Review of Lending Club Update: New Portfolio View, FICO Score, & More
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Lending Club updated their interface today with some great improvements. They announced a few days ago in their blog that these changes were coming along with a reminder of the Lending Club 5% bonus program. Also mentioned was the number of lenders on Lending Club doubled in the last month!
But I am writing today about the changes to the Lending Club interface. (Before and after screen shots below.) Many of the improvements are items that I requested in my initial Lending Club review. My suggestions included in the update were:
- More advanced search engine with better filters
- Improved view of loans and portfolios (although not quite how envisioned, but I like the improvement as implemented)
- Adding the FICO score to the loan
- Removing loans in your portfolio from the search results.
Other great ideas added that I noticed were:
- Improved loan browsing function (<previous | return to search results and | next>)
- Much clearer dashboard of your money and loans.
I have before and after screen shots for many screens for you to compare the improvements. But first, I would like to summarize that I like this set of updates. Also, now that I have the overall portfolio view, I appreciate having the individual portfolios separated. This allows the lender to track different lending strategies separately. Since it seems my suggestions may have been heard, I’ll post a few more ideas:
- I would like to see more 30 day late payment history than two years.
- On the account activity page, referral payments need to be listed. Right now, my inputs do not equal my account value due to referrals.
- When I open a loan that I have already extended credit to, it should be clearly indicated at the top of the loan so that I do not double fund the same loan. (Creating my second portfolio today I noticed loans in the first portfolio are not indicated.)
Before and After Screen Shots
The new Lending Club account summary page is much better than the old view. It includes links to all your loans and all your portfolios.
The old view of the dashboard is very similar to what is now the current portfolio view.
There is a new view to view all loans in the portfolio. This is great for a quick view of the status of all your loans on one single screen.
The new Lending Club Loan search screen allows for great filtering on several characteristics including FICO range, current delinquencies, and debt-to-income ratio. See the righ-hand side of the screen for the differences.
The old loan search screen:
The new loan detail screen has the great improvement of adding the FICO score range (highlighted in red). I like having that appear better than simply the loan grade because it is always difficult to remember which grade matches which score. Plus, with the risk adjustments, each grade does not exactly match a particular FICO score.
The previous Lending Club loan detail screen looked like this:
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This “improvements” are all meaningless without providing monthly statements to lenders!!!
Do you have money deposited/invested at any other financial institution that does not send you (or make available online) a monthly statement?
LC should drop all other work until monthly statements to lenders are provided.
And lenders should constantly badger them until we have these statement.
@PLP: Thanks for the post, and for continuing to provide feedback on the product.
@J: The account changes you see now are a stepping stone towards providing monthly statements and full ledger-like reporting. As you can see, it is currently showing “cumulative” numbers. We are working to provide the ability to “filter” your activities by dates/months, which will allow you to have a “monthly statement” kind of view. This will be available sometime later this year. Thanks for the feedback.
Rob Garcia
Director, Web Production
Lending Club
Rob, I must admit that as soon as I have data for multiple months the monthly view will start to become important. I am not a Quicken or MS Money user but I can see many lenders wanting to upload monthly files into those programs to keep track of taxes, investments, and net worth.
[…] here? You may want to subscribe to the RSS feed or browse the site map. Thanks!When Lending Club updated their website, I noticed that Rate Ladder’s screenshots looked different from mine. This was discussed […]