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Borrowers with >$20,000/month Income

Started by Peter, January 06, 2013, 11:00:00 PM

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viking

Some borrowers claim more than $20,000/month in income. See for example LoanID 3065326:
https://www.lendingclub.com/account/loanDetail.action?loan_id=3065326" class="bbc_link" target="_blank">https://www.lendingclub.com/account/loanDetail.action?loan_id=3065326
who claims $37,500/month income.
It is probably an error (maybe should be $37,500/year) but it throws off the DTI ratio.

Do you invest in these type of loans?

Grant

Nope. If its an error I want the correct number before investing.  If it's not an error, something is seriously wrong with the borrower as most banks will give an unsecured line of credit at 6% or less for people with higher incomes such as this.




AnilG

There are currently 14 loans available where borrower indicated monthly income greater than $20,000. Historically, such loans have much lower default rate and higher return on investment. So, I don't worry about someone claiming higher income and if it is not verified. As long as other factors such as mortgage, total debt, low credit utilization, and clean credit record line up, I will lend.

DanB

I saw one last month with income of $30000 a month...................verified!

mo

The LC borrower application asks for yearly income.  LC does the math to get the per month number they show in the loan offering to investors so these aren't careless typos on the part of people not reading carefully.

TravelingPennies

If the income is correct at $37,500/month, for the example above, it is a little bit surprising that the borrower is not able to pay down his credit cards from his income alone and needs a loan from LC. His revolving balance is $33,894.00 and he is asking for $30,000.






LC420

Citadel is also a pretty big hedge fund. So.. would not be all that mind blowing for this guy to make 35k+/month.

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