Author Topic: Some help locating a loan? 93117022  (Read 3479 times)

newrecruit

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Some help locating a loan? 93117022
« on: November 17, 2016, 02:51:20 PM »
New to p2p... customer service hasn't been much help. Told all is approved and waiting for investors. When I go to "browse loans" I don't see it. Loan # is 93117022
Is there anyone that can help? I assume some search functions aren't available to borrowers?

Debt Free

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Re: Some help locating a loan? 93117022
« Reply #1 on: November 17, 2016, 03:45:15 PM »
Do not see it either on LC or Folio.

newrecruit

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Re: Some help locating a loan? 93117022
« Reply #2 on: November 17, 2016, 03:52:42 PM »
Any idea why that would be? I was sent an email days ago stating credit dept says all looks good and we are just waiting for investors to back your loan....

Fred93

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Re: Some help locating a loan? 93117022
« Reply #3 on: November 17, 2016, 03:54:06 PM »
Some loans are sold to large institutions, such as banks, rather than going thru the web site.

newrecruit

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Re: Some help locating a loan? 93117022
« Reply #4 on: November 17, 2016, 03:55:55 PM »
Ok. I appreciate the info, LC really hasn't been any help. It seems they keep telling me I'm approved and all looks good, yet it doesn't sound like a loan is even guaranteed at this point.... seems like a lot of wasted time to know or not

Edward Reid

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Re: Some help locating a loan? 93117022
« Reply #5 on: November 19, 2016, 12:01:18 PM »
It's not guaranteed, but most loans do get funded unless there's something really dicey in the listing. If they don't get snapped up by the institutional investors, it usually takes a few days for the P2P investors to fund them. It's definitely not as fast as getting a car loan from your local credit union.

An example of dicey is a recent class C application. Most of the numbers were good, but the applicant was requesting a $40K loan for debt consolidation and had $97K in revolving debt. That got to about 75% funded before it timed out. I don't know about others, but for me the fact that the applicant was requesting a maximum loan and the discrepancy between the loan and the debt kept me away from it.

Edward

PhilGD

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Re: Some help locating a loan? 93117022
« Reply #6 on: November 20, 2016, 01:57:00 AM »
An example of dicey is a recent class C application. Most of the numbers were good, but the applicant was requesting a $40K loan for debt consolidation and had $97K in revolving debt. That got to about 75% funded before it timed out. I don't know about others, but for me the fact that the applicant was requesting a maximum loan and the discrepancy between the loan and the debt kept me away from it.

Edward

Why did the loan amount beinng less than the revolving debt amount turn you off of investing?

fliphusker

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Re: Some help locating a loan? 93117022
« Reply #7 on: November 20, 2016, 10:54:26 AM »
What he means is that the loan will not cover the debt amount.  So instead of making 1 big payment, they are having to make 2. 
But there are a number of factors on why a note does not fund right away.  Debt to income, prior bankruptcy, lots of inquiries, lots of delinquencies, employment or even odd income listed for the employment.  (Usually just a clerical error showing a teacher making 33k/month).  Without seeing the actual listing or more info, can not really tell why it was not snatched up right away. 
An example of dicey is a recent class C application. Most of the numbers were good, but the applicant was requesting a $40K loan for debt consolidation and had $97K in revolving debt. That got to about 75% funded before it timed out. I don't know about others, but for me the fact that the applicant was requesting a maximum loan and the discrepancy between the loan and the debt kept me away from it.

Edward

Why did the loan amount beinng less than the revolving debt amount turn you off of investing?

Edward Reid

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Re: Some help locating a loan? 93117022
« Reply #8 on: November 20, 2016, 11:54:33 AM »
Why did the loan amount beinng less than the revolving debt amount turn you off of investing?

Mostly it's just the issue of data mismatch. The loan was listed as debt consolidation, but did not consolidate all the debt. I realize that there are good reasons people might consolidate only part of their debt (such as some is at a high interest rate, some low), and I realize that the loan amount seldom jibes really closely with the credit report of revolving balance. So there isn't necessarily anything wrong with the loan. But that mismatch was a factor in my not taking on any of it.

Whether the loan request is for more or less than the revolving balance isn't as important to me as the discrepancy. An application for $30K with $5K revolving balance will also raise my eyebrows. Again, I know that not all debt shows on the revolving balance, but it's one indicator.

This applicant had a $97K revolving balance. I assume there are good reasons people can end up with that large a balance, but it's way far out of the norm for LC applications.

Whether the borrower would have had two large payments or one extra-large payment isn't important. However, in this case the borrower was asking for the maximum LC loan. This is a possible sign that the applicant really needs to consolidate more of their debt and is taking a desperate stab at consolidating some of it. If true, that would be a really bad sign.

Another factor, which I didn't mention before, is that a large loan will usually take longer to fill than a small loan. When investors commit to a loan, their money is tied up making nothing until the loan is fully funded. Given a choice between investing in a $10K loan and a $40K loan, all else being equal, I'll take the $10K loan, just because I'll start getting a return on the investment sooner.

Too bad this didn't come up while that application was active so I could link to it. All the numbers mentioned by fliphusker were good. The applicant had plenty of income to make the payments on $97K revolving balance. No public records, no delinquencies, at least a ten year credit record. Don't remember about length of employment, but I usually look at that, and I remember passing on it only because of the balance mismatch and not understanding how so large a revolving balance happens. Yet obviously I wasn't the only one disturbed by something in the loan application -- though others may have picked up something I didn't -- since it timed out only 3/4 funded.

Edward