P2P Forum

Lending Club Discussion => Investors - LC => Topic started by: edward on November 26, 2013, 12:00:00 AM

Title: 640-659 FICO applicants follow-up
Post by: edward on November 26, 2013, 12:00:00 AM
http://www.lendacademy.com/policy-code-2-loans-lending-club/
Here is Peter's great article on the new lower FICO test batch of loans to select institutions

http://www.orchardplatform.com/rejected-loans-on-lendingclub/
Here is a great article from Orchard which besides being an interesting read, supports the great credit demand from these 640-659 FICO applicants.
Title: 640-659 FICO applicants follow-up
Post by: Bohb Daishi on November 27, 2013, 12:00:00 AM
Does anyone know if there is a maximum interest rate that LC could charge borrowers? I wonder if one day they will offer people with 550 FICO a 40% loan...
Title: 640-659 FICO applicants follow-up
Post by: rawraw on November 27, 2013, 12:00:00 AM
Each state has it's own usury laws and compliance requirements.  It'd probably be very burdensome.
Title: 640-659 FICO applicants follow-up
Post by: core on November 27, 2013, 12:00:00 AM
from: rawraw on November 27, 2013, 07:55:16 AM
Title: 640-659 FICO applicants follow-up
Post by: TravelingPennies on November 27, 2013, 12:00:00 AM
from: core on November 27, 2013, 08:07:22 AM
Title: 640-659 FICO applicants follow-up
Post by: TravelingPennies on November 27, 2013, 12:00:00 AM
Quote
Title: 640-659 FICO applicants follow-up
Post by: GS on November 27, 2013, 12:00:00 AM
According to above:

DELAWARE, the legal rate of interest is 5% over the Federal Reserve rate.

So that makes the max rate of a Delaware Corp. about 5.25%?

In Florida (18%?), I've gotten CCs at Home Depot and HH Gregg with 29.99% rates after a 6 month interest free period.  Needless to say, I take advantage of some promotional discount, then pay them off.
Title: 640-659 FICO applicants follow-up
Post by: TravelingPennies on November 27, 2013, 12:00:00 AM
from: rawraw on November 27, 2013, 10:53:40 AM
Title: 640-659 FICO applicants follow-up
Post by: TravelingPennies on December 02, 2013, 12:00:00 AM
What I've read online is that the state-level Usury laws were rendered moot by a few Supreme Court cases. They might still apply for credit unions, but not for banks.