Bank Deal: Earn 1.00% APY on an FDIC-insured savings account at Barclays.
This is just a quick update on my Lending Club performance. During the month of July, I experienced my second charge off, dropping my net annualized return into the 9.5% range.
I actually knew this one was coming because the borrower in question never made a single payment. Nice, huh? This is one of the reasons that I’ve been attracted to buying notes on the secondary market. While I still can’t be sure that borrowers will live up to their obligations, I can at least weed out the total deadbeats.
Going forward, I’m thinking of pausing my new contributions. I’ve now built up a reasonably large portfolio, and will likely focus on reinvesting the proceeds as opposed to adding new money.
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