Author Topic: Looking for loan: 79081728  (Read 4347 times)

sigclem

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Looking for loan: 79081728
« on: May 27, 2016, 01:29:25 PM »
A relative received an invite to apply, and received a Direct Pay loan approval (directly paid to creditors).  I have looked and I can't seem to find it as listed anywhere.  Is this because of the recent issues with funding at Lending Club?

Any insight from investors who can see it would be great.  Lending Club is telling her she is fully approved and I am telling her to hold off on counting her chickens because I don't see the loan.

Thanks

jheizer

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sigclem

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Re: Looking for loan: 79081728
« Reply #2 on: May 27, 2016, 05:09:31 PM »
I can't view the page since I am not registered as an investor. Lending Club is playing fast and loose with the rules right now. They have told her that the loan is fully approved by them and is being funded by investors. Kind of bull crap if the loan is not even available for investors yet as your post would lead me to believe.

They are also saying it could take 14-30 days for funding.


It would appear capital has completely disappeared from the platform.

travisbickle34

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Re: Looking for loan: 79081728
« Reply #3 on: May 27, 2016, 05:37:01 PM »
I am in an identical situation to your friend.  Note appears as new, invisible on platform, yet being told by LC that it is approved and being funded and to allow 14-30 days. Not sure what to think  :-\

bobeubanks

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Re: Looking for loan: 79081728
« Reply #4 on: May 27, 2016, 07:17:44 PM »
Approved by LC doesn't mean it is funded. It simply means it has been graded, assigned an interest rate, and will be made available for investors to select.

travisbickle34

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Re: Looking for loan: 79081728
« Reply #5 on: May 27, 2016, 07:45:15 PM »
Yeah, I get that. My point is that a loan that is apparently 'being funded' isn't even visible to investors yet, two weeks after approval.

slimjim

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Re: Looking for loan: 79081728
« Reply #6 on: May 27, 2016, 08:17:39 PM »
As someone who just got funded...it's taking MUCH longer due to the issues they're navigating. I applied almost 5 weeks ago...was approved immediately...told 14 days...and then everything blew up @ LC. Later was told 14-30 days...and when my login page showed a funding date...thought it was a done deal. More news came out and the login page changed back to generic...and held on (no risk since no hard credit pull unless funded). Was fully funded this week (beyond the 30 days) and creditors being paid off soon.

So...be patient is all I can say. Absolutely nothing you could do but solicit people to fund your loan (I didn't...but heard it may help). It's a huge black hole from the borrower side, but that's the way they operate.

While their stock is under pressure...and a recession is impacting capital funding...I still think their business model is sound for helping people who are serious improve their credit situations. Given Citi and other banks being interested in funding loans, I don't think they're going away soon so long as their borrower / credit-profiles hold up.

Good luck!

travisbickle34

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Re: Looking for loan: 79081728
« Reply #7 on: May 27, 2016, 08:29:58 PM »
Thanks for the input. Great to hear from.someone who has come through similar!

So, did they do a hard pull when funded?

slimjim

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Re: Looking for loan: 79081728
« Reply #8 on: May 27, 2016, 08:48:43 PM »
Not sure on the hard credit pull yet. Will find out soon, but it's reasonable if they do since it's all approved and money will be transferred soon.

sigclem

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Re: Looking for loan: 79081728
« Reply #9 on: May 28, 2016, 10:12:18 AM »
I would be interested to hear a Lending Club or P2P advocate weigh in. They are effectively lying to the consumer if they tell them there loan is being funded when it is not even available on the platform yet. Not sure how that makes sense.

nmay2k

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Re: Looking for loan: 79081728
« Reply #10 on: May 28, 2016, 10:33:40 AM »
This is what people don't quite get about LC "p2p" lending (it's not exactly p2p). WebBank has funded the loan, so the money is there for your friend to use. Now WebBank sells that loan to LC who in turn sells it to us. If it isn't funded by LC it does not mean your friend does not get the money. Its a C4 loan so there are no issues around LC note buyers wanting this loan (C4 loans out up for sale today on folio average a 4.26% premium - second only to C5s). The loan was submitted on 5/19 4pm and the credit data was as of 5/14 from the credit bureaus and the revolving credit balance is high (hence the C4). Loan has not yet been released to LC note buyers. I suspect they will wait till after the holiday to release it to maximize the buyer pool at release time and probably release it as a whole loan given that it would probably pass my highly picky filters. 

fliphusker

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Re: Looking for loan: 79081728
« Reply #11 on: May 28, 2016, 01:46:04 PM »
I can't view the page since I am not registered as an investor. Lending Club is playing fast and loose with the rules right now. They have told her that the loan is fully approved by them and is being funded by investors. Kind of bull crap if the loan is not even available for investors yet as your post would lead me to believe.

They are also saying it could take 14-30 days for funding.


It would appear capital has completely disappeared from the platform.
I am actually shocked that you have been approved.  Not trying to be an ass or anything like that.  But your debt to income is 42%.  Thought DTI was capped at 35% for LC loans.  I have no doubt that is scaring investors away from your note.  When/if it goes fractional, I would be surprised it does get funded.  I invest in riskier notes, but would pass on this solely due to the DTI. 
I do wish you the best of luck. 

AnilG

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Re: Looking for loan: 79081728
« Reply #12 on: May 28, 2016, 02:18:10 PM »
It is a DirectPay loan so DTI can be as high as 50%.

http://kb.lendingclub.com/investor/articles/Investor/Learn-more-about-Direct-Pay
http://www.lendacademy.com/forum/index.php?topic=3577.0

I am actually shocked that you have been approved.  Not trying to be an ass or anything like that.  But your debt to income is 42%.  Thought DTI was capped at 35% for LC loans.  I have no doubt that is scaring investors away from your note.  When/if it goes fractional, I would be surprised it does get funded.  I invest in riskier notes, but would pass on this solely due to the DTI. 
I do wish you the best of luck.
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travisbickle34

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Re: Looking for loan: 79081728
« Reply #13 on: May 28, 2016, 02:39:50 PM »
If it isn't funded by LC it does not mean your friend does not get the money.

What does this scenario mean for the borrower then?


sigclem

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Re: Looking for loan: 79081728
« Reply #14 on: May 31, 2016, 12:56:31 PM »
LC appears to be listing notes today that people applied for on May 1st.  They are just dribbling stuff onto the platform very slowly.  You have to wonder if all the investor demand has just completely dried up.