Author Topic: No service fee?  (Read 2200 times)

rev

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No service fee?
« on: December 14, 2012, 05:57:56 PM »
This is the first time I see (or noticed?) this:
https://www.lendingclub.com/account/loanPerf.action?loan_id=1090946&order_id=2176089&note_id=8025861
"No Fee: There is no service fee for this loan"

What is this? And why?

SarahV

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Re: No service fee?
« Reply #1 on: December 14, 2012, 06:11:05 PM »
There are a bunch of those floating around... Lending Club did a promotion at some point.

Peter wrote a blog post about it at the time: http://www.lendacademy.com/lending-club-waiving-service-fees-on-large-loans/

yojoakak

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Re: No service fee?
« Reply #2 on: December 14, 2012, 09:48:59 PM »
There used to be a little icon next to some of the loans on Browse Notes, but I don't know if they're still offering these.

After that I believe the only way to find out is to look at the Loan Performance page, or the Original Listing page. Or you might notice a missing Service Fee on your Account Activity page, but that's not the only reason there might not be a Service Fee.

Is this info included in any of the downloadable files?

I've never been sure if Folfio's YTM calculation accounts for No Fee or not. Then again, I've never been quite sure how Folfiofn comes up with it's YTM value to begin with.
« Last Edit: December 14, 2012, 09:51:28 PM by yojoakak »

rev

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Re: No service fee?
« Reply #3 on: December 15, 2012, 10:09:03 AM »
Is this info included in any of the downloadable files?

No, that's what annoys me, we don't have all information in the files that are available in the web pages, but we can't also (according to their representatives) automate the capture of that information from the web -- which makes sense, it would be a workaround, but either give us the workaround while working on the final solution, or deliver the final solution sooner.

I've never been sure if Folfio's YTM calculation accounts for No Fee or not. Then again, I've never been quite sure how Folfiofn comes up with it's YTM value to begin with.

Like I said in my other post, I'm calculating the YTM myself in Interest Radar and the results are completely different from what Foliofn is providing. I have no idea what they are doing to come up with that YTM either.

rawraw

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Re: No service fee?
« Reply #4 on: December 15, 2012, 05:07:00 PM »
This was done to to celebrate Lending Club approaching $500MM or $1 billion, I can't remember which.  I have probably 50 or so notes that are free -- they sell quickly on FolioFN, so I assume there are automated services buying these up.