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Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008

$25,000 Unsecured Signature Loan approved & funded in 4 days

[ Edited ]

As promised here are my loan results:

 

I researched out some of the new "Peer to Peer" or "Social Lending Network" companies out there, curious about their true value.

 

I opted to test out www.PertuityDirect.com.  I set up a free account and then completed a loan application.  I asked for $25,000 and was instantly approved (whole app and approval took maybe 3-4 minutes online).

 

They only checked Experian, which happened to be my lowest (765 at time of app).  Once approved, they give you the option of using Auto Draft from checking to make payments (they discount APR if you do).  I opted for it to get discount.  In order to verify the checking account, they use the same method as PayPal....they send two small deposits to your account, which showed up 2 days later (I app'ed Sunday, verification deposits showed Tuesday mid-day).

 

Once I received the deposits, I logged back into the www.pertuitydirect.com and entered the amounts of the deposits where it requested.  The site then generated a final "promissory note" which was only 2 pages, very simple and straight forward.  I clicked acknowleged and accept on the "digital signature" portion and the site said, "Your loan funds are being transferred to your checking account.  They should be availalbe in 1-2 business days." 

 

This morning the funds were in my account as promised, $25,000.

 

The loan specs were:

- Personal Unsecured Loan

- 36 month term

- 10.9% APR (daily interest computed - NOT daily average)

- No orgination fee

- No application or sign up fee

- No prepayment penalties

- Payments can be made auto draft, online or by mail.

- Hard pull on Experian only

- My EX FICO was 765 with no inquires in past year but 7 inquiries 18 to 24 months old

- Stated income only (no verification was required for me....not sure if that is alwas the case)

 

It was simple, straight forward, painless and pretty fast all done online and electronically.  I'm sure there are better interest rates available had I shopped more and possibly gone to Credit Union.  But for $25,000 unsecured loan, generally the application processes in more involved, requires employment and income verification and takes much more time, unless you are dealing with one that you have a long standing relationship, accounts and history with.

 

If you are looking for a loan and have FICO above 680, then maybe this is an option for those who have need of this type of loan.  The site claims they look for "PRIME" borrowers, so I think this means you probably won't get it with much derog, but they say 680 score is the minimum.

 

There are "live people" telephone numbers and I did call after I made my app to ask a couple questions.  They were friendly, helpful and answered right away.....no long wait with elevator music.

 

Hope this is of help.

Message Edited by txjohn on 03-26-2009 11:18 AM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Member
Posts: 13
Registered: ‎03-25-2009
0

Re: Got $25,000 Unsecured Signature Loan approved & funded in 4 days

I was pretty curious how real these were and was watching to see what your results would be.  Glad you had such a good experience.  So, what are you planning to do with the money, anything fun? Smiley Tongue

Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Got $25,000 Unsecured Signature Loan approved & funded in 4 days

Restructuring some things and needed some interim "bridge" funding and this was pretty easy.  I didn't apply right away, I read up on Lending Club and others, but most of them have an ebay style bidding process in which the investors/lenders bid on how much of your loan they will personally fund and at what rate.  And it can take up to several weeks and potentially hundreds of individuals to get funded.  Nice idea, but I didn't want that kind of headache.

 

Pertuity acts more like a mutual fund, I guess.  The lenders put their lending criteria in and type of risk, but turn the actual lending decision and authority over to Pertuity.  So, if approved, they can immediately fund without waiting for anybody.  And they did.  App'ed on Sunday, had funds in my account Thursday early morning.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
0

Re: Got $25,000 Unsecured Signature Loan approved & funded in 4 days

If I needed a loan and had your scores, I would get BOA (or any other CC) 0% APR for 15 months, 3% BT fee and make BT to my checking, much cheaper. 10.9% APR is too high with high 700 FICO. JMHO.


txjohn wrote:

As promised here are my loan results:

 

I researched out some of the new "Peer to Peer" or "Social Lending Network" companies out there, curious about their true value.

 

I opted to test out www.PertuityDirect.com.  I set up a free account and then completed a loan application.  I asked for $25,000 and was instantly approved (whole app and approval took maybe 3-4 minutes online).

 

They only checked Experian, which happened to be my lowest (765 at time of app).  Once approved, they give you the option of using Auto Draft from checking to make payments (they discount APR if you do).  I opted for it to get discount.  In order to verify the checking account, they use the same method as PayPal....they send two small deposits to your account, which showed up 2 days later (I app'ed Sunday, verification deposits showed Tuesday mid-day).

 

Once I received the deposits, I logged back into the www.pertuitydirect.com and entered the amounts of the deposits where it requested.  The site then generated a final "promissory note" which was only 2 pages, very simple and straight forward.  I clicked acknowleged and accept on the "digital signature" portion and the site said, "Your loan funds are being transferred to your checking account.  They should be availalbe in 1-2 business days." 

 

This morning the funds were in my account as promised, $25,000.

 

The loan specs were:

- Personal Unsecured Loan

- 36 month term

- 10.9% APR (daily interest computed - NOT daily average)

- No orgination fee

- No application or sign up fee

- No prepayment penalties

- Payments can be made auto draft, online or by mail.

- Hard pull on Experian only

- My EX FICO was 765 with no inquires in past year but 7 inquiries 18 to 24 months old

- Stated income only (no verification was required for me....not sure if that is alwas the case)

 

It was simple, straight forward, painless and pretty fast all done online and electronically.  I'm sure there are better interest rates available had I shopped more and possibly gone to Credit Union.  But for $25,000 unsecured loan, generally the application processes in more involved, requires employment and income verification and takes much more time, unless you are dealing with one that you have a long standing relationship, accounts and history with.

 

If you are looking for a loan and have FICO above 680, then maybe this is an option for those who have need of this type of loan.  The site claims they look for "PRIME" borrowers, so I think this means you probably won't get it with much derog, but they say 680 score is the minimum.

 

There are "live people" telephone numbers and I did call after I made my app to ask a couple questions.  They were friendly, helpful and answered right away.....no long wait with elevator music.

 

Hope this is of help.

 

Message Edited by txjohn on 03-26-2009 09:57 AM

 

IN VINO VERITAS.
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008

Re: Got $25,000 Unsecured Signature Loan approved & funded in 4 days

I understand your point, which I stated there are better rates out there.  But, I don't plan to pay out over 36 months.  This is more of an interim "bridge" funding and not going to be used for full term installment.

 

There is no origination or up front fees and so when I pay it off in next 60-90 days, I won't have paid much in way of interest and won't have any transaction fee.  Will cost me about $650 for 90 days use.

 

3% Cash Advance or BT fee on $25,000 is $750 before any APR, unless you can get an agreed fee cap which may or may not be successful.  Plus I would have to apply, get approved, wait for the card, then do the advance or transfer, etc.  Wouldn't have funds in 3.5 days most likely.

 

Like I said, this isn't the Be-All for everyone, but I believe it has its uses, such as mine.  And I just thought I should let people know about my experience and results since I did not find any info on these types of loans and credit on this forum.

 

As I always say, file this info in the appropriate place, which may be the round receptacle under your desk (which is emptied on trash day).  Smiley Very Happy

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Contributor
Posts: 103
Registered: ‎03-07-2009
0

Re: Got $25,000 Unsecured Signature Loan approved & funded in 4 days

If you don't mind, can you share what method is used to calculate your interest rate. Is it the rule of 78 like Motgage and Car loans? What is your monthly payment? How many months is the term of your loan?
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Got $25,000 Unsecured Signature Loan approved & funded in 4 days

Hey scrambler -

 

Guess you missed it, but I posted my loan specs, including interest calculations, terms, etc. in the original post at the top of this thread in bullet points.  If you don't see something you were asking for, I'll do my best to answer new questions.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: $25,000 Unsecured Signature Loan approved & funded in 4 days

Do you know what credit bureau's they would report to? I am not sure if I want another new account added to my report. I would like to have a business loan for my business that does not report on my personal credit reports.
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: $25,000 Unsecured Signature Loan approved & funded in 4 days

[ Edited ]

It is my understanding (somebody correct me if wrong) that they report to all three, but only pulled from my EX.  Now, to fully disclose, my EQ file was locked (frozen) when I apped (I didn't realize) so they could have pulled EQ, but I don't think so.

 

You need to apply for business credit that is personally guaranteed for it to not report personally.  Most business credit and loans will not be personally reported UNLESS you default, then they get you personally on CR.

Message Edited by txjohn on 03-26-2009 02:20 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Super Contributor
Posts: 6,026
Registered: ‎09-18-2007
0

Re: $25,000 Unsecured Signature Loan approved & funded in 4 days

I started sign up for the account. Application said they do not offer loans in my state which is NH. I said go ahead and setup the account any way though I am not eligible for loan. If they start offering some thing in future for residents of my state then it would be handy.
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