Loan all gone now.....
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Sorry - bit late to the party PennyPicker. I'm not relying on the email notifications as anything B* or lower is usually gone by the time the email arrives - instead have a browser watch set on a 1min refresh but even then... Yesterday I think a B1 came up and was gone before I completed the order process. Time from posting to closing would have been between 10-70secs max!
Nice, I'm a point off that - I should have clarified the net figure I gave a few pages back was fees + tax. LC's the business, just getting a bit like flash trading - need a direct fibre connection into them to catch the loans - lol.
I work on my PC and can login to LC within about 20 secs of getting the email. As soon as I see it I login.
There was 3 x $5K loans yesterday that were filled by the time I logged in. Unsure how people are doing it more quickly!
Anybody know how the tax is meant to work in regards to Flex i.e. is flex subtracted then tax is taken out to get net gains, or is the total taxed then flex taken out? From what I can see my current tax rate is effectively 36% when it should be 33%?
So if it is the latter then you'd need to claim the flex/fees in your income tax return right? If the former then you wouldn't?
Their FAQ seems to indicate the latter:
Quote:
RWT is tax which Lending Crowd must collect on behalf of the NZ Inland Revenue Department (IRD) on all interest paid to investors. Each investor selects the RWT rate appropriate to them as part of their investment account profile. If you're unsure which rate is most appropriate for you please talk to your accountant or the IRD. Please note Lending Crowd does not currently support non resident withholding tax (NRWT) or RWT exemption.
Attachment 8899
That's the kind of loan I don't invest in on LC (I think I've passed on about 3 out of 30-40 investments)
How do others compare?
I agree. I can see a number of issues with that loan:
The spouse credit is only Good instead of Excellent which could mean anything. Perhaps the spouse has had a default in the past. Who knows!
Their debt to income ratio is far too high.
And the security is only a vehicle which could be worth anything. Probably not worth anywhere near the $50k
My conclusion was that it's a very risky loan.