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Old 04-20-2015, 02:11 PM   #11 (permalink)
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I assume it has to do with tax and reporting regulations among the various states, and working out the systems to stay compliant everywhere. Hopefully, they expand over time.
I was on my Kindle last night and didn't want to expand too much. Where I was getting at is that often times these things come about from laws that existed before the internet existed. I wonder how much effort they are putting into getting it changed.

Tesla is fighting AZ and other states to be able to sell direct to consumers. Again, very old law that was once there to protect dealerships from competing with the manufacturer selling directly is now preventing Tesla from selling at all in some states. They don't have independent dealerships, so there is no competition, but the way the law is worded, you can't sell direct no matter what.
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Old 04-22-2015, 07:43 PM   #12 (permalink)
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More hard credit inquires general means more risk and that somebody has been applying for more credit. If I'm lending out money I don't want it to go to somebody that just got their 4th credit card or something.

Not sure if that's a wise filter or not yet (or if my reasoning is even sound), but it seems to be working so far, and I'll really be able to tell in about 12-24 months. Basically I know enough right now to be dangerous and I'm still feeling things out.

I think for the moment I'm going to try and maintain a 50/50 stocks vs LC split on my investing (excluding 401k which is a whole different can of worms.)
If you are lending out money in this way, people borrowing have no other options. IMHO, if you already require a 700 credit score, the additional filter for inquiries seems unnecessary.

I have worked in lending for a while, qualified borrowers have a lot of options besides paying 10%+ interest. It is an interesting concept.

I am sure your returns will vary with the economy. You are lending unsecured funds.
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Old 04-22-2015, 08:11 PM   #13 (permalink)
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I looked into this a while back, but like some of you guys I live in a state where it's not allowed yet.

I was concerned about sniper97's point on the unsecured funds, but despite that risk I'm not sure I'd have any better recourse if the market tanked and my 401k evaporated. It was about a 35% hit for me in '07 or '08 when the market took that big dive...
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Old 04-23-2015, 12:46 AM   #14 (permalink)
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I have worked in lending for a while, qualified borrowers have a lot of options besides paying 10%+ interest. It is an interesting concept.

I am sure your returns will vary with the economy. You are lending unsecured funds.
I've thought about that myself, even the A-grade loans come in around 7% which from a borrowers perspective seems very expensive to me. That being said however there seems to be no shortage of people applying for them.

The only thing it really seems cheaper than would be credit card debt.

A really bad dip in the economy would probably hit my lendingclub account as much as it would hit my stocks or 401k.
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Old 04-23-2015, 10:32 PM   #15 (permalink)
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You are very diversified. Technically you could suffer a 10% loss and still be close to even. No matter what you do there is always risk, just how you manage it. I agree kinda, if the stock marker drops, historically it is followed by a rebound. I doubt you see a similar rebound in this.

I watched my 401k drop 55% at one point in the down turn, but the market came back.

I will give you points for finding value somewhere, that is what I try to do!
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Old 05-30-2015, 11:06 AM   #16 (permalink)
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Just received my first payment

Hooray pennies!
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Old 05-30-2015, 03:10 PM   #17 (permalink)
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Just received my first payment

Hooray pennies!
Congrats! It's a good feeling.
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Old 05-09-2016, 11:31 AM   #18 (permalink)
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Saw this and thought of this thread. I didn't know they were a public company.

Lending Club CEO resigns after internal probe, shares plummet | Reuters
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Old 05-13-2016, 11:36 AM   #19 (permalink)
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I am so very glad I opted to stick to my more traditional investing options...

Wow.
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Old 06-02-2016, 09:46 PM   #20 (permalink)
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To be fair - the vast majority of LC loans I've bought into are still making their normal payments and I'm still sitting at 8.5% return.

Even if Lending Club completely imploded and everything I have in disappeared right now losing $10k before I'm even 30 years old would be crummy, but wouldn't exactly break my retirement.

Besides, I also do the sensible thing and contribute 10% to my 401k which gets an additional 6% employer match.

The sky is not falling.
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