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Moderator
Revelate
Posts: 8,138
Registered: ‎12-30-2011

Re: LendingClub!


Repo-ed wrote:

Will start LENDING to prosper  and Lending club next month.

 

Though I'm currently looking at investing via Folio on the secondary market.


Yeah I looked at that briefly and it might be a faster investment vehicle, but a lot of the valuations were goofy too.  While I think the secondary market is a good thing, not sure I want to spend that much time with this particular play investment :smileyhappy:.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 703, TU 708, EX 702* (05/30/14, EX older)
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Established Member
sok454
Posts: 54
Registered: ‎06-06-2012

Re: LendingClub!

I have an app in process right now.  15k for 36 months.  684 FIco.  Somehow registered as an A5 so 8.9% will be interested to see if it's approved.   Seems like the funding on mine is slow going though.  Only  at 20% after 3 days.  Some people get funded fasted.   I have sent w2 pay stubs and verified bank and phone.   We'll see what happens.  


Starting Score: 596
Current Score: 646
Goal Score: 720+


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Established Member
PrimeRisk
Posts: 15
Registered: ‎11-15-2007

Re: LendingClub!

sok454,

     I invest over at LendingClub and have been pretty happy with the results.  Here's some insight on why it may take up to the full 14 days to fund your loan.  

 

- People want to make better money on their investments, so the lower grade loans promise better returns in exchance for higher risk.    

 

- Loans graded in the A category often take more than a week to fully fund, but in my experience I never see any loans that go beyond 10 days of funding unless there is something really odd about the loan.  I am currently invested in 149 loans and have no As in my portfolio simply because the returns are not high enough.

 

- Many people shoot themselves in the foot from day one.  People applying should keep in mind that humans are reading and making a decision whether or not to invest in your loan.  So if you put in a smart-assed title (I've seen "My W33D BiZZZ") or obviously lie about the puprpose, people won't risk their hard earned money on you.  

 

- Be honest and don't try to make yourself look better by playing with the numbers.  If self-report that you make $30,000/month, have a 90% revolving utilization, but only 3% Debt-to-income, you simply don't add up in my book and you'll never get a penny.  Also, when they verify your info, your loan will get cancelled if you can't produce the documentation to back i tup.  

 

- Everyone has a credit history, so be human.  I MAY invest in your loan if you have aged delinquencies or public records, but not without explanation.  Save everyone the hastle of asking you and just be up front and human.  Don't make excuses, just state what the issues were and what you've done to prevent it from happening again.  Some of those loans fund in minutes.

 

Let us know how it works out for you!

 


Starting Score: 687 - 5/19/04
Current Score: 782 - 2/18/14
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