Author Topic: Lendinc CLub vs. BIC comparison  (Read 16612 times)

Fred93

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Re: Lendinc CLub vs. BIC comparison
« Reply #15 on: November 13, 2014, 08:29:06 PM »
What I was most interested in hearing about is how other LC investors feel about BIC's claim to be making 21-26% off of lending club.

Judging from other statements on the BIC web site, I believe the guy has no idea what return he's making.

Jon

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Re: Lendinc CLub vs. BIC comparison
« Reply #16 on: November 13, 2014, 09:29:43 PM »
Grammar errors in e-mail spam is one of the leading indications that the message has nefarious intent.

No, grammar errors indicate that the ad copy was written by a commie/pinko/muslim/etc from India/China/Russia/Nigeria/etc and that's a good indication of nefarious intent.  Or the person is a native English speaker and was simply in a hurry or impaired.  I vote for the latter in this case. 

Right in the first linked post they say they don't even have 2 years of tax statements so I think we can ignore any claims about returns.  A monkey can make 21% for a short while if he gets ahold of the right bananas at the right time.

Yeah, being in a hurry crossed my mind.  I just took some corporate training about scammer-spam and grammar errors were on my mind, so I thought I'd point out that it's an artifact to be noted, indicating that someone might be after money they don't already own.

-Jon

Fred

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Re: Lendinc CLub vs. BIC comparison
« Reply #17 on: November 13, 2014, 11:44:41 PM »
Not sure what to make of these claims.

Unless their numbers can be vouched  (by LC transaction report, regulatory filing, audit company, ...), I'd ignore them.

rawraw

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Re: Lendinc CLub vs. BIC comparison
« Reply #18 on: November 16, 2014, 03:26:06 PM »
Grammar errors in e-mail spam is one of the leading indications that the message has nefarious intent.

No, grammar errors indicate that the ad copy was written by a commie/pinko/muslim/etc from India/China/Russia/Nigeria/etc and that's a good indication of nefarious intent.  Or the person is a native English speaker and was simply in a hurry or impaired.  I vote for the latter in this case. 

Right in the first linked post they say they don't even have 2 years of tax statements so I think we can ignore any claims about returns.  A monkey can make 21% for a short while if he gets ahold of the right bananas at the right time.

Not always just a hurry. Bad grammar can be a good thing:

http://research.microsoft.com/pubs/167719/whyfromnigeria.pdf


turing

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Re: Lendinc CLub vs. BIC comparison
« Reply #19 on: November 19, 2014, 11:03:08 AM »
Quote from: BIC website
"Every year we pay one-third of the company's profit to Referrers and Club Managers."

Sounds like a ponzi scheme to me.

rawraw

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Re: Lendinc CLub vs. BIC comparison
« Reply #20 on: November 19, 2014, 01:55:35 PM »
It wouldn't necessarily be that hard to do with cheap leverage (at least until a recession hits, who knows what happens then).  But most retail people do not have access to it.

evergreen

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Re: Lendinc CLub vs. BIC comparison
« Reply #21 on: June 16, 2015, 11:11:25 PM »
Here's proof that they are actually making a net annual return of 21%.

This account has been open for several years. Lots of bad loans and still high returns :PPPPP

evergreen

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Re: Lendinc CLub vs. BIC comparison
« Reply #22 on: June 16, 2015, 11:12:50 PM »
What I was most interested in hearing about is how other LC investors feel about BIC's claim to be making 21-26% off of lending club.

Judging from other statements on the BIC web site, I believe the guy has no idea what return he's making.

evergreen

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Re: Lendinc CLub vs. BIC comparison
« Reply #23 on: June 16, 2015, 11:13:42 PM »
I've was researching non traditional investing strategies like P2P and REITs and rental properties when I came across Bakersfield Investment Club. The fund manager claims to be achieving 21 - 27% returns on the LC platform.

http://www.bakersfieldinvestmentclub.com/blog/current-strategy-investment-club

Another blog post asserts that investing in BIC is better than investing directly through LC.

http://www.bakersfieldinvestmentclub.com/blog/comparison-of-bakersfield-investment-club-vs.-lending-club-direct

Not sure what to make of these claims.

S

evergreen

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Re: Lendinc CLub vs. BIC comparison
« Reply #24 on: June 16, 2015, 11:14:21 PM »
This isn't an email

Grammar errors in e-mail spam is one of the leading indications that the message has nefarious intent.

No, grammar errors indicate that the ad copy was written by a commie/pinko/muslim/etc from India/China/Russia/Nigeria/etc and that's a good indication of nefarious intent.  Or the person is a native English speaker and was simply in a hurry or impaired.  I vote for the latter in this case. 

Right in the first linked post they say they don't even have 2 years of tax statements so I think we can ignore any claims about returns.  A monkey can make 21% for a short while if he gets ahold of the right bananas at the right time.

Yeah, being in a hurry crossed my mind.  I just took some corporate training about scammer-spam and grammar errors were on my mind, so I thought I'd point out that it's an artifact to be noted, indicating that someone might be after money they don't already own.

-Jon

evergreen

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Re: Lendinc CLub vs. BIC comparison
« Reply #25 on: June 16, 2015, 11:15:35 PM »
Have anyone in your family they call the "Dream Killer"?

They're all geniuses until the next leg down in the world's largest ever housing bubble implosion.

evergreen

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Re: Lendinc CLub vs. BIC comparison
« Reply #26 on: June 16, 2015, 11:17:02 PM »
Ponzi schemes don't invest in anything real. They just go shopping.

Quote from: BIC website
"Every year we pay one-third of the company's profit to Referrers and Club Managers."

Sounds like a ponzi scheme to me.

evergreen

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Re: Lendinc CLub vs. BIC comparison
« Reply #27 on: June 16, 2015, 11:18:08 PM »
It wouldn't necessarily be that hard to do with cheap leverage (at least until a recession hits, who knows what happens then).  But most retail people do not have access to it.

evergreen

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Re: Lendinc CLub vs. BIC comparison
« Reply #28 on: June 16, 2015, 11:19:08 PM »
Not sure what to make of these claims.

Unless their numbers can be vouched  (by LC transaction report, regulatory filing, audit company, ...), I'd ignore them.

evergreen

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Re: Lendinc CLub vs. BIC comparison
« Reply #29 on: June 16, 2015, 11:30:43 PM »
Company profit only, not a fee out of new investment funds coming in.

Quote from: BIC website
"Every year we pay one-third of the company's profit to Referrers and Club Managers."

Sounds like a ponzi scheme to me.