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Join lyft bonus-LendingClub: My P2P Loan Portfolio Update (+Bonus) My Money Blog has partnered with CardRatings for selected credit cards, and may receive a commission from card issuers. All opinions expressed

LendingClub: My P2P Loan Portfolio Update (+Bonus)

My Money Blog has partnered with CardRatings for selected credit cards, and may receive a commission from card issuers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned. Thank you for your support.

I’ve been meaning to post some smaller updates about my ongoing experiences with person-to-person lending at LendingClub, but I decided to wait and roll them up into one larger post.

Current Portfolio
I now have a total of 32 active loans with $1,122.21 in outstanding principal. Most are A grade, with a few Bs. Here is a screenshot from my account page:

These are the loans that originated after LendingClub completed their SEC registration, which means I can sell these loans on the open market. I also have $91.91 in 4 notes that were pre-SEC registration (these are accounted for separately), all A grade.

Performance
All 32 loans are current, with no late or defaulted loans. I don’t think any have even gone temporarily late. According to LC, my “Net Annualized Return on Investment” based on my interest payments received so far is 8.80%. This is net of all fees. The oldest loans are about 16 months old now, almost halfway through the 3-year term. So far so good.

You can view the statistics for all LC loans here. This study states that as of the end of November 2008, lenders earned an average rate of 9.05%. If you are familiar with Prosper, you’ll note that this is significantly better than their stats. There are several reasons for this, in my opinion. For one, an A grade loan on LendingClub is a lot better quality than an A loan on Prosper. You need to have a 660 credit score as well as other additional requirements just to make their lowest G grade. Also, LC is much more stringent on approving loans. Only about 10% of loan applications are accepted. Their data verification system seems to be more comprehensive and weeds out a lot more questionable and/or fraudulent loans.

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Attached at the bottom is an excerpt from their terms, am I reading this right that you must have an annual income of 70k or a networth of 250k to lend money/purchase notes. Any thoughts on this?

6. Your Financial Suitability Acknowledgments, Representations and Warranties. You represent and warrant that you satisfy the applicable minimum financial suitability standards and maximum investment limits, as set forth in the following sentence (or as set forth in a supplement to the Prospectus for residents of the state in which you reside), and you agree to provide any additional documentation reasonably requested by us, as may be required by the securities administrators of certain states, to confirm that you meet such minimum financial suitability standards and maximum investment limits. If you are a resident of a state other than California, you understand and confirm that you (a) have an annual gross income of at least $70,000 and a net worth (exclusive of home, home furnishings and automobile) of at least $70,000; or (b) have a net worth (determined with the same exclusions) of at least $250,000.

I wish I could reinvest with LendingClub, unfortunately since I live in Massachusetts, I cannot. I’ve got some non-tradable loans from before the new platform but as they mature I can only cash out. I took a far more risky approach, adding some lower grade loans. Ironically my E’s and G’s continue to perform but I’ve got a delinquent C grade. I’ll be interested to see how the charge off process works…

This is ingenious. I didn’t even know it existed. Just signed up and will look to invest. Thanks.

Hello,
I have a question about the account interface. How easy/hard/smooth is it to add/withdraw funds? Any fees to withdraw? thx.

Beware, only certain states are allowed for residence if you want to invest in loans. I signed up, got the $25 bonus, and found out that I couldn’t invest from my state! (Alaska) So I ended up cashing out. I did keep the $25 bonus but I was disappointed that I could not partake in this opportunity. So, be sure to check if your state can invest.

I am thinking about trying this out with about $1000, however I want to be sure it’s easy and painless come tax time, what has been your experience come tax time? Is it quick and painless?

Arrrg, Unfortunately living in Maryland also precludes me from this.

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