This is just a quick update to say that I’ve received the initial payment on four of the forty Lending Club loans in which I’ve invested. Because these loans funded over a period of weeks, the repayment dates are somewhat staggered, and have just started coming due.
Thus far, everything has been paid on time, though it seems to take a few days beyond the due date for the payments to post to my account. While this is a very promising start, it’ll be awhile before I have a good sense for how things are going.
I’ve included a screenshot below of my current account status. This is actually summary that averages across my two portfolios. As a reminder, I have two $500 portfolios. One is a “low risk” portfolio that pays an average of 9.85%, and the other is a “high risk” portfolio that pays an average of 15.05%.
Of the $3.39 that I’ve received thus far, $2.25 has been principal and 1.14 has been interest. Thus, the total value of my outstanding loans now stands at $997.75. Assuming that things goes as planned, I should receive a little over $33 per month in total payments.
My current plan is to reinvest payments into additional Lending Club loans on an ongoing basis. After crunching the numbers on Lending Club’s historical repayment rates as a function of loan quality, however, I’ll most likely focus shift my focus to higher quality loans going forward.