Author Topic: Another Scott Sanborn Email  (Read 2721 times)

jheizer

  • Sr. Member
  • ****
  • Posts: 472
    • View Profile
    • LC Tools
Another Scott Sanborn Email
« on: June 01, 2016, 09:39:09 PM »
 
Quote
   
Hello Jonathan,
 
I wanted to check back in.
 
Some of you responded to my first email with a note about your continued support; others of you are talking to our Investor Services team to get your questions answered.
 
The most common question we're getting is this: Are we committed to individual investors?
 
Emphatically, yes.
 
You're the heart of our marketplace.
 
We started Lending Club with the simple but revolutionary idea that we could democratize access to consumer credit. That idea - and our commitment to it - will never change.
 
Our mission is to make people's lives better. That's true for borrowers - helping them get access to responsible credit - as well as investors. We want to help you build your financial future.
 
You've always been the foundation of our marketplace. You helped us start Lending Club in 2007; now our individual investor base is over 150,000 members strong. We've also improved the platform based on your feedback. We created Automated Investing, simplified the IRA investment process, and integrated our platform with TurboTax.
 
We're doubling down on our efforts to serve you. We're staffing up on our Investor Services team and are eager to connect with you to see how you're doing. We're also dedicating more engineering resources to you to ensure you have a great investment experience.
 
We want your ideas on what else we can do.
 
To prove our commitment and thank you for investing with us, we're offering a bonus for new funds transferred to your account by July 15, 2016.1 The more you invest, the bigger the bonus you could receive.
bonus chart
 
In the meantime, keep your ideas and questions coming. Our Investor Services team is here to help.
 
Sincerely,
ScottSignature
 
Scott Sanborn
Lending Club President & Acting CEO

We're broke and you all left.  Bring back the money please.  I was like oh oh BVR?!? oh, no, meh.  And not only does the money have to be deposited, but fully invested.

Fine print

Quote
1 To be eligible for this bonus offer, you must: 1) schedule a transfer of funds from your external bank account to your Lending Club account by July 15, 2016, and 2) invest the transferred funds through the Lending Club platform by August 15, 2016. The amount of any bonus will be based on both the amount of new funds transferred from external accounts and the amount of those funds invested by August 15, 2016 and will be calculated as follows: transfer and invest $5,000 to $9,999 to be eligible to receive $100, transfer and invest $10,000 to $24,999 to be eligible to receive $200, transfer and invest $25,000 to $49,999 to be eligible to receive $500, transfer and invest $50,000 to $99,999 to be eligible to receive $1,000, and transfer and invest $100,000 or more to be eligible to receive $2,000. Existing account balances will not be considered in determining the amount of or eligibility for any bonus described in this offer. All bonuses are given as an account credit. Any bonus awarded will be credited to your account by October 15, 2016. All bonuses are for investment only and will not be available for withdrawal or transfer from your Lending Club account. Bonuses and account credits may be subject to U.S. withholding taxes and any taxes related to the bonus or credit are your responsibility. "Invested" means that the funds have been used to purchase Notes issued through the Lending Club platform. Transactions on the Folio Investing Note Trading Platform* do not count toward the "invested" amount for purposes of determining eligibility or calculating bonus amounts for this offer. Minimum transfer and investment amount of $5,000 to qualify. Maximum bonus is $2,000. One bonus per account. Lending Club reserves the right to modify these terms and conditions or terminate this offer at any time. Other terms and conditions, or eligibility criteria, may apply. Lending Club does not provide investment advice, and the information presented here is not intended to be investment, tax, or legal advice. Offer is nontransferable and may not be combined with other offers.
Replacement to P2P Quant's Percentile Tool http://lc.geekminute.com

Fred

  • Hero Member
  • *****
  • Posts: 1421
    • View Profile
Re: Another Scott Sanborn Email
« Reply #1 on: June 01, 2016, 09:52:27 PM »
... oh, no, meh.  And not only does the money have to be deposited, but fully invested.

Me too, I'll skip.

SeanMCA

  • Full Member
  • ***
  • Posts: 200
    • View Profile
    • deBanked
    • Email
Re: Another Scott Sanborn Email
« Reply #2 on: June 01, 2016, 10:57:52 PM »
I never got the first email. I had to read about it in the news. I got this one though, the one asking for money.
I'm a merchant cash advance veteran exploring the p2p lending waters.

Fred93

  • Hero Member
  • *****
  • Posts: 2143
    • View Profile
Re: Another Scott Sanborn Email
« Reply #3 on: June 01, 2016, 11:02:25 PM »
And not only does the money have to be deposited, but fully invested.

I think the terms are the same as when they last offered these bonuses a few years ago.

Meanwhile, they've been offering the same thing, but smaller dollar amounts for IRA accounts for some time.

nonattender

  • Hero Member
  • *****
  • Posts: 713
  • I am not here.
    • View Profile
Re: Another Scott Sanborn Email
« Reply #4 on: June 02, 2016, 09:02:26 AM »
May through August are the seasonally high borrower demand months;  these bonuses may get bigger.  The borrowers showing up on this forum and posting that they're not seeing their loans get funded is not positive signal;  I haven't seen posts like that since ~2008;  there's been zero reason for borrowers to even consider the source of funds, much less investigate the models / come ask for funding.  The well must be quite dry.

ETA:  Not trying to poop all over the offer - it's good they're sharing the inducements with retail invests, not just institutional investors.
« Last Edit: June 02, 2016, 09:20:55 AM by nonattender »
A little nonsense now and then is relished by the wisest men.

Rob L

  • Hero Member
  • *****
  • Posts: 2043
    • View Profile
Re: Another Scott Sanborn Email
« Reply #5 on: June 02, 2016, 09:06:20 AM »
Yeah, I receive a bonus offer (without the reaffirm words) every few months. I'm IRA.
It was always tempting but, because of platform risk, I always resisted with difficulty. Probably would have doubled or tripled my LC investment had I not imposed that restraint on myself (and boy am I glad I did). You might think I'm making this up given my decision to exit, but it's absolutely true.
« Last Edit: June 02, 2016, 10:24:00 AM by Rob L »