Title: "Check MY Rate" = Inquiry? Or no
Post by: rajuabju on August 13, 2013, 11:00:00 PM
Post by: rajuabju on August 13, 2013, 11:00:00 PM
If I want to "check my rate" (ie, what rate LC would give me if I wanted to take out a loan) would that result in a hard credit pull on me?
Thinking about finding out what they'd offer me, although not so much if its going to result in a credit check even if I dont actually get a loan from them in the end.
Thinking about finding out what they'd offer me, although not so much if its going to result in a credit check even if I dont actually get a loan from them in the end.
Title: "Check MY Rate" = Inquiry? Or no
Post by: Zach on August 13, 2013, 11:00:00 PM
Post by: Zach on August 13, 2013, 11:00:00 PM
Title: "Check MY Rate" = Inquiry? Or no
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
wow that is interesting.
and if i actually proceed and get the loan, then they do a second look and a hard pull? or is it again only a softpull without ANY hard ?
and if i actually proceed and get the loan, then they do a second look and a hard pull? or is it again only a softpull without ANY hard ?
Title: "Check MY Rate" = Inquiry? Or no
Post by: core on August 13, 2013, 11:00:00 PM
Post by: core on August 13, 2013, 11:00:00 PM
I wonder why they ask you to estimate your score if they're going to do a soft pull anyway. What CRA do they pull? I was going to try it just now but they don't allow my state. I hope the IPO solves that because I'm sick of not being allowed to do stuff.
Title: "Check MY Rate" = Inquiry? Or no
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Title: "Check MY Rate" = Inquiry? Or no
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Fascinating.
My score is in the high 700's.
they offered me an A1 rate.
Now I have to decide whether I really want it or not
My score is in the high 700's.
they offered me an A1 rate.
Now I have to decide whether I really want it or not
Title: "Check MY Rate" = Inquiry? Or no
Post by: rawraw on August 13, 2013, 11:00:00 PM
Post by: rawraw on August 13, 2013, 11:00:00 PM
Title: "Check MY Rate" = Inquiry? Or no
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Title: "Check MY Rate" = Inquiry? Or no
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Yep, thats what I decided to do. I have over 50k in various LC accounts, all averaging returns between 11% to 14%
Borrowing at their A1 rate on a 3 year term, the spread will be good enough to make it worth while. I can pay off the loan at any time so no real risk for me.
I never realized there is NO hard inquiry on borrowers. thats pretty amazing actually.
Borrowing at their A1 rate on a 3 year term, the spread will be good enough to make it worth while. I can pay off the loan at any time so no real risk for me.
I never realized there is NO hard inquiry on borrowers. thats pretty amazing actually.
Title: "Check MY Rate" = Inquiry? Or no
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Also, another thing I find fascinating is WHO is funding my loan
So far, I see the following; big concentration from CA. Too bad I cant see how much each person is putting in.
otrebor from Sunnyvale, CA
Member_7689426 from SANTA ROSA, CA
Member_802943 from San Francisco, CA
Member_8134473 from Greenwood, MS
Member_947768 from San Diego, CA
Member_1549148 from Arlington , VA
BBF QP-LCA-2012 from San Francisco, CA
HC886 from San Francisco, CA
Member_1342466 from Redwood City, CA
Member_8070232 from Aurora, MN
Member_5012514 from Redwood City, CA
Member_7210194 from Henderson, NV
Member_949043 from Saratoga, CA
Member_3557861 from New York, NY
Seegs from Denver, CO
Member_2557843 from Oak Park , CA
So far, I see the following; big concentration from CA. Too bad I cant see how much each person is putting in.
otrebor from Sunnyvale, CA
Member_7689426 from SANTA ROSA, CA
Member_802943 from San Francisco, CA
Member_8134473 from Greenwood, MS
Member_947768 from San Diego, CA
Member_1549148 from Arlington , VA
BBF QP-LCA-2012 from San Francisco, CA
HC886 from San Francisco, CA
Member_1342466 from Redwood City, CA
Member_8070232 from Aurora, MN
Member_5012514 from Redwood City, CA
Member_7210194 from Henderson, NV
Member_949043 from Saratoga, CA
Member_3557861 from New York, NY
Seegs from Denver, CO
Member_2557843 from Oak Park , CA
Title: "Check MY Rate" = Inquiry? Or no
Post by: Fred on August 13, 2013, 11:00:00 PM
Post by: Fred on August 13, 2013, 11:00:00 PM
Title: "Check MY Rate" = Inquiry? Or no
Post by: p2p2p2p2p on August 13, 2013, 11:00:00 PM
Post by: p2p2p2p2p on August 13, 2013, 11:00:00 PM
LC Advisors Conservative Funds invest exclusively in A and B notes only
Title: "Check MY Rate" = Inquiry? Or no
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Post by: TravelingPennies on August 13, 2013, 11:00:00 PM
Title: "Check MY Rate" = Inquiry? Or no
Post by: TravelingPennies on August 15, 2013, 11:00:00 PM
Post by: TravelingPennies on August 15, 2013, 11:00:00 PM
I have to say that unfortunately, I'm finding the approval process somewhat frustrating and annoying.
When I filled out the initial app, I was immediately offered the A1 rate. Loan hit the platform same day, and by the next day, my loan was 100% funded.
During the funding process, I was asked to verify bank account and phone number... easy enough, no problem, done.
Then I was asked to prove my home address (providing a recent utility bill) ok, also easy, done.
Now I'm being asked for other info. I'm sure shortly, they will want employment and income verification.
I dont get it, why is this being done so piecemeal? I dont want to get an email every day asking me to log in and submit more info. Why couldnt they just have requested everything in 1 shot?
I'm still quite confident I'll end up being approved (and if not, I'm going to become beyond pissed off)... it just seems like an inefficient approval process to me.
When I filled out the initial app, I was immediately offered the A1 rate. Loan hit the platform same day, and by the next day, my loan was 100% funded.
During the funding process, I was asked to verify bank account and phone number... easy enough, no problem, done.
Then I was asked to prove my home address (providing a recent utility bill) ok, also easy, done.
Now I'm being asked for other info. I'm sure shortly, they will want employment and income verification.
I dont get it, why is this being done so piecemeal? I dont want to get an email every day asking me to log in and submit more info. Why couldnt they just have requested everything in 1 shot?
I'm still quite confident I'll end up being approved (and if not, I'm going to become beyond pissed off)... it just seems like an inefficient approval process to me.
Title: "Check MY Rate" = Inquiry? Or no
Post by: TravelingPennies on August 15, 2013, 11:00:00 PM
Post by: TravelingPennies on August 15, 2013, 11:00:00 PM