Comments on: Another Late Lending Club P2P Loan

By: daniel

daniel — Sat, 28 Nov 2009 11:04:50 +0000

for all lending newbies.
the statistics start to get significant once you have over 1000 notes out. everything below you could just have bad luck.
so get 1000 notes for $25 each not like 4 for 100 each…

By: Personal Loan Portfolio

Personal Loan Portfolio — Sun, 28 Sep 2008 21:44:44 +0000

I had never noticed that information before either so it may not be completely obvious where that linked text leads.

By: evisha

evisha — Sun, 28 Sep 2008 10:47:10 +0000

It seems I definitely owe an apology to LC and to you folks. I was absolutely wrong about LC not providing detailed info about our loans — seems I just didn’t know where to click to find it.

Very simple thing – just go to your detailed loans page and click on the status of the loan you want to examine. That takes you to a very detailed set of info about specific loans. LC is actually doing everything that Prosper doesn’t do for its lenders. There is a collection log at the bottom of the screen that lets lenders know exactly what is going on in the collections area as well. Bravo LC!

With all my griping about my LC loans, I just updated my XIRR spreadsheet for LC loans and I am actually doing quite well even after I exclude all late loans from my lending total. So come on LC, we know that you are almost squared with the SEC — open up already! Maybe in time for Finovate?

By: schfor

schfor — Thu, 25 Sep 2008 02:39:55 +0000

Since my last post (21 August) my two late loans have defaulted and it looks like four more are headed that way. My return has dropped into the 8% range. It’ll go lower quickly now, I predict. I’m nearing the break-even point.
I’ve just discovered that if I click on the “default” or “late” label in the status column I get a run-down on collection efforts – I hadn’t noticed that before. Some of my borrowers have submitted “documents from bankruptcy counsel” and some are listed as presently “negotiating payment.”

By: Personal Loan Portfolio

Personal Loan Portfolio — Fri, 19 Sep 2008 05:01:44 +0000

I have not really been bothered by that display, but I only have three loans late. More and more seem to be going late all the time. I also have three loans that have paid off their loans way early so they were nearly a waste, but at least I recovered my principle.

By: Evelyn

Evelyn — Fri, 19 Sep 2008 01:13:21 +0000

No Way to Age Overdue Accounts Now

Is anyone besides me totally frustrated by LC’s recent changes in how they display loan statuses. It is now impossible to see just how overdue an account is. The only thing they are telling us is “30-120 days” late, while listing what the date of “a current payment” would be. What a total waste. Is this a new way for LC to try to get us to not notice just how badly loans are doing?

Real helpful isn’t this?
Status
Loading data…
233631 C Rating Bill Conso $25 C : 10.78% $23.22 $2.43 9/5/08 Late (31-120 days)
233631 C Rating Bill Conso $25 C : 10.78% $23.22 $2.43 9/5/08 Late (31-120 days)
242025 F Rating arts loan $25 F : 16.71% $23.37 $2.64 9/11/08 Late (31-120 days)
242025 F Rating arts loan $25 F : 16.71% $23.37 $2.64 9/11/08 Late (31-120 days)
242025 F Rating arts loan $50 F : 16.71% $46.73 $5.31 9/11/08 Late (31-120 days)
243957 B Rating Clean up c $25 B : 10.39% $21.98 $4.05 9/11/08 Late (31-120 days)
243957 B Rating Clean up c $25 B : 10.39% $21.98 $4.05 9/11/08 Late (31-120 days)
243957 B Rating Clean up c $25 B : 10.39% $21.98 $4.05 9/11/08 Late (31-120 days)
245385 D Rating Consolidat $25 D : 13.87% $22.71 $3.40 9/15/08 Late (31-120 days)

By: Personal Loan Portfolio

Personal Loan Portfolio — Fri, 22 Aug 2008 03:36:13 +0000

So you seem similar to both me and to evisha except I just happen to have one loan late. I am withdrawing regularly too.

I hope those loans come back for you. Let me know if they do.

By: schfor

schfor — Fri, 22 Aug 2008 01:39:15 +0000

“That is good to hear. Just curious for comparison purposes – What is your average interest rate on all loans?”

If my two late-payers don’t default, my portfolio return will be 12.24%
I’m withdrawing cash once a week regardless of the balance ($8 to $20 depending on where I’m at in the cycle) and have not yet decided if I’ll become an active lender once LC is up and running again. My two late loans are #143800 and #148878. They’re late by about $15 right now.

By: Personal Loan Portfolio

Personal Loan Portfolio — Thu, 21 Aug 2008 23:40:24 +0000

Yes, I agree that the return percentage is useless once your loans start to go late, but it is a reasonable indicator of the risk a person took on. It sounds like you did not take on much more risk than I did, but ended up with a few more bum loans.

By: evisha

evisha — Thu, 21 Aug 2008 11:25:38 +0000

I am in deep doo-doo with my LC loans. In addition to those shown L&D below, I have another $110 that are heading for the late status. That 12.74% shown below is baloney.

Total (185): $4,385.90
In Funding (0) $0.00
Issued & Current (172) $4,174.88
Late 16 – 30 days (0) $0.00
Late 31 – 120 days (7) $186.59
Fully Paid* (5) $0.03
Default (1) $24.40
Composition ( $ )

Based on Outstanding Principal
Details
Weighted Average Rate 12.74%
Expected Monthly Payments $169.67
Payments to Date $1,104.72
Principal $814.10
Interest $290.62
Adjustments Received $0.00
Late Fees Received $0.00

By: Personal Loan Portfolio

Personal Loan Portfolio — Thu, 21 Aug 2008 01:05:00 +0000

That is good to hear. Just curious for comparison purposes – What is your average interest rate on all loans?

Mine is 11.23% and I have had two go late so far with one of the two coming back current.

By: schfor

schfor — Wed, 20 Aug 2008 16:24:43 +0000

I’ve had quite a few of my 45 LC loans go late, but recently all but two have come back to current status and two have been paid off. So something is happening with collections during this “quiet period.” I had gotten discouraged and stopped checking my portfolio for several weeks, so it was a nice surprise when I checked in again. But my two late loans will enter the “default” category soon.