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"Check MY Rate" = Inquiry? Or no

Started by Peter, August 13, 2013, 11:00:00 PM

Previous topic - Next topic

rajuabju

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.


TravelingPennies

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 ?

core

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.


TravelingPennies

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 https://forum.lendacademy.com/Smileys/default/smiley.gif" alt=":)" title="Smiley" class="smiley" />



TravelingPennies

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.

TravelingPennies

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


p2p2p2p2p

LC Advisors Conservative Funds invest exclusively in A and B notes only


TravelingPennies

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.


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