Ok guys bumping again.
So I finally had my first default. The loan that I mentioned above was charged off. After this my seasoned returns dropped to ~9%, my unseasoned are at ~13%.
I might have more defaults on the way as I have 2 loans in the 31+ days late category. I'm now around 15 months into this.
From reading some posts int his thread my recommendation is to have more money put aside before making a decision to invest this way. I started with $500 and was lucky as those first loans are still chugging along.
However, if you begin with an amount like that and some of them go belly up your returns are shot. I'm still getting around $50-60 a month in interest. I'll see what the tax man says this year.
I'm also going to keep track of the loans that default to find any recurring characteristics. The one that defaulted was actually a B.
Hilariously, looking at the one that defaulted and all the loans that are late I did notice a trend...I'm pretty sure they are all women
At least they have traditionally female jobs (nurse, nurse, clerical)
Clearly none of us are surprised. I wouldn't be surprised if some just think that this loan is some type of magic internet money.
So I'm going to look more closely at occupation in the future.
Good luck guys and a prosperous 2017 to y'all.