Monday, September 12, 2016

Moving away from Lending Club

Just made the first withdrawal ($49.78) from our Lending Club account. Going forward we will be making monthly withdrawals instead of reinvesting our available funds.

The past two cycles with >$25 available to reinvest, I noticed there weren't any A notes to choose from. Not one. Overall I've seen a decline in available notes and seemingly less activity with other borrowers.  Of course Lending Club has been in the news recently with some controversy so this clearly has driven away both borrowers and lenders. Add us to this list.

So it makes more sense to move this money away from P-P lending and into our Schwab Total Stock Market SWTSX fund.

Notes on our experience with LC:

Started account at $500. High water mark $757.98 with a net annualized return of 5.07%.

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