Author Topic: Why lending club transactions take so long to complete?  (Read 425 times)

dx2018

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Why lending club transactions take so long to complete?
« on: January 24, 2019, 12:39:33 AM »
Any idea why lending club transactions take so long to complete? It is pretty annoying that many transactions are canceled because of the payment in the following day.

I am also investing in Chinese P2ps, where any transaction is committed within seconds. Even the deposits or withdraws < 750K USD are completed immediately after you click the button.

Just wondering why LC takes this long, do people really sit behind to manually check the data?

Thanks in advance
« Last Edit: January 24, 2019, 12:48:55 AM by dx2018 »

lascott

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Re: Why lending club transactions take so long to complete?
« Reply #1 on: January 24, 2019, 12:52:25 PM »
Any idea why lending club transactions take so long to complete? It is pretty annoying that many transactions are canceled because of the payment in the following day.

I am also investing in Chinese P2ps, where any transaction is committed within seconds. Even the deposits or withdraws < 750K USD are completed immediately after you click the button.

Just wondering why LC takes this long, do people really sit behind to manually check the data?

Thanks in advance
By all accounts the Chinese P2P is in crisis and you are holding that up as an example to follow? That is confusing.
https://www.google.com/search?q=chinese+p2p+lending+crisis
Tools I use: (main) BlueVestment: https://www.bluevestment.com/app/pricing + https://www.interestradar.com/ , (others) Lending Robot referral link: https://www.lendingrobot.com/ref/scott473/  & Peercube referral code: DFVA9Y

Fred93

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Re: Why lending club transactions take so long to complete?
« Reply #2 on: January 24, 2019, 02:53:38 PM »
Any idea why lending club transactions take so long to complete? It is pretty annoying that many transactions are canceled because of the payment in the following day.

I presume you are talking about the secondary market.  Its because when LC linked to folio, they did a crude job of hooking up the accounting between the two systems.  It isn't real time.  I figure they intended to get back to it and clean it up (about 5 years ago), but the volume never materialized in the secondary market, so they figured it wasn't worth their time to devote development $ to it.