Author Topic: How long are loans "In Funding"  (Read 13916 times)

BruiserB

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How long are loans "In Funding"
« Reply #30 on: October 01, 2014, 08:13:58 PM »
fwiw:  Last night, which was the end of the quarter before the IPO,  an order of mine placed on Sept. 22 had no issued notes.  Today, suddenly, 14 of the 31 are issued

Same here.  Everything after 9/22 held, and a zillion broke free on the 1st.  It is really obvious that they intentionally delay loan issue at the end of the month.  As far as I know, we've never engaged LC on this issue.  I was thinking of bringing it up with them.

I would be interested in hearing their explanation to us as to why this is a good business practice. I could understand if they decided to increase/decrease solicitations of applications to manage and control growth, but then once an application is submitted, they shouldn't be intentionally slowing issuances just to manage business. It is misusing our money and it is also mistreating applicants who want their loans quickly.

Fred93, do you have a contact that could give an "official" position on what they are doing?

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« Last Edit: October 01, 2014, 08:18:40 PM by BruiserB »

BruiserB

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How long are loans "In Funding"
« Reply #31 on: October 01, 2014, 08:15:48 PM »
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« Last Edit: October 01, 2014, 08:17:31 PM by BruiserB »

Dennis

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Re: How long are loans "In Funding"
« Reply #32 on: October 02, 2014, 10:32:53 AM »
Tuesday (2 days ago, Sept 30) I was sitting on about 120 fully funded notes "In Review" at LC (between 2 accounts).  Most of them had been fully funded for 1 to 3 weeks.  Between today (Oct 2) and yesterday (Oct 1) about half those notes finally issued.  I'm in my fourth year now with LC, and this has been a practice for quite some time.  They hold notes at the end of the month to pad the next months numbers so their flow charts look pretty.  I don't like this practice, a lot of money gets tied up, earning nothing, far longer than it should.  I just filled out a LC survey they sent me and in the comment section I complained about this practice.  That said, I have little else to complain about with LC since they seem to be doing everything else right for me.  Prosper on the other hand, has been terrible for me.  I've been draining my funds there over the last 6 months and putting them to work at LC.  After 3 years with them, I'm done.  Today I can't even get into my Prosper account for some reason (who knows why), and the web site has been an ongoing frustrating experience for me, slower than molasses, frequent missing money, and pages that routinely take 30 - 60 seconds to load - but that's a whole other story......