Author Topic: Grace period needed after first payment  (Read 6332 times)

DutchNurse

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Grace period needed after first payment
« on: November 24, 2013, 09:32:59 PM »
Well whats the chances this one comes back with going into grace period after one payment? Similar stories out there? Interestingly his (or her!)  credit is trending is up.

https://www.lendingclub.com/account/loanDetail.action?loan_id=7377876

yojoakak

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Re: Grace period needed after first payment
« Reply #1 on: November 25, 2013, 09:21:45 AM »
Well whats the chances this one comes back with going into grace period after one payment? Similar stories out there? Interestingly his (or her!)  credit is trending is up.

https://www.lendingclub.com/account/loanDetail.action?loan_id=7377876

Based on what you've shown us, somewhere between 0 and 100%.

core

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Re: Grace period needed after first payment
« Reply #2 on: November 25, 2013, 09:43:20 AM »
Based on what you've shown us, somewhere between 0 and 100%.

Or in the land of LC where numbers rarely make sense,
somewhere between -0.0017436612% and 100.003087141275%

Link to Folio data:
https://www.lendingclub.com/foliofn/loanPerf.action?loan_id=7377876&order_id=12005305&note_id=31490167

DutchNurse, I'd say closer to the zero end.  It might be a hit and run scammer.  You should sell it to me for -60% before he files BK or skips town.

New Jersey Guy

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Re: Grace period needed after first payment
« Reply #3 on: November 25, 2013, 09:52:12 AM »
"You should sell it to me for -60% before he files BK or skips town."

Wow!  You better make that -75%.  That note will be going 16-30 days late any moment now.  Don't blink!
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

Randawl

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Re: Grace period needed after first payment
« Reply #4 on: November 25, 2013, 10:15:37 PM »
Aaaand it's "Completed - in grace period".  Congrats!

Often times, the first payment will fall inside of the grace period due to initial error in establishing the correct account and routing number for the ACH transfer.

core

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Re: Grace period needed after first payment
« Reply #5 on: November 25, 2013, 10:21:24 PM »
Often times, the first payment will fall inside of the grace period due to initial error in establishing the correct account and routing number for the ACH transfer.

I have to verify my bank account with trial deposits before I can pay a silly $19 bill.  But you're saying I can grab $35k from LC without ever having verified my bank account?

Wait a minute... the borrower receives the loan cash via ACH to the same account, do they not?  If LC got the account number wrong then how did the borrower get the money in the first place?  Naw, something about this explanation doesn't make sense.

Randawl

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Re: Grace period needed after first payment
« Reply #6 on: November 25, 2013, 10:30:38 PM »
Wait a minute... the borrower receives the loan cash via ACH to the same account, do they not?  If LC got the account number wrong then how did the borrower get the money in the first place?

I'm trying to look up where I got that information originally.  While LC attempts to withdraw monthly payments from the account to which the loan was deposited, the borrower can decide to change the payment account.

Bohb Daishi

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Re: Grace period needed after first payment
« Reply #7 on: November 26, 2013, 03:07:17 AM »
Often times, the first payment will fall inside of the grace period due to initial error in establishing the correct account and routing number for the ACH transfer.

More likely it's because the borrower isn't used to having a large loan payment hit their bank account on that particular day each month.
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DutchNurse

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Re: Grace period needed after first payment
« Reply #8 on: November 30, 2013, 03:32:11 PM »
Oddly enough this guy paid up. Remarkable.