Comments on: How to Track Lending Club Investments in Quicken

By: Craig

Craig — Tue, 19 Jul 2011 18:08:47 +0000

I’ve sold on the trading platform but never bought. If I do, do these loans comingle with my regular Lending Club account?

And how do you track the difference in Quicken since there’s a difference between the cost and the cash value?

By: Craig

Craig — Tue, 19 Jul 2011 18:07:48 +0000

I’ve sold on the trading platform but never bought. If I do, do these loans comingle with my regular Lending Club account? And how do you track the difference in Quicken since there’s a difference between the cost and the cash value?

By: JLR

JLR — Sat, 29 Jan 2011 21:20:21 +0000

The 2011 version of Quicken will let you set up a loan account where you are the payee. I am going to see how that works for tracking my lending club loans.

By: Don Bechtold

Don Bechtold — Tue, 07 Sep 2010 10:55:46 +0000

While you can’t sell the “stock” for $0, there is an action to Declare the Stock Worthless which might provide a cleaner solution.

I lend on both Prosper and Lending Club, and have yelled at both several times for not having a Quicken download capability.

By: Nickel

Nickel — Tue, 20 Jul 2010 02:12:54 +0000

“Best solution”? It does everything I need, and I got it for free. That’s the best solution for me.

But I do agree that Intuit’s Mac support sucks, and their new “Quicken Essentials” (or whatever) is a disaster.

By: Investor Junkie

Investor Junkie — Tue, 20 Jul 2010 02:04:45 +0000

Hmm while it works, it’s not the best solution. It’s more a gripe at Intuit who still treats OS X as the bastard child. Even the latest version of Quicken that just came out.

By: Nickel

Nickel — Mon, 19 Jul 2010 19:12:21 +0000

Works for me, so why change?

By: Investor Junki

Investor Junki — Mon, 19 Jul 2010 17:48:31 +0000

Who uses Mac Quicken?? That app is so broken it’s not even worth using. Even me who is now completely mac based use Quicken 2009 Windows in a VMWare Fusion instance.

By: Gerald

Gerald — Fri, 28 May 2010 01:42:26 +0000

I’m using this method with Quicken 2010 and it seems to be setup properly and I see the cash amounts and total market value that I expect but my cost basis seems to be the same value as the market value in the graphs. Any ideas what I might be doing wrong?

By: scsigirl

scsigirl — Sun, 07 Feb 2010 04:48:12 +0000

Although MA has not approved Lending Club for investing, it’s still possible to invest. I have found that DCU.org works as well as INGdirect.com. I’m assuming other online banks not based in MA will also work. It’s easy to find out by entering your banks info and clicking the Verify Account button. If it works you’ll see a Lending Club transaction within a few days. If not, try another bank.

By: MITBeta @ Don't Feed the Alligators

MITBeta @ Don't Feed the Alligators — Mon, 30 Nov 2009 14:59:50 +0000

Great method.

I set this up last night, and it took me a while to reconcile my account for this reason: I am in a state that does not allow direct purchases of loans, so I have to use the secondary market at foliofn. Many of these loans sell for some premium or a discount.

For example, I might pay $26 for a loan with a $25 outstanding principle balance (I’m basically buying the remainder of the interest for $1). So my statement shows that I spent $26, but my “shares” in Quicken have to indicate that the market value is only $25.

What I did to get around this is to buy $25 worth of shares and indicate $1 as the brokerage fee for the transaction. Now my total market value matches the balance on my statement.

Thoughts?

By: Pam

Pam — Wed, 02 Sep 2009 01:07:50 +0000

If they only have 2 loans out of 1000 in default, how did I end up with both of them?

By: Pam

Pam — Wed, 02 Sep 2009 01:06:54 +0000

I’d be happier with Lending Club if they computed my real rate of return after losses from unpaid accounts. The rate shown fails to account for losses of principal and interest.

By: Pras

Pras — Sun, 30 Aug 2009 23:21:52 +0000

Min,

Did you look at their note trading platform? I’m in AZ and we can’t invest in loans directly, but the trading platform allows me to buy (and sell) notes.

By: Storch Money

Storch Money — Sat, 29 Aug 2009 21:46:34 +0000

Somewhat off-topic (because I’m lazy and don’t use Quicken) but your posts about Lending Club have been very interesting and informative. Today I opened an account as an investor and I will be trying to use some of the insight you have provided to maximize results.

Thanks for writing about this subject and I look forward to future posts.

By: almost there

almost there — Sat, 29 Aug 2009 06:01:47 +0000

I just opened my account and will track it like comment #1. I found it annoying that I had to go back and reinvest funds that expired for what ever reason or were rejected so I set up a prime account and they reinvest the funds. Today they invested x amount to take the cash below minimum investment criteria and by tonight there was 2x in the cash account from rejected/expired notes.

By: Paul

Paul — Fri, 28 Aug 2009 19:33:38 +0000

Lending Club does indeed seem to have a better record, largely because they have a more rigorous screening process. I believe that as of a few days ago, only two “A” rated loans have ever entered default, out of about 1000.

By: Tony

Tony — Fri, 28 Aug 2009 14:21:33 +0000

This is the same way I’ve been tracking my Prosper Loans. In fact by using Quicken I quickly discovered that the real rate of return on my investment has been around 3% and not 12.5% as stated on the Prosper website.

Prosper calculates the return based on the average APR for each loan outstanding. It doesn’t take into account fees, defaulted loans, charge-offs, etc. A have a total of 87 loans and 7 have defaulted so far. I was investing in a “Moderate Portfolio” which was supposed to be low risk.

I decided not to invest any more money in Prosper, hopefully Lending Club has a better record.

By: Min

Min — Fri, 28 Aug 2009 14:05:54 +0000

I really want to start using Lending Club, but being a MA resident, it’s not an option for me. Does anyone else living in Massachusetts know of any viable alternatives?

By: Darin H

Darin H — Fri, 28 Aug 2009 12:46:25 +0000

I just started an account with Lending Club, I’m going to track it as an overall savings account. Starting balance plus interest at the end of each month. I don’t know how I’ll account for any loans that go bad yet – hopefully I won’t have any .