Thursday, July 16, 2009

First Lending Club payment partially completed after 4.5 days

Since I posted this morning about the first payment on my first Lending Club investment loan which was due four days ago, there finally have been some changes in status that show that the payment has been partially completed, although there are still some fields that need to be updated to complete the payment.

The good news is that the Loan Performance screen for this first loan has been fully updated to reflect the payment. Done. Good Job. It shows the full payment of $0.83 cents, with interest of $0.26 and principal repayment of $0.57. It shows the completion date for this payment as today. It shows the principal balance as $24.43. It shows the loan interest rate as 12.53%, the rate given for the original loan description. The interest and principal amounts agree with my own spreadsheet calculation. Everything is what I would have expected, except that the service charge does not appear on this screen.

Bad news is that the Account Activity screen still does not show any activity.

Mixed news is that the My Notes screen does not yet show an updated amount for Payments Received, but does reset the Accrued Interest to be only the interest since the payment due date. I expect that this screen will be updated tomorrow morning.

Other bad news is that the Account Summary screen has not been properly updated, yet. It shows my Available Cash as $0.01 less than before, and my hunch is that this is the deduction of the service charge for processing this first payment. But it does not credit the payment amount to the cash balance. The Outstanding Principal has not been updated either. Nor have any of the Payments to Date fields been updated. I expect that this screen will be updated tomorrow morning.

The other good news is that now that I have received a payment, Lending Club is able to calculate my Net Annualized Return which is shown on the Account Summary screen. My NAR is now 12.82%. It will take a month or two for that field to settle down to my true overall rate of return.

Overall this is reasonably good news. I look forward to seeing 100% clean screens tomorrow morning.

The first payment for my second investment loan is due tomorrow, Friday. In theory, I will see that payment a week from today, plus or minus a day or two.

-- Jack Krupansky


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