03-22-2009 10:31 AM - edited 03-26-2009 05:40 AM
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?
03-22-2009 12:00 PM
03-24-2009 07:14 AM - edited 03-26-2009 04:02 AM
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....
03-24-2009 01:51 PM - edited 03-24-2009 01:56 PM
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.
03-26-2009 04:01 AM - edited 03-26-2009 04:11 AM
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:
10.9% (I thought it was going to be 9.9, I was mistaken)
36 month terms
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)
03-26-2009 09:43 AM
Thanks for the update, I have been looking into Pertuity Direct as well. "Social Network Lending" may just be the next big thing.
03-26-2009 10:10 AM
I posted a "general report" of results, experience, timelines and process in the main Credit Card forum here:
Figured that would be easier for people to find and see rather than buried in a "question" thread.
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