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

Unsecured Personal Loan through Pertuity Direct (Peer to Peer / Social Network Lender)???

[ Edited ]

Hey just curious if anyone is familiar with some of the "Social Network Lenders" out there?  I reviewed a variety of reviews and sites and went ahead and made an applicatio with PertuityDirect.com because they claim they use social network investors, but that there is no "bidding" process and that you are either approved with a rate or denied.

 

So, I app'ed for $25,000 and was approved at 9.9% (by electing auto draft payments - otherwise rate would be 10.9%).

 

The approval took the same as any other "instant approval" that I have ever used.  The site claims it will fund my loan in the next 3-4 days.

 

I did a search here in the forum and  didn't get a hit on Pertuity.  Anyone have input?

Message Edited by txjohn on 03-22-2009 10:34 AM
Message Edited by txjohn on 03-24-2009 01:48 PM
Message Edited by txjohn on 03-26-2009 05:40 AM

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
Epic Contributor
Creditaddict
Posts: 22,130
Registered: ‎10-23-2007
0

Re: Pertuity Direct (Social Network Lender)???

ooohh, I would love to hear back when they do fund it how it works
Fico Scores: EQ- 656 Cap1., TU 696 Walmart, EX 700 Chase (12-17-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Pertuity Direct (Social Network Lender)???

[ Edited ]

So far I have received "confirmation" of approval.  Now they are supposed to be "verifying" my bank account by making 2 small deposits to it in the next day or so.  I have to then login and confirm the amounts they deposited.  At that time they are supposed to then transfer loan proceeds.

 

I'll let you know what happens.

 

CORRECTION:  There was was NO loan origination fee....

Message Edited by txjohn on 03-26-2009 04:02 AM

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

Re: Pertuity Direct (Social Network Lender)???

[ Edited ]

Okay, today I had two small ACH deposits hit my checking account (each less than 20 cents).  I logged back into www.pertuitydirect.com and entered those amounts where it requested me to do so.  It then generated a final "promissory note" which was a total of 2 pages, simple document.  Once I read that, I checked the box indicating my "electronic signature."  The site then said "Your loan proceeds are being transferred to your designated account.  It should be available in your account in 1-2 business days."

 

The simple interest is computed daily (not daily average balance, etc) so early payments make a difference and thus late payments also.  There are no prepayment penalties.  Payments that are more than 15 days late incurr a 5% of payment late fee.  Payments can be made by checking auto draft (they provide an APR discount for this), manually through their website or by mailing a check to their payment address.

 

So far the process has been simple, straight forward and fairly intuitive.  So, as long as the funds hit my account in the next day or two, this will have been as easy of a loan as I have ever obtained.  I filled out an app, got an instant approval.  Received 2 small deposits to verify my checking account for auto draft (for APR discount), entered those amounts back into their website, checked the electronic signature box.

Message Edited by txjohn on 03-24-2009 01:56 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
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Pertuity Direct Funded this morning

[ Edited ]

It's funded. 

 

Well, I woke up this morning and checked my BofA checking account, and there it was.....$25,000 deposited from Pertuity Direct.

 

Here is the good thing:  I checked my promissory note and they did NOT charge me any orignation fee.  They funded the entire $25,000 when I was expecting to pay a 1% origination (minus $250 from loan proceeds).  I'm not sure if this was waived because of my credit score or what.  But I'm happy that it didn't cost me $250.

 

Anyway, from the time I app'ed to the time I had funds in my account:  4 days, including Sunday.

 

Refresher of my loan:

Unsecured Loan

$25,000

10.9%  (I thought it was going to be 9.9, I was mistaken)

36 month terms

No origination

No prepayment penalty

Daily Interest Accrual (not daily average)

App took about 3 minutes

They send 2 small deposits to "verify" your checking, which you enter back into the site application.

1-2 days later the funds are electronically deposited.

They pulled my EX CR only (which was my lowest....was 765 at time of app - no derogs)

Message Edited by txjohn on 03-26-2009 04:11 AM

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 Member
lil_bo_peep
Posts: 32
Registered: ‎07-25-2008
0

Re: Unsecured Personal Loan through Pertuity Direct (Peer to Peer / Social Network Lender)???

Thanks for the update, I have been looking into Pertuity Direct as well.  "Social Network Lending" may just be the next big thing. 

 

Lil_bo

Just a little reminder.....sometimes these boards get a little confusing but we are all here to help each other not make things more difficult, you can only Do what's right for YOU, not what everyone else thinks is right for you! Love you guys!!! :smileywink:
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Unsecured Personal Loan through Pertuity Direct (Peer to Peer / Social Network Lender)???

I posted a "general report" of results, experience, timelines and process in the main Credit Card forum here: 

 

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=153269

 

Figured that would be easier for people to find and see rather than buried in a "question" thread.

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

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}