Author Topic: Lending Club - Time to panic?  (Read 124438 times)

chasesfish

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Re: Lending Club - Time to panic?
« Reply #400 on: July 31, 2019, 11:52:03 AM »
Oh I didn't notice this, but LC just did a reverse stock split this month of 5:1. So their stock of $3 is now readjusted up to $15. Why is this company still valued at 1.25 Billion?
Its amazing to me.  I didn't earn anything on my put options, I guess the market can remain irrational longer than my options can remain open

My guess is that your option were also readjusted? Can you tell what happened to them? Does it only represent 20 stocks now or how does that work? I have to think selling .2 of an option isn't possible.

They're January puts at $2 share.  I only have $150 worth left, made the trade break-even back in December when the market was crashing.  Just holding them until end of year then I'll take the loss to get it into this tax year

CanuckExpat

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Re: Lending Club - Time to panic?
« Reply #401 on: July 31, 2019, 03:16:59 PM »
What discount you do you offer them at? I've been trying to sell my notes for several months now, and only get a few bites. Usually offer at around a .25% discount. Should I go lower?

At what discount would you consider buying the notes if you didn't already own them?

appleshampooid

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Re: Lending Club - Time to panic?
« Reply #402 on: August 09, 2019, 12:32:40 PM »
Two weeks ago I started selling off my LC loans.  I am probably 80-90% into cash by now.  The returns have just not been worth keeping the account open and the larger worry of something else going to zero. 

All my loans are in a IRA account, does anyone know what the fees will be to transfer the balance to my Schwab IRA?  I fear that I will be left with 5.32$ in the account and it would cost 20$ to do a transfer.
Do you have STRATA as your custodian? I think that's the only option...(formerly SD IRA Services).

I recently went through this, but STRATA closed my account (can't even log in) so I'm not 100% sure what the fee was. Basically you have to transfer it twice. First you go to your LC account and tell them to ACH all your cash to the custodian. Then the custodian (STRATA) has your cash and you initiate the rollover with the destination IRA (Schwab in your case). In my case, Vanguard was able to initiate the rollover and grab the money. I think it was a $200 fee for this crap (which was noted in the initial SD IRA account agreement docs). So you really only want to do it once.

It was a balancing act for me... I wanted to get the money out of cash ASAP and back into my investment portfolio, but I also wanted to collect those recoveries for as long as possible. Basically I had to cut it off at a certain point and just pull the trigger.

FireLane

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Re: Lending Club - Time to panic?
« Reply #403 on: September 25, 2019, 08:12:09 PM »
This is new. When I sign in to my Lending Club account, I get a banner that says:

Quote
Investment activity in LendingClub Notes is limited for residents of some states. We are working to expand access in these states.

AK, AZ, FL, NC, ND, NM, NY, PA, TX: Residents are unable to purchase LendingClub Notes on the primary market. However, they are permitted to buy and sell LendingClub Notes on the Folio Investing Note Trading Platform.

OH: LendingClub Notes are currently unavailable for residents to purchase or trade.

I'm positive this wasn't there last week. I live in New York, and although I haven't been putting new money into Lending Club for a while, I never ran into any issue doing so before now. There's no explanation of what specifically has changed, and other people seem baffled and frustrated by it:

https://www.lendacademy.com/some-investors-locked-out-of-investing-in-lendingclub-loans/

This could be another sign that Lending Club is circling the drain. I'm just glad that I've been withdrawing my money for months rather than reinvesting. Just over $2000 left to go now.

chasesfish

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Re: Lending Club - Time to panic?
« Reply #404 on: September 26, 2019, 04:15:17 AM »
I'm not surprised.  This is the same company that refuses to just provide standard investment reporting data, showing my YTD, 1yr, 3yr, and 5yr returns.   It still wants to show me 1.89% and include 2011 data in the numbers

AlanStache

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Re: Lending Club - Time to panic?
« Reply #405 on: September 26, 2019, 05:48:32 AM »
@FireLane, I think I saw a headline to that effect in the last week or so.  Did not click on it. 

The bulk of my balance was sold off and is in the process of being transferred to my schwab account.  I ended up with ~400$ in loans that I could not sell off, I progressively raised the discount every few days and still no takers.  Figure I will give it a few months and try again or just let the loans mature/default then transfer the balance.

ChpBstrd

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Re: Lending Club - Time to panic?
« Reply #406 on: September 26, 2019, 11:36:52 AM »
We have information the stock analysts don't have: Absent the sort of changes that would make it just another small bank, LC is going to fail as a lending platform.

If you'd like to place a bet, you can set up a synthetic short all the way out to January 17, 2020.

Buy the $4.50 strike put for $1.40.
Sell the $4.50 strike call for $1.48.

Thus you take an $0.08 credit to enter a trade that moves the opposite of LC stock (over time, not immediately/daily). LC is already down 21% YTD.
Wait two years for this house of cards company to tumble, or cash out at the next earnings release. Your breakeven is $4.58, which is 8% higher than today's price.
Best of all, this is portfolio insurance. If the broader stock market declines, speculative companies like LC will get hit hard and your synthetic short will make up for some of your other losses. With this synthetic short, your leverage is about 3:1 on a company that is 60% more volatile/risky than the market.
I'm checking in on the performance of my synthetic short idea from December 6th.

Last put price 1.55
Last call price 0.91
----------------------
Current profit: 0.64

Assuming you had to deposit 100% margin ($4.50/share) for the short call, that's an ROI of 14.2% since December 6th. Multiply by roughly three to annualize that! Interestingly, most of the profit came from deterioration of the call.

Today the call is worth 0.53 and the put is worth 1.45. Factor in the 0.08 received upfront to enter the trade and you'd be up $1 per share. In that time, the share price dropped about 84 cents.

It might still be a good deal to short LC. Options expiring in 2021 are now available, plus several reliable recession indicators are now in the red zone. However, someone might still acquire LC for a premium. High risks and high rewards...

Time to check the progress of this synthetic short idea. Since my last update LC did a one-for-five reverse split to prop up their stock price, so the options are now “non-standard” and represent 20 shares instead of 100. For comparison, I will multiply the usually quoted option price per share by 20 and compare it to the value of the entry position which is multiplied by 100.

Original idea:
     Buy a put for 100 shares at 4.50 strike for $140
     Sell a call for 100 shares at 4.50 strike for $148
     ———-
     Net: +$8

Current value:
     Sell a put for 20 shares at (1.68 x 20=) $33.6
     Buy a call for 20 shares at (0.025 x 20=) $0.50
     ———
     Net: +$33.10

Total return excluding commissions is +$33.1 + $8 original credit = $41.10

If I held this position I would have long ago rolled it closer to the money and to a later expiration. The reverse split and time decay have already knocked it down almost 77% since my last check in. The bleeding of time value is very high for far-OTM options nearing expiration such as these, and the liquidity of the non-standard options might get worse.

Still, this company with its horrible product still has a unicorn market cap of $1.21 BILLION. Half of that valuation will evaporate if either of the following happens next year:

1) a correction in which LC debt becomes more toxic than 2008-era NINJA mortgages, or
2) no correction and business as usual.

A short position in LC remains a compelling way to offset portfolio market beta while maintaining a chance for the appreciation of one’s hedge even if the market does go up (as would have worked in 2017 & 2018). This is offset by the risk of some fool buying LC for a premium, a change of leadership/strategy, or the issuance of a cryptocurrency by LC). Entering a bear spread would be a way to profit from LC’s probable decline while limiting risk.


chasesfish

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Re: Lending Club - Time to panic?
« Reply #407 on: November 04, 2019, 05:47:21 AM »
One of the more interesting things about Lending Club, I have about $11,000 in charged off notes.

I wonder what my residual will be and for how long from those?   Right now its between $5 and $15 per month.

AlanStache

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Re: Lending Club - Time to panic?
« Reply #408 on: November 04, 2019, 10:56:56 AM »
I was able to sell most all of my notes and transfer the balance to my primary schwab ira.  currently have 66$ in cash and 425$ as an adjusted balance.  will probably let it sit for a year or more then try to get the remainder out; I expect fees to eat a large percent but still should be positive.

some notes that on the surface looked fine just would not sell even as I retched up the discount.  maybe someone knows something about 38yo men in Ohio who make between 45-55k/year and needed to consolidate debt...? 

I am not sure it was a mistake to try LC but I dont think it worked out in my favor.  Even beyond LC I have been simplifying things, KISS and go outside to have some fun. 

laserlady

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Re: Lending Club - Time to panic?
« Reply #409 on: November 22, 2019, 11:30:11 AM »
I just received and withdrew my last payment from Lending Club (absent the unlikely possibility of getting small amounts in recoveries in the future).  Of the 97 loans I invested in, 66 were paid in full, and 31 were charged off.  (I never participated in the secondary market.)

I received $716.24 in interest, and lost $550.16 in charge offs.  So, not as bad as it could have been, but far from a good investment, especially when you consider the unfavorable tax situation and the time I spent trying to pick good loans.

I'm now happily going back to simple, automated index-fund investing.

freya

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Re: Lending Club - Time to panic?
« Reply #410 on: November 22, 2019, 01:41:47 PM »
Same here.  I put in an experimental $3000 investment in 2013, and finally sold the last couple of notes (at a 2% discount) and pulled out the last of the money just a few weeks ago.  After tax I made less than if I'd just left it in the online savings account, even accounting for things like capital losses. 

However, that doesn't include the cost of Turbotax Online, which I was buying mainly for its unique ability to import Lending Club 1099s (and its multiple pages of note transactions).  I am so looking forward to using freetaxusa or Credit Karma starting in 2020.

Not sure how long to wait after the last chargeoff to close my account...9 months probably.  after that they'll just have to mail me a check.   I'm sure it'll be < $10/year so not worried about taxes.

FireLane

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Re: Lending Club - Time to panic?
« Reply #411 on: February 22, 2020, 05:55:31 PM »
I notice Lending Club has taken away another feature.

In the "My Notes at-a-Glance" section of the account summary, there used to be an option to show the total amount of loans that were either in repayment, fully paid, or defaulted and charged off. I used that option to compare the amount of money I'd lost in charged-off loans to the amount of money I'd made in interest.

Now that feature is gone, and they only let you view the total number of loans in each status, which is much less useful. This makes it harder to judge overall performance, and I bet that's deliberate.

Just over $800 left in my account. I should have all my cash back within a few months.

chasesfish

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Re: Lending Club - Time to panic?
« Reply #412 on: February 23, 2020, 06:38:36 AM »
I notice Lending Club has taken away another feature.

In the "My Notes at-a-Glance" section of the account summary, there used to be an option to show the total amount of loans that were either in repayment, fully paid, or defaulted and charged off. I used that option to compare the amount of money I'd lost in charged-off loans to the amount of money I'd made in interest.

Now that feature is gone, and they only let you view the total number of loans in each status, which is much less useful. This makes it harder to judge overall performance, and I bet that's deliberate.

Just over $800 left in my account. I should have all my cash back within a few months.

They've been taking away anything that shows transparency in performance for years.  I still can't see a 1, 3, 5, and 10 year return data on my portfolio.

chaskavitch

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Re: Lending Club - Time to panic?
« Reply #413 on: February 23, 2020, 06:46:08 AM »
I have two dang loans left, both >30 days late, both worth basically nothing, but I just can't get rid of them.  I'm so irritated that they didn't sell before the end of 2019, so now I'll have to wait for my Lending Club form for 2020 taxes next year.  Boo.

appleshampooid

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Re: Lending Club - Time to panic?
« Reply #414 on: February 24, 2020, 08:54:42 AM »
I notice Lending Club has taken away another feature.

In the "My Notes at-a-Glance" section of the account summary, there used to be an option to show the total amount of loans that were either in repayment, fully paid, or defaulted and charged off. I used that option to compare the amount of money I'd lost in charged-off loans to the amount of money I'd made in interest.

Now that feature is gone, and they only let you view the total number of loans in each status, which is much less useful. This makes it harder to judge overall performance, and I bet that's deliberate.

Just over $800 left in my account. I should have all my cash back within a few months.
Ooooof, that sucks, and there is NO justification for removing that feature. I used it every day back when I still had open notes.

2020 should be the last year I have to report any P2P stuff on my taxes, and even this year (2019) it was almost nothing. Neither Prosper or LC paid me enough interest to merit reporting it on a 1099-INT or 1099-OID, but I added it up and reported it anyway as a good little tax payer.

I will have some recoveries into 2020 that will probably still be reported on a 1099-B. Like, maybe a whole couple dollars!

AlanStache

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Re: Lending Club - Time to panic?
« Reply #415 on: April 28, 2020, 06:55:32 AM »
I am trying to sell my last three notes, no buyers :-( I am at a 75% mark down.  If this does not work I am just let it sit for a few months.

ChpBstrd

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Re: Lending Club - Time to panic?
« Reply #416 on: April 28, 2020, 07:35:29 AM »
I bought 12 January puts on LC at the $5 strike in October, and another 5 last month. I'm up 70% or $563 so far. I think this is the proper way to make money on Lending Club and may add to my position.

If defaults were this bad during the boom years, just imagine the next 12 mos!

ice_beard

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Re: Lending Club - Time to panic?
« Reply #417 on: April 28, 2020, 08:59:37 AM »
Thanks for the reminder to log in and transfer out my available funds. 

Out of 508 original notes, 100 have been charged off.  Unbelievable.  I selected middle of the road level risk tolerance too.  They must have been giving money to anyone who filled out an application. 
I'm still showing something like a 3% gain, which beats the 1% I had the first few years.  Not sure if they simply changed how this is calculated or if the charge offs decreased or what.  I don't care enough to investigate. 
I won't be done with this experiment until next summer. 

chasesfish

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Re: Lending Club - Time to panic?
« Reply #418 on: April 29, 2020, 03:53:25 AM »
Thanks for the reminder to log in and transfer out my available funds. 

Out of 508 original notes, 100 have been charged off.  Unbelievable.  I selected middle of the road level risk tolerance too.  They must have been giving money to anyone who filled out an application. 
I'm still showing something like a 3% gain, which beats the 1% I had the first few years.  Not sure if they simply changed how this is calculated or if the charge offs decreased or what.  I don't care enough to investigate. 
I won't be done with this experiment until next summer.

This has been my experience.

Unlike @ChpBstrd - my LC put options expired in January before everything tanked

ChpBstrd

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Re: Lending Club - Time to panic?
« Reply #419 on: April 29, 2020, 07:40:51 AM »
Thanks for the reminder to log in and transfer out my available funds. 

Out of 508 original notes, 100 have been charged off.  Unbelievable.  I selected middle of the road level risk tolerance too.  They must have been giving money to anyone who filled out an application. 
I'm still showing something like a 3% gain, which beats the 1% I had the first few years.  Not sure if they simply changed how this is calculated or if the charge offs decreased or what.  I don't care enough to investigate. 
I won't be done with this experiment until next summer.

This has been my experience.

Unlike @ChpBstrd - my LC put options expired in January before everything tanked

The price is still irrational at 7.64. Even more so now that defaults, unemployment, and small business bankruptcies are rising.   

FIPurpose

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Re: Lending Club - Time to panic?
« Reply #420 on: April 29, 2020, 11:35:37 AM »
The stock jumped at LC laying off 30% of their employees. I don't understand why investors think this means the company is now more valuable. An already small company cutting 30% is not cutting the fat.

However, for those buying puts, I could easily see this stock continuing to maintain a $6-8 price. While LC has still been unable to turn a profit, they are well-positioned to grow their market share. They've been steadily improving their EPS over the past year. They went from -1.52 EPS in 2018 to -0.35 in 2019. The Zacks estimate for this year is 0.09 and 0.41 for 2021. LC is estimated to have +300% growth YOY, and their future earnings estimates puts their P/E at around 17. Of course LC is a wildly speculative stock, but I don't see puts on LC as an obvious win.

chasesfish

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Re: Lending Club - Time to panic?
« Reply #421 on: April 30, 2020, 02:18:39 PM »
The reason I don't want to buy more puts on this is I never underestimate the supidity of bank leadership, someone like Capital One will buy them

Paul der Krake

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Re: Lending Club - Time to panic?
« Reply #422 on: April 30, 2020, 02:26:10 PM »
The reason I don't want to buy more puts on this is I never underestimate the supidity of bank leadership, someone like Capital One will buy them
With what money?

ChpBstrd

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Re: Lending Club - Time to panic?
« Reply #423 on: April 30, 2020, 03:06:21 PM »
The reason I don't want to buy more puts on this is I never underestimate the supidity of bank leadership, someone like Capital One will buy them
With what money?
They could borrow the money from another lending platform and not pay it back.

marty998

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Re: Lending Club - Time to panic?
« Reply #424 on: April 30, 2020, 04:03:16 PM »
The reason I don't want to buy more puts on this is I never underestimate the supidity of bank leadership, someone like Capital One will buy them
With what money?
They could borrow the money from another lending platform and not pay it back.
Not unlike most Government budgets lol. We're in the age of debt never having to be repaid.

bwall

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Re: Lending Club - Time to panic?
« Reply #425 on: April 30, 2020, 06:00:20 PM »
The reason I don't want to buy more puts on this is I never underestimate the supidity of bank leadership, someone like Capital One will buy them
With what money?
They could borrow the money from another lending platform and not pay it back.
Not unlike most Government budgets lol. We're in the age of debt never having to be repaid.
If all debt were repaid, what would investors invest in?

marty998

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Re: Lending Club - Time to panic?
« Reply #426 on: April 30, 2020, 08:56:51 PM »
The reason I don't want to buy more puts on this is I never underestimate the supidity of bank leadership, someone like Capital One will buy them
With what money?
They could borrow the money from another lending platform and not pay it back.
Not unlike most Government budgets lol. We're in the age of debt never having to be repaid.
If all debt were repaid, what would investors invest in?
Equity perhaps. Or maybe useful projects that actually add to the productive capacity of the economy.

As it stands, when you can borrow for nothing, there's a lot of money being pissed away because there are few if any consequences.

chasesfish

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Re: Lending Club - Time to panic?
« Reply #427 on: May 01, 2020, 03:57:21 AM »
The reason I don't want to buy more puts on this is I never underestimate the supidity of bank leadership, someone like Capital One will buy them
With what money?

Former banker here.  They have plenty of capital and Lending Club has a minimal market cap.  Not going to happen in the next quarter, but could after that.

bwall

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Re: Lending Club - Time to panic?
« Reply #428 on: May 01, 2020, 07:45:38 AM »
Not unlike most Government budgets lol. We're in the age of debt never having to be repaid.
If all debt were repaid, what would investors invest in?
Equity perhaps. Or maybe useful projects that actually add to the productive capacity of the economy.

As it stands, when you can borrow for nothing, there's a lot of money being pissed away because there are few if any consequences.

My business borrowed lots of money for useful projects that created jobs. We then paid off the debts and still kept the jobs in place. The business owners now have more money in their pockets, company coffers are full, employees have jobs and people upstream of us in the supply chain also have jobs, as do those downstream. Now the company can invest in other useful projects with their own money. We were very happy that someone was willing to lend to us.

At no time did we ever consider defaulting on our obligations.

Padonak

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Re: Lending Club - Time to panic?
« Reply #429 on: May 01, 2020, 08:24:36 AM »
What happens to borrowers who default on Lending Club loans? Does LC send the loan balance to collections? Do their credit scores drop significantly? Do collectors go after their assets (houses, cars)? Do they have their wages garnished?

chasesfish

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Re: Lending Club - Time to panic?
« Reply #430 on: May 01, 2020, 11:49:34 AM »
What happens to borrowers who default on Lending Club loans? Does LC send the loan balance to collections? Do their credit scores drop significantly? Do collectors go after their assets (houses, cars)? Do they have their wages garnished?

All of that is done.  As best I can tell at 120 days they charge it off and use contingency collection agencies.  The amount that goes to the investor after the agency takes their fee and lending club charges a recovery fee are minimal.  That's the best I can tell with 646 charged off notes in my account.

FIPurpose

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Re: Lending Club - Time to panic?
« Reply #431 on: June 01, 2020, 06:34:18 PM »
Got an email today that LC is trying to bring in investment money by offering a free 0.5% bonus on all new investment. It's a paltry sum that is screaming "PLEASE INVEST MORE MONEY, BUT WE CAN'T ACTUALLY OFFER A GOOD INCENTIVE".

Also congrats to everyone who bought put options. Looks like you likely will make some good money on it. LC is down 55% on the year. They are currently valued at about 330M.

ChpBstrd

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Re: Lending Club - Time to panic?
« Reply #432 on: June 02, 2020, 09:31:36 AM »
Got an email today that LC is trying to bring in investment money by offering a free 0.5% bonus on all new investment. It's a paltry sum that is screaming "PLEASE INVEST MORE MONEY, BUT WE CAN'T ACTUALLY OFFER A GOOD INCENTIVE".

Also congrats to everyone who bought put options. Looks like you likely will make some good money on it. LC is down 55% on the year. They are currently valued at about 330M.

The market seems to like the new strategy. Stock is up 7.5% today. Great time to pick up more puts. Nothing like a band-aid solution to reveal that they can no longer attract investors and might even face liquidity issues.

I have 17 of the January 2021 puts at the $5 strike. I bought some in October and some in March. So far I’m up 113% or $903. Today looks like a good day to add exposure. If I buy more puts, it’ll be at a lower strike price. This play has lots of room to run, all the way to zero.

Padonak

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Re: Lending Club - Time to panic?
« Reply #433 on: June 02, 2020, 11:45:44 AM »
I'm just waiting for the last $80 in outstanding loans to be paid off.

Used Lending Club as an investor for almost 5 years. Invested about 15K, mostly through automatic purchases by Lending Robot. Focused on riskier 3 year loans. Stopped investing about 3 years ago mostly because I reached free Lending Robot limit even with their promotions, but also because the return wasn't good enough.

Didn't bother selling any loans.

Adjusted NAR 3.9%. In hindsight, it wasnt worth the hassle of setting everything up and tracking performance. Also too much paperwork with tax returns and less room for tax loss harvesting. Luckily I used turbo tax and didn't have to enter all that BS manually.

I'm glad almost all my loans expired by the time this Covid shitshow started.

FireLane

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Re: Lending Club - Time to panic?
« Reply #434 on: October 07, 2020, 08:34:24 AM »
According to an e-mail I got today, Lending Club is getting out of the peer-to-peer lending business. From now on, it's just going to be... a bank.

Quote
Endings & New Beginnings – LendingClub & Radius Bank

Earlier this year LendingClub announced that it signed an agreement to acquire Radius Bancorp, the holding company of Radius Bank. Combining the two companies is ground-breaking. By becoming the only full-spectrum fintech marketplace bank, and the first public U.S. neobank, LendingClub can unlock new value for borrowers and investors by using the marketplace to both pay less when borrowing and earn more when saving.

Since our announcement, we have been hard at work with the team at Radius, regulators, and partners about the product suite of the potential combined business and what it will mean for our members. In connection with these efforts and as part of our anticipated transition to a bank holding company, we have decided to make some changes that are important to our Notes investors.
 
Closing an Important Chapter—Notes Platform Retiring on December 31, 2020

As we move towards becoming a full-spectrum fintech marketplace bank, we have looked closely at our current and future product suite and have started development of new products to help our members keep more of what they earn and earn more on what they keep. Unfortunately, under a prospective banking framework, it is not economically practical for LendingClub to continue to offer Notes. So, we had to make the difficult decision to retire the Notes platform effective December 31, 2020.

This will not affect the existing Notes you own but means that the last day to purchase Notes will be December 27. In addition, we will no longer accept new accounts effective October 8 and we are targeting to retire the mobile app on November 10.

We do not take this decision lightly. Many of our investors consider Notes as a key piece of their investment portfolio, and our individual investors have been an important part of the history and growth of our company.

Ultimately, we believe new banking capabilities will enable us to serve you even better in the future. People helping people is core to who we are as a company and we’re scoping new products that would retain the peer-to-peer spirit of Notes under the prospective banking framework.

In the meantime, we are working with Radius Bank to develop an exclusive high yield savings account, only available to Notes investors, which will allow you to earn more on the available cash in your Notes account—and any additional cash you want to transfer in.

FIPurpose

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Re: Lending Club - Time to panic?
« Reply #435 on: October 07, 2020, 08:50:29 AM »
At the beginning of the year they were almost a $1B company. Right now their stock is sitting right around 1/3 of that. Maybe they can turn this around with all the free covid money, but I still don't see a profit path for them.

AlanStache

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Re: Lending Club - Time to panic?
« Reply #436 on: October 08, 2020, 07:24:44 AM »
Thanks for posting this firelane, I had ignored that email :-)

Mr. Green

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Re: Lending Club - Time to panic?
« Reply #437 on: October 08, 2020, 11:05:43 PM »
What the heck is a "public U.S. neobank?" Sounds like a made up buzzword to me.

chasesfish

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Re: Lending Club - Time to panic?
« Reply #438 on: October 09, 2020, 02:47:04 PM »
I was right on my puts, just couldn't buy them far enough out.

Goodbye Lending Club....you scummy people still would never give me a simple 1/3/5 year return calculation on my account, only wanting to tell me I've made 1.XX% since inception in 2011.

ChpBstrd

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Re: Lending Club - Time to panic?
« Reply #439 on: October 11, 2020, 08:24:10 AM »
I was right on my puts, just couldn't buy them far enough out.

Goodbye Lending Club....you scummy people still would never give me a simple 1/3/5 year return calculation on my account, only wanting to tell me I've made 1.XX% since inception in 2011.

LC has kind of flatlined lately. Apparently their bank acquisition has put a floor on the value, so my $2 puts maturing in January will most likely be worthless. I had figured they would bleed value faster or run out of liquidity faster than the bank earnings could make up for.

sisto

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Re: Lending Club - Time to panic?
« Reply #440 on: December 04, 2020, 10:38:10 AM »
I'm down to only 4 notes now, waiting on them to fully mature to close out everything. So happy to be almost done with it.

ice_beard

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Re: Lending Club - Time to panic?
« Reply #441 on: December 04, 2020, 10:54:06 AM »
Down to 15 notes!  I'm glad this pops up every once in awhile...  good reminder to transfer out whatever is available.  My "growth" rate was 3.6%!! 

AlanStache

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Re: Lending Club - Time to panic?
« Reply #442 on: December 04, 2020, 11:54:04 AM »
sent the paper work to transfer the last ~500$ to my other ira accounts last week :-)  will be left with like 15$ from one note that I could never sell, I think the transfer fees are more than 15$ so will probably just leave it in LC (or whatever there new name is...)

chasesfish

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Re: Lending Club - Time to panic?
« Reply #443 on: January 01, 2021, 08:34:58 AM »
$750 left stuck in this thing.  2020 might actually be a positive year overall for my LC return...mainly thanks to a high level of chargeoffs from 2015-2018 having recoveries trickle in

Syonyk

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Re: Lending Club - Time to panic?
« Reply #444 on: January 01, 2021, 11:32:58 AM »
Thanks for the reminder, transferred $500 out.  I have $200 or something left in it.

It's been an interesting experiment, but... like many things, it's over now.

Villanelle

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Re: Lending Club - Time to panic?
« Reply #445 on: January 01, 2021, 03:09:56 PM »
Ignorant question:

All my loans are either paid in full or charged off, and have been since at least 2019.  At what point can I just be done thinking about this? If I understand correctly, charge-off recoveries could still trickle in.  Is that correct?  Is there some cut off, or could--theoretically--I get $1.15 from LC in 2050 for some recovered defaulted loan?

Syonyk

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Re: Lending Club - Time to panic?
« Reply #446 on: January 01, 2021, 05:08:09 PM »
"Check it at tax time," and if it's not been a thing for a few years, I wouldn't worry about it.  Honestly, I doubt LC will even still be around in 2050 in any meaningful form.

AlanStache

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Re: Lending Club - Time to panic?
« Reply #447 on: January 01, 2021, 06:01:36 PM »
Ignorant question:

All my loans are either paid in full or charged off, and have been since at least 2019.  At what point can I just be done thinking about this? If I understand correctly, charge-off recoveries could still trickle in.  Is that correct?  Is there some cut off, or could--theoretically--I get $1.15 from LC in 2050 for some recovered defaulted loan?

I did the paper work to close my account last week and move the funds to my other IRA; as part of closing I was given the option to open an taxable account or "donate" any future earning to Leanding Club.  I choose the donate option, dont like LC much but 10$ is not worth the effort. 

ColoradoTribe

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Re: Lending Club - Time to panic?
« Reply #448 on: January 01, 2021, 10:49:47 PM »
Finally unwound the last of my Lending Club account this month. I invested a modest $5,000 five or six years back. I did not auction off any notes at a discount, just let it run its course, and cashed out along the way. My APR was just under 3%. Certainly not worth the effort, but happy to get out unscathed.

chasesfish

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Re: Lending Club - Time to panic?
« Reply #449 on: January 02, 2021, 04:32:15 AM »
Ignorant question:

All my loans are either paid in full or charged off, and have been since at least 2019.  At what point can I just be done thinking about this? If I understand correctly, charge-off recoveries could still trickle in.  Is that correct?  Is there some cut off, or could--theoretically--I get $1.15 from LC in 2050 for some recovered defaulted loan?

I don't know the answer to this, but I have a guess from my professional experience.

Lending club probably bulk sells the rights to all of these charge off notes and distributes what they receive.  Right now it looks like the debt collectors are working on contingency.