Jan
My First Lending Club Payments All on Time
I checked my initial Lending Club portfolio and all the first payments have arrived on time. It is a minor milestone considering that each borrower must make 35 more payments to allow me to achieve my expected return on the portfolio. It still feels good to see the money arrive.
My first Lending Club portfolio consisted of 10 loans for a total of $375 at a wighted average interest rate of 9.27%. Despite the advantage that Lending Club allows small bids – $25 – I still extended half those loans at $50 each which was probably a mistake, but not a big one since they are all relatively low credit risks. The total payment is $11.93 per month.
It feels good to receive the first payment, but $11.93 is an insignificant portion of the entire expected payment stream.
Now the question becomes – what to do with the loan proceeds? Like probably most lenders, I will reinvest the money in more Lending Club loans to try to increase the monthly payment that I receive.
Below is a screen shot of the portfolio with the first payment data. 
I will continue to report the data periodically to keep track of the Lending Club loans that I selected for funding.
It is good that your first payments were on time. Mine are due in a month from Lending Club and the one from Prosper was on time. I plan on reinvesting a small sum later on but for now I have the payments put back into my ING account because there is no sense in keeping the money in LC or Prosper not earning interest.
I do not want to invest more than I already have until I see a few more payments come in, and not just have the loans possibly default after just one or two payments.