I just funded my lending club account, does any one have an insights on their automated investing or do you pick the loans manually?
How does it work?
I put 5 k in LC about 2 years ago and it seemed to do well so I added another 20 with auto invest at 25$ loans including a blend of risk levels and terms. My interest rate appeared very high at first, ~16% and has steadily declined to abysmal levels as defaults take over. I make less from LC than I do from my savings account. I stopped investing and now I have to log in frequently to withdraw the balance for the next few years. Down to 15k. I strongly recommend considering getting out.
Can't you withdraw it all at one time? Have you lost any of your principal?
Similar experience. Default rate is super high nowadays. Not worth it.
Just a heads up, it takes a really long time to liquidate assets. Most people dont use the note trading aspect, so you can be stuck with long loans.
Bad investment. Stick with index funds.
Ok giving a shot, Not sure I can ask this here. If it is legal, Anyone willing to fund me 30k at around 5% apr? I have a SoFi loan around 10.5% apr and would like to refinance it. Hmm, you might be asking why this guy from Facebook need money from a loan. I invest elsewhere to get more returns and make some passive money.
After SoFi ran your credit and determined your risk level for an unsecured loan was 10.5% it’d be crazy for anyone to jump in for less. I have a SoFi loan for 4.5% and I don’t have a FANG job. You appear highly vulnerable to a systemic financial shock. Fix your financial sitch. Stat
Ha ha. Nope I am not. I maxed out my 0% apr credit card cash advance offers which made credit score simulator think I owe much money to credit cards and paying interest. But actually I am not. I would just pay them before promotional offer expires. I have 100% on-time pay record. I took this SoFi loan before I joined Fb an year back. May be I should reconsider to clear all my cards and loan to start fresh cycle of pulling money where possible with low apr.
You will get a higher return if you pick manually but it's not worth the effort so I let it auto. Hopefully you put it in an IRA otherwise taxes are a bitch.
Ok cool. Thank you for the advice