Author Topic: 3 weeks in review  (Read 6613 times)

hoggy1

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3 weeks in review
« on: January 21, 2015, 07:52:43 AM »
Steve

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Re: 3 weeks in review
« Reply #1 on: January 21, 2015, 09:55:32 AM »
On one hand really annoying and unprofessional and cash draggy...on the other, inc ase they are actually reviewing or waiting for docs, much better than quickly funded and then defaulted:)

hoggy1

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Re: 3 weeks in review
« Reply #2 on: January 21, 2015, 10:26:07 AM »
I agree but there is a third option: After day 13 (as per there documentation) you tell this borrower to go away and give me my money back! The borrower can always re-apply. The buyer is stuck.
Steve

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Re: 3 weeks in review
« Reply #3 on: January 22, 2015, 09:58:55 AM »
Very much agree, LC has a long way to go on operational efficiency, customer service and technological savvy

Unfolder

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Re: 3 weeks in review
« Reply #4 on: January 22, 2015, 04:52:19 PM »
They should only present loans when they're 100% ready to go, do all the paperwork on the front end and then open the money spigot as the last step.

avid investor

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Re: 3 weeks in review
« Reply #5 on: January 22, 2015, 05:53:14 PM »
They should only present loans when they're 100% ready to go, do all the paperwork on the front end and then open the money spigot as the last step.
I actually agree with that.  I would be ok without funding a single note for the next two weeks while they approve some and give the investor notes that will really go out the door.  I know it was always a PR thing that the borrower could "see" his/her note being funded while they waited for approval, but it really doesn't matter.  Either it will get approved or it won't.  These days, all notes get funded, so it isn't the big "mystery" of "will it or won't it" that it used to be.

At least if we were funding only approved notes, we could have a higher percentage of our funds invested at all times.  I average between 2.7% and 4% of my funds on the sidelines at all times.  Most of that is in unapproved notes, not cash.

Fred93

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Re: 3 weeks in review
« Reply #6 on: January 22, 2015, 06:09:23 PM »
LC optimizes for the borrower experience, not the lender experience.  This makes sense from their point of view, because they have to expend considerable effort and money to source an ongoing stream of borrowers, whereas they have all the lenders they need.

Unfolder

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Re: 3 weeks in review
« Reply #7 on: January 23, 2015, 11:42:08 AM »
LC optimizes for the borrower experience, not the lender experience.  This makes sense from their point of view, because they have to expend considerable effort and money to source an ongoing stream of borrowers, whereas they have all the lenders they need.

Curse you rational economic incentives!  >:(

Fred

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Re: 3 weeks in review
« Reply #8 on: January 23, 2015, 09:56:19 PM »
LC optimizes for the borrower experience, not the lender experience.  This makes sense from their point of view, because they have to expend considerable effort and money to source an ongoing stream of borrowers, whereas they have all the lenders they need.

Curse you rational economic incentives!  >:(

LC can always tilt the borrower-lender balance through its interest rates.  Lower the interest rates to get more borrowers (and fewer lenders); increase the interest rates to get fewer borrowers (and more lenders).

Randawl

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Re: 3 weeks in review
« Reply #9 on: January 23, 2015, 11:11:34 PM »
Looks like it's showing as "removed" now.  Took them long enough!

Smkj79

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Re: 3 weeks in review
« Reply #10 on: January 27, 2015, 09:31:15 AM »
I committed to a note on Jan 5 (also funded on that day) and it's still being reviewed. I committed to a note yesterday, Jan 26, and it's being issued. I wish there was a way to back out of a note.

Smkj79

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Re: 3 weeks in review
« Reply #11 on: January 29, 2015, 12:16:45 PM »
So after 24 days "In Review"' I emailed LC asking what's up. Within a couple of hours it was "Removed". No reply to the email yet though. Not sure if the email prompted it or what.

styrum

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Re: 3 weeks in review
« Reply #12 on: January 29, 2015, 02:41:55 PM »
Have my first six notes. All of them "In Review" for several days already. What's a median ("typical") time recently, I wonder from everybody's experience? Is it longer for higher interest (riskier) notes?

Randawl

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Re: 3 weeks in review
« Reply #13 on: January 29, 2015, 10:13:35 PM »
Have my first six notes. All of them "In Review" for several days already. What's a median ("typical") time recently, I wonder from everybody's experience? Is it longer for higher interest (riskier) notes?

Yes, cash lag is a larger factor for higher interest notes.

I recall reading documentation of this on Anil's blog.  While I only searched briefly, it can be found somewhere here:   https://www.peercube.com/blog