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Hi Everyone,
This is Brad from Promise Financial. First, it’s great to see this thread – we’re focused on delivering a terrific experience and appreciate the open sharing of information about our platform. Second, I saw the posts above and wanted to make myself available in case you have any questions I can help answer (although the answers I’ve seen so far all look correct!). Please feel welcome to post anything you’re interested in and I’ll do my best to help.
Enjoy the rest of the weekend.
Thanks,
Brad
Hi Brad,
Welcome to the forum! I do have a quick question. I know the initial soft pull was Transunion. Is the loan finalization hard pull also Transunion? I'm thinking about taking the offer and paying off the balance on my Lending Club loan as well as another installment loan I have. It would save me some money each month.
Hi Captool,
Thanks! I’m excited to join the community.
With regards to your question regarding our credit inquiries -> Yes, Promise Financial’s “soft” credit inquiries and “hard” credit inquiries are both from TransUnion. Please let me know what else I can help answer.
Thanks,
Brad
Thanks, Brad, I appreciate your time.
Interim update. I decided to take the offer. This morning I uploaded the documents; driver's license, tax return, and bank statement. A couple hours later I got an eMail requesting three additional bank statements. This make sense since, obviously, my tax return is 8 months old. Sent three months worth of statements from three different accounts. About an hour later got an eMail acknowledging receipt of the additional statements, and letting me know I'd have a decision shortly. About two hours after that I got an eMail notifying me that I was approved and that the funds would be in my bank account in 2-3 business days.
I applied Friday (also uploaded the required documents) and received a call from someone to verify my identity. Once that was out of the way he asked me a couple of questions regarding my credit. My scores are all over 700 but my history only goes back to end of last year so that's understandable. Explained I've been using cash for many, many years and only recently realized if I want to buy a house or even move (which I do in 2017), I need credit so I had to start somewhere (7 accounts opened between November '14 and May '15).
Still waiting to hear back. Not a big deal if they ultimately end up denying me (I was pre-approved but I think you have to be to continue to the acceptance anyway). I just wanted this to add an installment loan to my mix of credit.
It's great to see more lenders entering this field. More options for consumers is a definite win.
I recently took a second Prosper loan to consolidate my outstanding CC debt and reduce the interest on my remaining balance from the first loan. I went to SoFi, LendingClub, and a local lender, and Prosper offered me the best rate and the lowest origination fee. I just ran the same numbers through Promise and am pleased for my own sake to report that their APR is 6% higher than the one Prosper offered me. Whew!
On the other hand, it is great to see so many of you getting good terms from Promise when you got no loan or difficult terms from other lenders. Choice is king!
Welcome to the lending market, and to the forums, Promise.
Another update. Funds landed in my account this morning. So, two days from preliminary approval to funds disbursement.
One little glitch of note. The bank account I used to setup the loan is one of my business accounts because it's the account from which I want the payments debited. Got a call yesterday informing me that the bank that issues the loans requires that funds be deposited in a personal account. Provided the routing number and account number for one of my personal accounts, so no problem with that. The other issue is the loan payment debit, but I was assured that it would come from the original business account.
My Lending Club loan is now scheduled for payoff, and Friday I'll payoff my other small installment loan. Net monthly cash flow increase of $114.
@Anonymous wrote:Another update. Funds landed in my account this morning. So, two days from preliminary approval to funds disbursement.
One little glitch of note. The bank account I used to setup the loan is one of my business accounts because it's the account from which I want the payments debited. Got a call yesterday informing me that the bank that issues the loans requires that funds be deposited in a personal account. Provided the routing number and account number for one of my personal accounts, so no problem with that. The other issue is the loan payment debit, but I was assured that it would come from the original business account.
My Lending Club loan is now scheduled for payoff, and Friday I'll payoff my other small installment loan. Net monthly cash flow increase of $114.
I applied Friday (submitted verification documents at the same time). Received a call asking verification questions and a couple regarding my credit history. Yesterday, received an email asking for an actual photo of my ID rather than a copy. Sent. That afternoon I received an email letting me know my loan was approved and will be funded in 2-3 business days.
I didn't get the most ideal APR but I knew that upon accepting. For me, it's a cost I'm willing to accept while my credit has a chance to age. It's certainly much better than the APR on the pre-approval letter Main One Financial sent me in the mail (twice). That wasn't a cost I was willing to accept. LOL Especially after reading reviews on them before deciding to shred their offer.
Received funds within 23 hours of approval notification email.