Exp with lending Club, Prosper, Avant, Sofi etc

[ramblinggirl]

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?

[Anonymous]

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@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?

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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.

[emptypockets]

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.

[ddemari]

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. 

[brownmk84]

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

[Anonymous]

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@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?

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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.

[silverzgirl]

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.

[Anonymous]

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@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.

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

[silverzgirl]

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.

[Anonymous]

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@brownmk84 wrote:

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

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I had an 819 and they offered me 36%.