Messages

Hah, yep.  I made a call and... bingo.

On the upside, I hear it's not as bad as they thought it might be, given that people were quite likely to keep those accounts in good standing, for some reason... https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />

I have updated the thread regarding my returns:

https://forum.lendacademy.com/index.php/topic,5166.0.html" class="bbc_link" target="_blank">https://forum.lendacademy.com/index.php/topic,5166.0.html

I use LC Picks exclusively as my tool to decide on which loans to invest in.

Had some issues with my email and had to create a new account.  The previous thread is located:  https://forum.lendacademy.com/index.php/topic,4828.0.html" class="bbc_link" target="_blank">https://forum.lendacademy.com/index.php/topic,4828.0.html

A lot of you guys on here were very kind answering my questions prior to me signing up with Lending Club.  I'll try to give an update monthly or so.

I started buying loans on 09-14-17 and I've been adding several to my account weekly.



Update as of 07.04.20

My annualized return on loans that have paid off is 9.47%.

My Notes at-a-Glance         830

Not Yet Issued                    6
Issued & Current                583
In Grace Period                   4
Fully Paid                           191
Late 16-30                         0
Late 31-120 Days               3
Default                               0
Charged Off                        41
Canceled                            2


Adjusted Net Annualized Return      7.95%
Net Annualized Return                   11.80%
Weighted Average Age of Portfolio  16.5 months

My notes by grade are:

A  22.70%
B  58.90%
C  13.30%
D  4.0%
E   1.10%


I've been using LC picks (see other threads in the forum about them if you are unfamiliar) in order to pick which loans to invest in. My LC picks ranking is 67.1/82.

Thanks again for all who helped out in the past.

https://forum.lendacademy.com/index.php?topic=4212.msg61951#msg88888888Quote"> from: .Ryan. on July 01, 2020, 10:37:26 PM

Saw this one coming a mile away:

"Dear Valued Customer,
We're writing to let you know that the Annual Percentage Yield (APY) for your Kasasa Cash Checking Account with TAB Bank is changing from 3.00% APY to 2.00% APY for balances from $0.01 to $25,000 effective 7/1/2020.

As our country continues to deal with the economic impacts of the COVID-19 pandemic, there have been major shifts in interest rates for deposit accounts. At TAB Bank, we are committed to providing the best possible rate that we can under the current circumstances."

Not any heads-up; the change is today! I've gone from $50k max deposit to $25k and from APR 4% to 3% to 2% ($166 per month to $42 per month). Don't you just love the FED's printing press? Hey, 2% on a checking account still ain't bad. If I don't make the required debit transactions of 15 in a month the APR is 0.5% so what the heck. Still it's much better than having the Wells Fargo checking account I had (0% APR) and they were charging me $14.95 per month for Quicken downloads.

I remain very pleased with the TAB website features and overall experience.

144067096

147758633

125330246

https://forum.lendacademy.com/index.php?topic=21674.msg61940#msg88888888Quote"> from: Debt Free on June 28, 2020, 08:24:07 PM

An update; yesterday was a particularly bad day for financial stocks.

https://i.imgur.com/4c1Xptw.png" alt="" class="bbc_img" />

Yes, these are mostly C and D never late loans with number of payments remaining fewer than half of loan term. Most of these notes were previously traded at discount and now being bought by someone at premium after loans made few more payments.

https://forum.lendacademy.com/index.php?topic=21674.msg61934#msg88888888Quote"> from: Ran on June 26, 2020, 02:43:25 PM

Yup. I ended up buying a bunch of "hardship" loans by accident because they passed my "neverlate" filter, even though they hadn't actually been paid in a couple months.

I think they can only be sold once the hardship period ends. At that point he loan will either be in grace period, or current, depending on whether the scheduled payment was made.

A few of my loans, which haven't been paid in three months, are now in "grace period".

I guess we know the answer to the lifecycle question...

Yep, I got it done. Thanks for the tip.

https://forum.lendacademy.com/index.php?topic=21656.msg61906#msg88888888Quote"> from: Fred93 on June 15, 2020, 03:10:03 PM

I think you can agree that the buyer needs  to be aware of the hardship status.  That requires software work.

Good!  For awhile they were allowing people to buy and sell hardship loans, but they never implemented reasonable user interface or API to allow buyers to see that they were buying hardship loans.  They failed big time in their fiduciary duty to buyers!

So now that's fixed.  Good.