Author Topic: Worst Loan of the Day Thread, Grades A - C  (Read 6868 times)

Rob L

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Re: Worst Loan of the Day Thread, Grades A - C
« Reply #45 on: February 05, 2018, 02:32:27 PM »
New low score:

C1,  12.62%, $39.28  https://www.lendingclub.com/browse/loanDetail.action?loan_id=128208659

This one is now 36% funded, $8,375 loan and 79 investors. Pd = 58.3%, Score 33.10

Verified monthly income is $649, monthly loan payment is $280.66. That's going to be a struggle.

Edward Reid

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Re: Worst Loan of the Day Thread, Grades A - C
« Reply #46 on: February 05, 2018, 03:07:14 PM »
That's going to be a struggle.
yeah ... have to wonder what was on the application, or what the reviewer was on ... Based on what we see, I just cannot imagine a scenario where it's viable, implying there's likely significant info we don't see.

On track to be fully funded within six hours of release. Yet I often pick up notes on loans that actually look very good for grade C which have gone more than 24 hours since release.

Edward

Rob L

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Re: Worst Loan of the Day Thread, Grades A - C
« Reply #47 on: February 20, 2018, 06:39:47 PM »
New low score (by far the worst I've seen since I started looking):

C3, 14.08% $31.70 https://www.lendingclub.com/browse/loanDetail.action?loan_id=128311871&previous=browse

Now 15% funded, $11,775 loan and 56 investors. Pd = 79.2%, Score 13.57.

Verified monthly gross income $1,095 per month, monthly loan payment $402.90. More than a struggle!!
Zowie. I want to be on the other side of this trade.

Rob L

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Re: Worst Loan of the Day Thread, Grades A - C
« Reply #48 on: March 08, 2018, 08:44:53 AM »
Not the absolute worst, but the worst in a while:

C2, 13.58%, $34.05 https://www.lendingclub.com/browse/loanDetail.action?loan_id=129579506

Now 79% funded, $19,225 loan and 450 investors. Pd = 53.3%, Score 39.16.

Verified monthly gross income $1,833 per month, monthly loan payment $653.16. Once again more than a struggle!!
Earliest credit line 2003 so it's not a cash rich but income poor retiree. It's an individual, not a joint application.

Rob L

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Re: Worst Loan of the Day Thread, Grades A - C
« Reply #49 on: March 20, 2018, 09:32:53 AM »
Just when you think you've seen the lowest score an new champion appears:

C5, 13.58%, $31.53 https://www.lendingclub.com/browse/loanDetail.action?loan_id=130137821

Now 12% funded, $22,850 loan and 88 investors. Pd = 72.8%, Score 19.26.

Non-verified monthly gross income $1,667 per month, monthly loan payment $803.46.
Yep, that's right. Monthly payment is 48% of gross income. Massage therapist in Cupertino, CA.
You can't make this stuff up.

Edward Reid

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Re: Worst Loan of the Day Thread, Grades A - C
« Reply #50 on: April 11, 2018, 07:15:14 PM »
Non-verified monthly gross income $1,667 per month, monthly loan payment $803.46.
Yep, that's right. Monthly payment is 48% of gross income.

Interesting. I would not invest in it due to only five years of credit history, and I don't even look at Business loans. However, I note that credit history is absolutely clean. No inquiries. Claims to own home (a pretty big deal for a MT since they often work out of their homes). I can see ways it could be reasonable. If I were opening a new business and applying for a loan, I would honestly list my current income even if I had a sound business plan to triple my income. Not that I'd consider investing in this one ... but compared with some of the others posted, this one doesn't look nearly as bad to me.

I've never been clear on whether the reported DTI includes the loan payment. This one makes it abundantly clear that it does not. When looking at Credit Card Payoff or Consolidation loans, it matters less IF the applicant is honest, since moving debts from a card to LC is likely to reduce payments. If.

Edward