Skip to main content

Author Topic: 640-659 FICO applicants follow-up

e
  • Posts: 42
640-659 FICO applicants follow-up
OP: 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.
  • IP logged

B
  • Posts: 57
640-659 FICO applicants follow-up
#1: 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...
  • IP logged

r
  • *****
  • Hero Member
  • Posts: 568
640-659 FICO applicants follow-up
#2: November 27, 2013, 12:00:00 AM
Each state has it's own usury laws and compliance requirements.  It'd probably be very burdensome.
  • IP logged

c
  • Posts: 227


T
  • Posts: 6588
640-659 FICO applicants follow-up
#5: November 27, 2013, 12:00:00 AM
Quote
  • IP logged

G

GS

  • Posts: 87
640-659 FICO applicants follow-up
#6: 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.
  • IP logged


T
  • Posts: 6588
640-659 FICO applicants follow-up
#8: 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.
  • IP logged