topic Re: Exp with lending Club, Prosper, Avant, Sofi etc in General Credit Topics

Exp with lending Club, Prosper, Avant, Sofi etc

ramblinggirl — Sat, 17 Oct 2015 21:24:37 GMT

I was just wondering-I read on this forum that financial institutions such as lending club, Prosper, Avant, Sofi uses a soft pull at first but later uses a hard pull to finalize papers. Once approved, do you have to send in documents such as pay stubs, or tax forms or approval is based on FICO scores?

Re: Exp with lending Club, Prosper, Avant, Sofi etc

Anonymous — Sun, 18 Oct 2015 00:43:35 GMT

@ramblinggirl wrote:
I was just wondering-I read on this forum that financial institutions such as lending club, Prosper, Avant, Sofi uses a soft pull at first but later uses a hard pull to finalize papers. Once approved, do you have to send in documents such as pay stubs, or tax forms or approval is based on FICO scores?

I've apped with them all, and taken out loans with two; Lending Club and Promise Financial. All of the initial apps were soft pulls. Lending Club remained a soft pull, and Promise Financial did a hard pull before final approval. I'm pretty sure that Lending Club is the only one that is soft pull only. And yes, they require documents. It is not just score.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

emptypockets — Sun, 18 Oct 2015 23:47:25 GMT

I have had experience only with Sofi. They do a SP to check your date, then a HP if you go forward for full app. They requested laser 2 check stubs, copy of DL, Copy of College Diploma, copy/proof of rental income & lease agreement for rental property for final approval.

I did SP qualification with lending club, was quoted 16% APR, Sofi approved me with 7.05 APR.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

ddemari — Mon, 19 Oct 2015 21:11:31 GMT

Avant is a soft pull, too. But horrible apr's. Mid to low 700's usually yield a 36.9% apr. They require bank documents and pay stubs.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

brownmk84 — Tue, 20 Oct 2015 01:58:51 GMT

That's strange. I had about a 680 and they offered me 27.9% and up to $15000.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

Anonymous — Tue, 20 Oct 2015 07:35:43 GMT

@ramblinggirl wrote:
I was just wondering-I read on this forum that financial institutions such as lending club, Prosper, Avant, Sofi uses a soft pull at first but later uses a hard pull to finalize papers. Once approved, do you have to send in documents such as pay stubs, or tax forms or approval is based on FICO scores?

We got a loan with Prosper nearly a year ago. We had the $ in our bank account less than 4 days after applying. They never did do a hard pull at all. They never asked for documentation, though we had it prepared to send. They did call my husband (it's in his name) and asked some employment questions. The call lasted maybe 10 minutes. Flawless. They take the paymen from our bank account on the day they said they would. They email over a week before as a reminder. We got an awesome rate for a personal loan (6.9%). I'd use them again, if needed.

Edited to fix my typos because it's the middle of the night and I'm tired.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

silverzgirl — Tue, 20 Oct 2015 14:15:32 GMT

I have experience with LC, Prosper, SoFi and Avant.

LC was for emergency home repair #1 and consolidation. I got it 2 years ago, a few baddies and was approved for 22000 @ 13.9. Not great but beat my CU for personal loans. Sent proof of address and pay stubs. Took a week to fund, then shortly after to bank account.

Prosper was emergency home repair #2. Needed 7K for a new HVAC (necessary in Texas) and my independent contractor did not take cards. Pretty much same process as LC. Took out 10K @19 percent to cover excess past estimate and fees. Was funded within 5 minutes by one investor. Was in my account in a few days, and my new A/C works like a champ.

Avant sent me a preapproval a few months ago so I took their soft pull to find out I qualified for a whopping 1,830 bucks @ a whopping 33.9 percent. They won't go away either...they will bug and bug you as to why you are not taking their offer. I told them that Guido around the corner and my local payday/title loans offer similar rates and don't need my passport. That got them to go away.

Got a preapproval for SoFi for 50K @ 8.49 and this would pay off everything including my car. Very invasive process: they wanted DL, passport or birth certificate, utility bill, pay stubs, 1099Rs, your dog, your first born kid. It took nearly a month for them to decline me for the old baddies, which drop off next year. They suggested Avant as a consolation prize. Some prize...thanks heaps.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

Anonymous — Tue, 20 Oct 2015 16:14:42 GMT

@silverzgirl wrote:
I have experience with LC, Prosper, SoFi and Avant.

@lc was for emergency home repair #1 and consolidation. I got it 2 years ago, a few baddies and was approved for 22000 @ 13.9. Not great but beat my CU for personal loans. Sent proof of address and pay stubs. Took a week to fund, then shortly after to bank account.

@Anonymous was emergency home repair #2. Needed 7K for a new HVAC (necessary in Texas) and my independent contractor did not take cards. Pretty much same process as LC. Took out 10K @Anonymous percent to cover excess past estimate and fees. Was funded within 5 minutes by one investor. Was in my account in a few days, and my new A/C works like a champ.

@Avant sent me a preapproval a few months ago so I took their soft pull to find out I qualified for a whopping 1,830 bucks @ a whopping 33.9 percent. They won't go away either...they will bug and bug you as to why you are not taking their offer. I told them that Guido around the corner and my local payday/title loans offer similar rates and don't need my passport. That got them to go away.

@Got a preapproval for SoFi for 50K @ 8.49 and this would pay off everything including my car. Very invasive process: they wanted DL, passport or birth certificate, utility bill, pay stubs, 1099Rs, your dog, your first born kid. It took nearly a month for them to decline me for the old baddies, which drop off next year. They suggested Avant as a consolation prize. Some prize...thanks heaps.

Passport or birth certificate? I hope you didn't give it to them and told them where they could shove it.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

silverzgirl — Tue, 20 Oct 2015 16:56:33 GMT

They got my passport. Only to decline, which they could have done with the soft pull.

I wonder how I can get proof that every piece of info sent was destroyed and I want my file removed.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

Anonymous — Tue, 20 Oct 2015 21:37:11 GMT

@brownmk84 wrote:
That's strange. I had about a 680 and they offered me 27.9% and up to $15000.

I had an 819 and they offered me 36%.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

Anonymous — Tue, 20 Oct 2015 22:21:04 GMT

Some of those rates are insane. I wonder if it has anything to do with salary, time at current job or what types of things are on your credit report? We got a great rate and I believe his score was 730ish at the time

Re: Exp with lending Club, Prosper, Avant, Sofi etc

Anonymous — Tue, 20 Oct 2015 23:17:41 GMT

This is how ridiculous Avant is.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

Anonymous — Wed, 21 Oct 2015 18:46:29 GMT

I can say with lending club, (13% loan 718 FICO) (not worried, will be paid off in less than 6 months), no HP as of yet, applied in the a.m., 100% funded in less than an hour, got a verification call, asked some questions to prove it was me, next day final approval, said money wil be in my bank in 1-4 days. They never even asked for W2, bank statement, ID, nothing other than the call.

They never even had me verify my bank account, they said they would send a small deposit and I was to verify by that amount, I found this even more odd.

I do think they called to verify my employment, and I know my current employer is on my CRA's, so maybe that is all they needed?

Anyway, I was also approved by Promise aslo a SP, around the same rate, but I checked them as a backup if Lending club did not work out.

Promise said I was pre-approved, all I needed to do was accept the offer and supply any documents they may ask for, and said funds would be sent in 2-3 days.

Found both of these to be very simple, I was just looking for some play cash with the holidays and an event on the way.

I am sure I will take a score hit for a loan, but at least it is not another CC ....

Re: Exp with lending Club, Prosper, Avant, Sofi etc

Country_Feller — Sun, 25 Oct 2015 20:54:14 GMT

@ramblinggirl wrote:
I was just wondering-I read on this forum that financial institutions such as lending club, Prosper, Avant, Sofi uses a soft pull at first but later uses a hard pull to finalize papers. Once approved, do you have to send in documents such as pay stubs, or tax forms or approval is based on FICO scores?

A few months ago I took out a small loan, less than 10K, with Lending Club and it went very smoothly and very fast with only a soft pull. I scanned three different documents and sent them via the email link they had sent, very easy and so far no issues whatsoever as they automatically take the payment out of my checking account on the same date each month along with sending an email alert about a week before it's due to withdraw.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

Revelate — Sun, 25 Oct 2015 23:49:33 GMT

Just to point something out from my experience working at a subprime (and well, now prime loans too) unsecured lender:

Installment products have a set of underwriting guidelines, and a set of results (decline/approve and rate primarily) that will fall into a range nearly identical to credit cards: just because someone has an 850 FICO doesn't mean they're going to do better than 15.99% on a CSP for example... they get to smack elbows with the "unwashed masses" such as myself 150 points beneath them. There are other things that go into it of course, how long ago was a BK or tax lien, unpaid collections, the usual UW fun.

Avant isn't known for targetting consumers that reside in the pretty credit stratas... they're on the border, what I'd probably term as near-prime rather than subprime (where APR's are often low 3 digits, or Payday where if you do the math it's like 300-400% APR), but if you have a pretty FICO score, generally speaking they're a lender when you need a loan really badly, but the products aren't built for you. Otherwise there's better options vis a vis Prosper or LC or a number of others now.

Fact is the majority of the consumers stuck in the PDL cycle, if they could get one month ahead they'd be so far ahead financially by the end of year one if we could get people to spend the received money responsibly it'd be a massive economic win for everyone to just give them the handout; however, if they can get to a place where they can qualify for a loan from the deep subprime, and then they're educated or smart enough to transition to something like Avant to pay it off, and then to obtain a further one at less than half that another year on paying that one off... well, at this point they're saving a tremendous amount more, and likely have the credit file and resultant score necessary to qualify for a mortgage, so with a little bit of work and discipline they can acomplish all of that without the handout and that's where places like Avant and my former employer shine.

Just because it doesn't make sense for many of us on the forums, doesn't mean there isn't a place for them in the market economy.

Re: Exp with lending Club, Prosper, Avant, Sofi etc

NYFan63 — Tue, 27 Oct 2015 15:28:50 GMT

@ramblinggirl wrote:
I was just wondering-I read on this forum that financial institutions such as lending club, Prosper, Avant, Sofi uses a soft pull at first but later uses a hard pull to finalize papers. Once approved, do you have to send in documents such as pay stubs, or tax forms or approval is based on FICO scores?

After reading this thread, I had an open loan app with LC and opted to follow through as I am doing some home renovations. I requested $15k they gave me a rate of 11.99% for 36 months. They pulled TU - my score was 665 which is exactly what MyFICO shows