A year on Lending Loop!

I am rewriting this post because I already wrote it and it disappeared into the bowels of the internets. So. 🙂

I opened an account with Lending Loop in December 2016 and made my first deposit on December 28th. 

I LOVE the idea of Lending Loop and so far I LOVE the execution of Lending Loop. As a past and current small business owner I know how hard it can be to obtain reasonably priced financing through conventional methods and fully understand that there is a market for P2P lending. Do I believe that debt is a necessity? No, is it useful? Yes.

Consequently I’ve made investments  in a variety of businesses, from $25 up to $325 depending on the risk band and company information provided and scoured off the internet. Most of the loans are in between those two numbers.

I earned $91.64 with Lending Loop this year and made deposits to a total of $2,936.33 and investments throughout the year. If you translate this in hours I spent on reading and learning and thinking about the whole thing… that’s definitely less than minimum wage but as I invest more that will go up. 🙂

The majority; 41% of my investments are A’s, 35% B/B+ and the remainder divided between C (more heavily) and D, the least. I do not intend to make any further investments in D-rated loans or riskier. It’s not my style, I’m uncomfortable with it and so here we are. I aim to keep my gross yield hovering around 10%, which after somewhere around 25% tax should net, haha obviously… 7.5%, not accounting for any delinquencies of which there were none this year! I do expect to get stuck with some next year.

I intend to deposit a further $2,000 to lending loop next week and will invest it gradually through the year as I have this year.

I’m very excited about it!

The day I thought would never come. Goodbye studentloan!

I feel like a kid on Christmas… actually I have no idea how that feels because I never believed in Santa. Anyway, I’ll keep it short and sweet. Informative and serious articling will resume next week. (maybe)

St Nicholas and Black Pete

I paid my $5,000 creditcard off in August 2010 once and for all but struggled with getting out of the credit habit for a few months. In November of 2010 I picked up Dave Ramsey’s TMM book, devoured it and somehow found renewed inspiration to just keep going. (While I’m still a big fan, I’ve since somewhat abandoned Dave’s 7 baby-step plan and I’m figuring out my own way up and out)

It’s been quite the journey

On September 3, 2009 I owed $15,939.28 and on December 21st, 2011, 15 months later I STILL owed about $15,500… and then it started dropping…

$13,108.94 on February 3, 2011
$9,417.90 on April 3rd, 2011
$7,825.95 on June 3d, 2011…

As of this morning, January 4th 2012 I owed $540.15. I tweeted that I was going to do this tomorrow, but screw it. I went back out into town tonight to move the cash from one bank to another, I wiped my checking out completely to use the money to pay off my studentloan by transferring it online after depositing it at another bank… So I’m broke.

But it’s ok because I can now post this…..

I PAID OFF MY STUDENT LOAN!

A few extra for emphasys:

!!!!!!!
!!

In about 12 months and 2 weeks time I paid off my $15,500 student loan, an average repayment of $1,262.96 per month. (interest not included!) That’s almost 10 awesome vacations worth of cash right there.

If you include my regular mortgage, mortgage prepayments and studentloan payments my total debt-repayment for 2011 comprised 62.5% of my NET income. Ouch. Granted I did that myself, I didn’t have to… I could have spread it over the next 10 years but I want freedom, financial freedom.

It’s over now. Because I’M DONE.  My mandatory debtpayments on my housedebt now make up about 16% of my net income, anything beyond that is up to me.

I’m debt-free baby, debt-free except my house.

It’s only up from here! I’ll shut up now because I promised to keep it short, but I really didn’t. I also feel the need to insert bad youtube vids of bad songs because I’m giddy inside.

Sorry, I had to! (Hey at least it doesn’t auto-play) Please feel free to add additional BADness in the comments and join in the celebration. 🙂

 

 

PS: IMG source here and here. For more on the story of St Nicholas and Black Pete read this.

My studentloan; The final frontier!

Sorry for the lack of blog-updates these past two weeks. Work has been rather crazy and I’ve had a stomach-bug so I haven’t done much besides work and spend a lot of time in bed!

Back to business today though starting with my student loan!

As of today I owe $3,393.41 since beginning to tackle this loan at the beginning of the year when I owed close to $16,000 I’ve made quite a bit of progress while still allowing myself a little bit of fun (um for examples check  here, here, here and here)

It’s time to make a plan to get rid of this beast once and for all so this is what I’m going to do.

1. This week: On Friday I plan to make a payment of $1,114.76 and I will owe $2,218.65

2. A payment plan; Since the holidays are coming up and I haven’t bought any of my gifts yet I’m planning a little bit more conservative for the month of December;

December: $600 payment ($1,618.65 left)
January: $900 payment ($718.65 left)
February: $718.65 or whatever is left!

This means that at the very latest I will have my student loan paid off IN FULL by March 1st, and really that’s only 3 months and a week orso away. You’ll see that I didn’t account for any interest on the loan, it’s not a huge amount since it’s only 4% so I neglected to include that and it should make very little difference in the timeframe I’ve picked out.

So how about you, how are you doing, still managing to keep the debtsnowball going with all these (expensive!) holidays coming up?