02-26-2019, 10:18 PM
(This post was last modified: 02-26-2019, 10:21 PM by crimsonghost747.)
Thought I'd give you guys a little update. It has been 3 months now since I opened the account.
Finished loans: 17
Current loans: 41 (4 of these are currently late)
Current average yield: 9.31% with an average duration of a little over 8 months.
Losses: ZERO.
Over 90% is in auto loans, less than 10% is in short term personal loans. This allocation may change a little as I'm trying to push my average yield to 10%.
Overall, it's been a breeze. As you can imagine quite a bit of the loans are later and or not getting paid at all, if it's late by some days it's fine. In every single case where the money hasn't showed up, the lending institution has renegotiated the loan terms with the customer, this results in the lending institution buying back the whole loan from you. I've never had to wait even 30 days, though the official time when the buyback kicks in is 60 days of no payment.
So far, so good. I've started to mess around with the auto-invest feature to make it more of an automatic process for the short term loan portion of my portfolio.
edit: apparently there is a referral program too. I won't post the link here as it's not the point of this thread but if someone is interested you can always PM me.
Finished loans: 17
Current loans: 41 (4 of these are currently late)
Current average yield: 9.31% with an average duration of a little over 8 months.
Losses: ZERO.
Over 90% is in auto loans, less than 10% is in short term personal loans. This allocation may change a little as I'm trying to push my average yield to 10%.
Overall, it's been a breeze. As you can imagine quite a bit of the loans are later and or not getting paid at all, if it's late by some days it's fine. In every single case where the money hasn't showed up, the lending institution has renegotiated the loan terms with the customer, this results in the lending institution buying back the whole loan from you. I've never had to wait even 30 days, though the official time when the buyback kicks in is 60 days of no payment.
So far, so good. I've started to mess around with the auto-invest feature to make it more of an automatic process for the short term loan portion of my portfolio.
edit: apparently there is a referral program too. I won't post the link here as it's not the point of this thread but if someone is interested you can always PM me.