Clicky

  • Welcome to P2P Lending / NFT Lending Forum.
 

ETH.LOAN

News:

This was the original Lend Academy peer-to-peer lending forum, since forensically restored by deBanked and now reintroduced to eth.loan.

To restore access to your user account, email [email protected]. We apologize for errors you may experience during the recovery.

Main Menu
NEW LOANS:   | 870.eth 2.500 Ξ | 804.eth 2.500 Ξ | remoraid.eth 0.299 Ξ | ALL

640-659 FICO applicants follow-up

Started by Peter, November 25, 2013, 11:00:00 PM

Previous topic - Next topic

edward

http://www.lendacademy.com/policy-code-2-loans-lending-club/" class="bbc_link" target="_blank">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/" class="bbc_link" target="_blank">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.

Bohb Daishi

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...

rawraw

Each state has it's own usury laws and compliance requirements.  It'd probably be very burdensome.




GS

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.


TravelingPennies

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.

NEW LOANS:   | 870.eth 2.500 Ξ | 804.eth 2.500 Ξ | remoraid.eth 0.299 Ξ | ALL