Author Topic: Loans stuck "In Review"--New to this forum  (Read 3068 times)

bdbdbd1

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Loans stuck "In Review"--New to this forum
« on: August 20, 2013, 01:43:41 PM »
I've noticed lately that many of my loans get stuck in the In Review status.

I emailed LC to ask if there is a way to avoid this and they politely declined to lend me assistance.

Anyone here think I'm doing something wrong?

GS

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Re: Loans stuck "In Review"--New to this forum
« Reply #1 on: August 20, 2013, 03:31:58 PM »
I've noticed lately that many of my loans get stuck in the In Review status.

I emailed LC to ask if there is a way to avoid this and they politely declined to lend me assistance.

Anyone here think I'm doing something wrong?

No, you are not doing anything wrong, LC posts their loans to be funded before they are approved, and the approval process sometimes takes 2 days, sometimes it takes 3-4 weeks.  LC seems to dump the loan if it's not approved after 1 month, so your money might be tied up for a month in a loan that never issues, then you start again.  I usually have several notes that are stuck in "pending" for weeks, and I find the longer the note sits, the less likely it is to issue. 

Further, at the end of the month, say about the 20th and on, LC seems to throttle back their new loans being issued, then they issue them like wildfire on the first few days of the next month.  So, we are entering that period now of slow loan issuance.

I can find several websites, including this one, that describes LC's approval process as inefficient, where they contact you every two or three days, asking for more information, to the point that many borrowers get annoyed.  The upside is, they are doing a credible job of eliminating scammers, deadbeats, and liars.  The downside is "cash lag", where you are earning 0% for weeks at a time.

bdbdbd1

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Re: Loans stuck "In Review"--New to this forum
« Reply #2 on: August 23, 2013, 12:41:31 PM »
I appreciate the reply.