking the time to form a community Peter this is great.   I am hoping this is an active  community. I am pretty new to P2P lending .  I tuned into ZOPA about 6 years ago and was annoyed the US didn't have anything. They were suppose to come to the US but never really got off the ground  so I tuned out.   Around 11 months ago a friend  told me about Prosper. I immediately joined and then found lending club and joined them also.

I am starting off slow and I am now just discovering the Note Trader boards. I am anxious to discuss how people are reading and analyzing these boards because I am seeing some crazy bids that don't make sense to me.

So much to learn and so LIttle time.



Peter

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #20 on: August 09, 2012, 11:13:38 AM »
Hi All
I just read Peter's free ebook. Thanks for taking the time to form a community Peter this is great.   I am hoping this is an active  community. I am pretty new to P2P lending .  I tuned into ZOPA about 6 years ago and was annoyed the US didn't have anything. They were suppose to come to the US but never really got off the ground  so I tuned out.   Around 11 months ago a friend  told me about Prosper. I immediately joined and then found lending club and joined them also.

I am starting off slow and I am now just discovering the Note Trader boards. I am anxious to discuss how people are reading and analyzing these boards because I am seeing some crazy bids that don't make sense to me.

So much to learn and so LIttle time.

Welcome. Great to have you on board. If you want to learn more about the note trading platform I wrote two in depth articles late last year about both platforms. You can read them here:
http://www.lendacademy.com/social-lending-101/an-introduction-to-the-lending-club-trading-platform/
http://www.lendacademy.com/investing-lending/an-introduction-to-the-prosper-trading-platform/

Best of luck in your investing.

Peter
Publisher of the Lend Academy blog

See my returns here: http://www.lendacademy.com/returns

LuckyMac

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #21 on: August 17, 2012, 10:45:48 PM »
Hello everyone, I Carl & I'm the newest P2P goober.... I have open accounts a both Prosper & LC. I have been lurking in forums and finally decided to join in. Hope to grow my 3 month old early portfolio to 500 notes in the coming year.

Peter

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #22 on: August 18, 2012, 11:23:20 AM »
Welcome Carl, I am glad you are joining us. Good luck with your p2p lending investments.
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TooSmall2Fail

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #23 on: August 20, 2012, 05:04:10 PM »
Peter, I'm an avid reader of your work and appreciate all you do for p2p lending.  I've had accounts with both Prosper and LendingClub since late 2008 and have watched them (particularly LC) grow at a breathtaking pace as of late.  As a stockbroker by trade, it amazes me how P2P is still "under the radar" and I'm confident this is an asset class that is set to absolutely explode in popularity throughout the decade.

On an unrelated note, while I'm in occasional contact with employees at both LC and Prosper, I'd be very interested in a piece detailing what the borrowing process is like.  I'm curious if there are many on this site that have been on the borrowing side of things, particularly at LC, who can provide insights such as screenshots as to what the application process is like and if LC ever encourages borrowers to answer the pre-selected questions before being prompted (and if they are bombarded with emails for each individual question or if LC only sends one email a day) and what kind of communication/relationship LC has with borrowers as I have a suspicion LC has too few employees to be effective servicers of tens of thousands of loans.

Once again on behalf of many, thank you for all you do with this site!

Peter

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #24 on: August 21, 2012, 11:43:11 AM »
Peter, I'm an avid reader of your work and appreciate all you do for p2p lending.  I've had accounts with both Prosper and LendingClub since late 2008 and have watched them (particularly LC) grow at a breathtaking pace as of late.  As a stockbroker by trade, it amazes me how P2P is still "under the radar" and I'm confident this is an asset class that is set to absolutely explode in popularity throughout the decade.

On an unrelated note, while I'm in occasional contact with employees at both LC and Prosper, I'd be very interested in a piece detailing what the borrowing process is like.  I'm curious if there are many on this site that have been on the borrowing side of things, particularly at LC, who can provide insights such as screenshots as to what the application process is like and if LC ever encourages borrowers to answer the pre-selected questions before being prompted (and if they are bombarded with emails for each individual question or if LC only sends one email a day) and what kind of communication/relationship LC has with borrowers as I have a suspicion LC has too few employees to be effective servicers of tens of thousands of loans.

Once again on behalf of many, thank you for all you do with this site!

Thanks for chiming in here. I took out a loan at both Lending Club and Prosper last year just to see what that side of the business is like. I wrote about this here:
http://www.lendacademy.com/borrowing-2/what-to-expect-when-applying-for-a-personal-loan-on-prosper/
http://www.lendacademy.com/borrowing-2/what-to-expect-when-applying-for-a-personal-loan-at-lending-club/

These posts are almost a year old now so I actually planning on updating all this in the coming weeks by taking out new loans so stay tuned.
Publisher of the Lend Academy blog

See my returns here: http://www.lendacademy.com/returns

investforfreedom

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #25 on: August 27, 2012, 10:45:52 AM »
Hi, Peter, I visit your social lending site on a weekly basis and greatly appreciate the work you do for the p2p lending community.  I started investing in Proper loans in May and it's been nearly 4 months now.  (Actually, I opened a Prosper account back in 2007, but fortunately, I didn't put any money in it, since as we all have come to know, Prosper 1.0 didn't fare well.) The returns have been quite good, and I just began putting some money into Lending Club this month to compare the two platforms.  I expect the ROI to come down as the loans mature, so I am quite realistic in that regard.  I look forward to learning more from you and others in the forum.

After having some experience with both Prosper and Lending Club, I realize that for Lending Club the loan sizes tend to be bigger, in fact, so much bigger for the lower grades than those for Prosper.  For E, F, G grades, LC allows a whopping maximum of $35,000 for a period of 5 years, whereas Prosper allows for only $4000 for 3 years in E and HR loans. I use Nickelsteamroller for research and screening. To my surprise, even for the lower grades, the smaller loans (<$10,000) in LC don't necessarily do better than the larger ones.  In fact, they fare worse. It is difficult to convince myself to commit any fund to a $35,000 loan for a period of 5 years, but if data matters at all, I have to go against my own gut feelings.  I have managed to pitch in a tiny portion of the money for a few of loans in the range of $20,000 to $30,000 for the lower grades.   (Are they talking about raising the maximum to $50,000? That's mind-boggling--too much temptation to just run with the money.)

Would Peter and others care to comment on that?  Why would LC let folks with such high risks borrow $35000? Thanks.   
« Last Edit: August 27, 2012, 10:52:48 AM by investforfreedom »

Peter

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #26 on: August 27, 2012, 01:46:25 PM »
Hi, Peter, I visit your social lending site on a weekly basis and greatly appreciate the work you do for the p2p lending community.  I started investing in Proper loans in May and it's been nearly 4 months now.  (Actually, I opened a Prosper account back in 2007, but fortunately, I didn't put any money in it, since as we all have come to know, Prosper 1.0 didn't fare well.) The returns have been quite good, and I just began putting some money into Lending Club this month to compare the two platforms.  I expect the ROI to come down as the loans mature, so I am quite realistic in that regard.  I look forward to learning more from you and others in the forum.

After having some experience with both Prosper and Lending Club, I realize that for Lending Club the loan sizes tend to be bigger, in fact, so much bigger for the lower grades than those for Prosper.  For E, F, G grades, LC allows a whopping maximum of $35,000 for a period of 5 years, whereas Prosper allows for only $4000 for 3 years in E and HR loans. I use Nickelsteamroller for research and screening. To my surprise, even for the lower grades, the smaller loans (<$10,000) in LC don't necessarily do better than the larger ones.  In fact, they fare worse. It is difficult to convince myself to commit any fund to a $35,000 loan for a period of 5 years, but if data matters at all, I have to go against my own gut feelings.  I have managed to pitch in a tiny portion of the money for a few of loans in the range of $20,000 to $30,000 for the lower grades.   (Are they talking about raising the maximum to $50,000? That's mind-boggling--too much temptation to just run with the money.)

Would Peter and others care to comment on that?  Why would LC let folks with such high risks borrow $35000? Thanks.

Thanks for joining the forum and for introducing yourself. There are no plans to increase the loan amount to $50K except for second loans where this borrower has shown a perfect payment history. To clarify, this is not a second loan of $50K, but rather a total loan amount of $50K, so if the first loan is $35K the second loan could be $15K.

The jury is still out on exactly how 5-year loans will perform. The oldest of these loans are just over 2 years old, so future defaults coule make these loans a bad investment. But I am comfortable with them so far, within certain parameters. I don't filter for loan size because I there is not a huge difference in default rates between a small and large loan.
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See my returns here: http://www.lendacademy.com/returns

zaza123

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #27 on: October 19, 2012, 03:34:45 PM »
Thanks for opening this

AS always I am very thankful for you , I used to email you a couple of times with questions , but now it will be easier to ask.....

Thanks for everything

Peter

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #28 on: October 19, 2012, 07:43:02 PM »
Thanks for joining and welcome. As I said I check the forum every day and if no else has answered the question I will always jump in.
Publisher of the Lend Academy blog

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MarkTrader

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Re: Welcome everyone to the Social Lending Network Forum
« Reply #29 on: October 22, 2012, 10:49:30 AM »
Hi,
My name is Mark, I am a new Prosper investor with a $20k account which I funded in August of this year. I'm still learning and have a lot of questions. If all goes well, I plan to set up an IRA and start contributing a small amount from my monthly salary.