Author Topic: Loan Issue Delays?  (Read 4822 times)

supermario987

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Loan Issue Delays?
« on: March 25, 2013, 05:34:11 PM »
Dear P2P Veterans,

Has anyone else see/heard of issuance delays recently?  I used LC 3 years ago, and it took about a week to post, fund, get verified, and get my loan approved.  It took 2 days for the loan to issue.  Fast forward to today, and it took me <3 days to post, fund, get verified, and get my loan approved.  It's been a week and still the loan has not issued?

Are there IT/processing issues going on?  :o
Are there limits to the number of loans that can be issued in a day thus causing an IT backlog?

Thanks,

supermario987

Zach

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Re: Loan Issue Delays?
« Reply #1 on: March 25, 2013, 09:03:20 PM »
Dear P2P Veterans,

Has anyone else see/heard of issuance delays recently?  I used LC 3 years ago, and it took about a week to post, fund, get verified, and get my loan approved.  It took 2 days for the loan to issue.  Fast forward to today, and it took me <3 days to post, fund, get verified, and get my loan approved.  It's been a week and still the loan has not issued?

Are there IT/processing issues going on?  :o
Are there limits to the number of loans that can be issued in a day thus causing an IT backlog?

Thanks,

supermario987

There is currently another thread that discusses backlogs with borrower payments being credited to investor accounts, and that seems to be indicative of some potential IT issues with LC. However, I would say that issuance times are likely more correlated with HR problems, rather than IT. They likely have so many new loans issuing, and are still working to expand their credit review team to accommodate this growth.

Peter

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Re: Loan Issue Delays?
« Reply #2 on: March 26, 2013, 11:16:15 AM »
I agree with zpbsfg. I think the delay has more to do with manpower. Three years ago Lending Club was doing 1/20 the loan volume they do today and with their recent rapid growth they seem to be always behind on originating loans. The flipside is that loans are funding much faster than before on average. All I can say is be patient.
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