So October was an interesting first full month in Lending
club. Thing I have learned and things I wish I have looked out for.
So the numbers:
October start: $1000.07
October End: $1010.47
2 notes that are 16-30 days late
1 note that is in grace period
These are not very exciting numbers to me. Granted I am up $10.47
but to have 3 notes not paying on time is painful. 2 of those three notes I
bought from FolioFN and one; the one in grace is a new loan. These 3 notes slip into default; it makes me
wonder how things could be, as I look at the grass on the other side of the
fence. I see very very few people going into default on the note as prosper. I
think that Lending club is possibly a little too lax on the issuing of these
loans to borrowers that may not have all of their require information provided
to prove income your work history.
I will be looking to put 500 into prosper soon to test the
waters over there. Lending club seems to be lacking in services and quality as
compared to prosper. But I will have to test this theory myself.
I will keep you posted as time goes on.
As for my personal debts; I am just paying the minimum for
the past month as things were very tight and money seemed to be disappearing to
who knows where.
I am looking to pick things up again this month, as long as
money doesn't play Houdini and disappear.
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