Author Topic: First time LC Borrower - Listing 11 days old (I think?)  (Read 3231 times)

jjjqqq

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First time LC Borrower - Listing 11 days old (I think?)
« on: April 28, 2016, 10:21:04 AM »
Hi all - I am new to LC and have a few questions regarding my recently requested loan. 

I was approved for an 8.4k loan on 4/18/16.  Since then, the only item to show up on my to-do list has been email verification which I promptly completed.  After reading about loans being funded in less than a week, I called yesterday to check on the status of the loan and they told me it is in the funding stage but still at 0%.  I'm also pretty sure they said it had been in the funding stage since being approved on 4/18.

I just read a thread on this forum about loans being on the "whole" market rather than the "fractional" market and was curious to see if maybe that is the reason why I am still at 0% funding.  Some posters were saying there was a 12 hour window for loans to be left on the whole market before moving over to the fractional, while others mentioned a 14 day timeframe before the move from whole to fractional.  Does anyone have anymore insight on this?

My Loan Number is "77211715" for any investors out there.  If possible, can someone please check what this loan looks like out on the market, and if possible give any feedback for why it is still at 0%?

Thanks for your help!


*EDIT - It looks like the LC Investor forum is a little more active so I am also going to post this over there, but I welcome any responses on either thread.  Sorry for polluting the forums with 2 of the same post, if anyone needs me to I will certainly delete whichever one is unnecessary
« Last Edit: April 28, 2016, 10:31:41 AM by jjjqqq »

jheizer

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Re: First time LC Borrower - Listing 11 days old (I think?)
« Reply #1 on: April 28, 2016, 10:33:15 AM »
It is on the whole loan market.  It use to only stay there for a short period of time but lately that seems to not be the case.

So now I'm curious, what are you buying? :)

Edit: Link so others can be lazy https://www.lendingclub.com/browse/loanDetail.action?loan_id=77211715
« Last Edit: April 28, 2016, 10:41:26 AM by jheizer »
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jjjqqq

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Re: First time LC Borrower - Listing 11 days old (I think?)
« Reply #2 on: April 28, 2016, 10:37:17 AM »
It is on the whole loan market.  It use to only stay there for a short period of time but lately that seems to not be the case.

So now I'm curious, what are you buying? :)

Helping my longtime BF fund an engagement ring!  His credit was dinged last year due to no fault of his own, so we are utilizing my spotless credit.

jheizer

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Re: First time LC Borrower - Listing 11 days old (I think?)
« Reply #3 on: April 28, 2016, 10:41:54 AM »
Well congratulations or soon to be congratulations, or what ever the current status is.  haha
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jjjqqq

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Re: First time LC Borrower - Listing 11 days old (I think?)
« Reply #4 on: April 28, 2016, 10:54:48 AM »
I'll take the congratulations now, thank you!  It's very exciting.

jjjqqq

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Re: First time LC Borrower - Listing 11 days old (I think?)
« Reply #5 on: April 28, 2016, 01:07:27 PM »
Also that's very annoying that my loan is still exclusively on the whole market and not available for partial funding.  I've searched for almost 2 hours online and the only info I can find on this process is back from 2012 when they made the initial change. 

In 2012 when this began, it looks like the randomly selected loans that were put on the whole market first were only there for 12 hours and then were released to partial funding.  Clearly that is not the case anymore if mine is still on the whole market, but I can't find any details anywhere on how the process works today.

Frustrating.

Lovinglifestyle

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Re: First time LC Borrower - Listing 11 days old (I think?)
« Reply #6 on: April 28, 2016, 07:48:32 PM »
Indeed.  Sure seems unfair to the borrower.  Lenders used to complain that loans took too long to approve.  Now they get approved and then set for 30 days.

dglasgow

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Re: First time LC Borrower - Listing 11 days old (I think?)
« Reply #7 on: May 25, 2016, 02:56:03 PM »
Indeed.  Sure seems unfair to the borrower.  Lenders used to complain that loans took too long to approve.  Now they get approved and then set for 30 days.

I received a LC loan 2 months ago for $14K. I experienced the same thing.... I could not find my loan listed and learned it was on the whole funding platform. It took 7 days, but it was fully funded on the 7th day of listing. The funds were in my bank 2 days later. I now have a relative with a $2400 loan request and I assume it's also listed for whole funding because I can't see it. If anyone here can view that platform, do you see loan ID #81503903?

nmay2k

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Re: First time LC Borrower - Listing 11 days old (I think?)
« Reply #8 on: May 28, 2016, 10:41:17 AM »
OP loan was A4 which lately does not go fractional. Only C1 and riskier go fractional so it will take longer to fund. Good thing it got issued before 5/9 or else you probably would still be waiting.

fliphusker

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Re: First time LC Borrower - Listing 11 days old (I think?)
« Reply #9 on: May 28, 2016, 01:37:48 PM »
OP loan was A4 which lately does not go fractional. Only C1 and riskier go fractional so it will take longer to fund. Good thing it got issued before 5/9 or else you probably would still be waiting.
992 current notes listed
78 of those are A
44 of those are A4