I got an offer from LendingClub. I am not sure which team is great in there. Also how is overall the company culture?
LendingClub is a dead man walking. The rate of returns investors get ( the people providing money for loans ) are horrible after 2'years due to all the dead beats lending club loans to. Learning Club's fee charged to lenders is ridiculous. I thought after the big lenders pulled out that LC would treat us Small players better but that was a false hope. Finally because the IRS requires bad loans to be charged off as capital losses instead of being charged off against interest payments, investors pay hideous taxes on the interests for net interest returns that aren't much better than long term CDs. Lending Club plays lots of games with how it presents information to its lenders. Calculating returns using your own numbers is quite revealing. And so, for that reason, I'm winding down my lending club loan portfolios. I still believe in the business model, and so am giving prosper a chance. But lending club's execution challenges and ethics leave much to be desired. If you go there, fully understand what the business model is:!fleece lenders.
In fairness you have an option to not invest in the riskier loans. I agree they do seem to paint a rosy picture in returns that is pretty much just flat out lying.
Agree with @trolbully . PM me if interested to know more about Prosper
You have better choices
If you have a choice then donāt join. LC has many issues and it reflects in its fluctuating stock price. CEO lied about the growth in Q2 call and the stock crashed when he admitted that growth is not as expected. SEC investigation pending, law suits on incorrect company valuation, board wants to fire 20% of employees to get into profit, internal loan approval is so bad that we lost $5M to fraud in Q1 but no measures were taken to fix it, only single product (personal loans), and other products like small business, patient solutions, and auto are massive failures, delinquent loans are increasing and there are number of other companies doing much better than LC. SoFi and Marcus are the future and LC will collapse in 1-2 years. Everyone are waiting get a hike/bonus and ditch this failing company. If you really want to join then ask for a huge bonus and they will pay you. Donāt fall for worthless RSUs which LC might offer you.
Wow too real. Glad i took out my funds
Check the latest stock price and decide ššš
Dead š Man walking š¶āāļø ššš Whole of fintech
I presently work for LC and I will just flat out say itās a sh*tty place to work. Their policies are nothing like any company Iāve ever worked for and Iām getting out as soon as I can. Iām pretty sure theyāre breaking some labor laws.
Oh snap aee you not getting paid?
Donāt be upset. I heard from solid sources in LC, company is giving out quarterly bonus to senior engineers & above. Havenāt you received such? Upgrade is also giving 30% flat bonus to all engineers.
I hope you joined Lending Club šš
Better than working for banks or insurance companies, safer than working for startups, and more stable than working for consulting companies.
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