Lets stay in contact

Monday, November 4, 2013

October Update

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.