Citizens LOC

[lindsaydruart]

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@bilmak wrote:

**bleep** JUST GOT APPROVAL EMAIL AND LOCAL REP JUST CALLED !!!! 5 years/100K!! and an amazing rate!!! this is unreal, i barely have business credit, she said it wont appear on my personal at all as well!!!

op thanks so much for posting this! THANKS TO ALL IN HERE FOR BRINGING THIS TO MY ATTN!!!!! if i can get approved i think most will

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So jelly! I want out of Loanbuilder in the worst way. Congrats on the approval.

[bilmak]

thanks! did u give it a try? loanbuilder declined me so you should try

[shoegal]

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@bilmak wrote:

thanks! did u give it a try? loanbuilder declined me so you should try

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Congrats on getting your loan!

Can you post data points? For example, years in business? Biz credit/how long/tradelines? Scores? Biz/personal income? Did they requested POI, banks statements or any docs? Is it a soft or hard pull?

Sharing data points is helpful for everyone else that reads this thread later on.

[lindsaydruart]

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@bilmak wrote:

thanks! did u give it a try? loanbuilder declined me so you should try

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I did. They declined me. LoanBuilder has been solid for 3 loans now but I hate the weekly payments.

[bilmak]

thanks!

i sent bank statements for last 3 months and DL info, 5 years in business...2 weeks ago i checked the experian business and have one trade line that has not been used in years, so not much..No PO1 for me at all, didnt get any notices for credit pulls which i usually would..so must be a soft, i have an online business so did show my sales to this year which were at 245k so far

[shoegal]

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@bilmak wrote:

thanks!

i sent bank statements for last 3 months and DL info, 5 years in business...2 weeks ago i checked the experian business and have one trade line that has not been used in years, so not much..No PO1 for me at all, didnt get any notices for credit pulls which i usually would..so must be a soft, i have an online business so did show my sales to this year which were at 245k so far

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Thanks for DPs!

[Jolo0801]

Well, I got the under review message. 

However, I'm not filling confident...

1. I'm in TN

2. Person credit review was good

3. The Boomer...I've had some issues with vendors on the business side and I have public court records. This may kill the little joy I had.

I'll update you all once I find out something.

[longclimbback]

I applied for the loc last Thursday and signed the document today. I asked for 75k but I was approved for 50k. I was declined by citizens but approved by fundation. There was no closing fee but there will be a 2% fee on each draw. 15.49 % interest rate. Draw is amortized over 18 months. If you take a second draw, the 18 months starts over and the new total amount is amortized. I didnt have to take an initial draw. Very easy process. No financials other than 3 months bank statements.
I've been a sole p for 29 years. Took in about 450k last year with about 98k profit. High 700 FICO scores. Not sure about business reports. Only accounts that might report are 2 chase ink cards with 30/45k balances between them and a boa business card with 8/25k balance. No other business debt. So if those cards report, I'd assume that my business reports cant be great because of high utilization.

[bourgogne]

congratulations.  I looked at this before doing the deed with pnc.  did you get a term loan or a loc?  I know you said loc but all that popped up for me was a term offer.  thx

[longclimbback]

I had 3 offers. The loc that I took and 2 term offers. The term offers were 13.99% for 18 months and 14.49 for 24 months. 2% origination fee and 2x monthly payments.