I recently received suspicious daily emails from Lending Club indicating I had just placed orders for notes, or that notes have been successfully purchased in my Lending Club account. The emails were frequent enough that I feared my Lending Club account had been hijacked.
I had not logged in to Lending Club for a few days, so I logged in and looked at my account.
I received a pleasant surprise. Lending Club PRIME was automatically purchasing new issue notes on my behalf (!)
About a year ago I signed my IRA up for Lending Club’s Free Prime Account Upgrade promotion. I established some rudimentary purchasing guidelines (Lending Club does not let you export any of your search filters to Prime) for new issue notes, and the PRIME automatic purchasing engine worked well for a few months.
Then, back in April, the investor side of Lending Club broke down. Simply stated, Lending Club had too much investor money chasing too few borrower notes. I complained to LC about the non-responsiveness of my PRIME account, and received an email from Lending Club Prime service telling me to hang in there- And don’t forget that new notes issue every day at 6AM, 10AM, 2PM, and 6PM PST. In short, my Lending Club account became a Virtual Pet.
I was told by Lending Club that the PRIME account auto-investments would be restored by June. It looks like they got the PRIME engine fixed, albeit a few months late.
Not sure what- if anything- The PRIME developments above mean to ‘regular’ Lending Club investors regarding New Note availability, but I’d love to hear feedback in the Comments section.
Stay tuned for details!
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