Adding an installment loan -- the Share Secure technique

[Anonymous]

Ok i just discovered their attachment was messed up it was a .fdf file but was a typo, so i changed it to.pdf and voila there was my acct number. Funded 510 or 520 today.

[Anonymous]

Hi folks,

Just reporting on my experience with this. I applied for the loan on August 8th (had all funds available and ready to go). I didn't hear anything back, so I gave them a call to inquire about it. The person said, "Let me see who your loan specialist is," and put me on a brief 10-second hold. He then asked the typical questions (i.e. when do you want your payments to be made, which account do you want the loan deposited into, etc), so I assume that I was not assigned a loan officer. For those who have been waiting for over a week, I would recommend giving them a quick call to inquire!

One thing that I was surprised to see was a "finance charge" (see image below) for $51.90. Could someone explain what this is? I saw on this thread that people had monthly payments of $9.19, but mine was $9.72 (before paying off the initial $420). Did Alliant add a fee for opening up a shared secured loan (in addition to the interest?)

Thanks for all your help!

[Anonymous]

Hi YTR.  Here is a publication from the state of Indiana that explains what the term "finance charge" means in this context, along with the other jargon you see on that statement.  I found it by googling the question "What is the finance charge for a loan?"

http://www.in.gov/dfi/qa.pdf

Basically it's the total amount of projected interest that you'd pay (assuming you paid it off using the schedule proposed) -- plus any additional fees.  $52 sounds pretty close to the interest you'd pay normally.

4% x 5 years is 20%.  But you are only paying (very roughly) half of that because most of the monthly payment is principal (even at 60 equal payments).  (At month #1 you are paying 4% of $500 and at month 60 you are  paying 4% of almost nothing.)

20% of $500 is $100.  Half of that is $50.

[rsl1313]

Update Aug. 19, 2016

I just got a share secure loan from Alliant, I didn't have any problems with a delay or with getting the 60 month contract. Actually a loan officer only contacted me by email because I tried to apply for a loan before the funds became available in my savings account. It took about 5 business days for the funds to become available transferring from my bank to Alliant. Also you want to be sure and specify that when they fund the loan that they deposit it back into your savings, for some reason they sent a check, so I had to deposit it in my bank and then transfer it back to Alliant, no big deal it was just an extra step....

[Anonymous]

Thanks, RSL!  On what date did you apply for the loan?  And then at what point after that did you hear from the LO?

[Anonymous]

Chapter 7BK discharged on 8/8/16  All 3 CB are reporting all accounts correctly (closed/paid/zero balance) I have nothing open but an HSN card that is new with $750 and getting ready to do the opensky for $500 this week.  I just have a question as to whether or not this is a sure thing loan because it is secure or can they deny the loan even if I do all the correct steps and fund a savings account with them?  I really dont want to go through all the steps only to find myself declined because of recent BK.  Thanks for this awesome thread!

[Anonymous]

Hi Sparky.  The security of the savings substantially increases the chance of an approval, but the lender is still doing a soft pull of your credit and they are not required to approve. 

There's not really that many steps in order to apply for the loan.  Just opening the savings, transfering the money in, waiting a short while, and then filling out the online form for the loan.  It's not like you lose money or dozens of hours of time.if the LO says no.

Your call of course.  Be interested in hearing how it works out if you do apply.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
My first reporting for my SSL occurred 7/31. It appears on Credit Check Total for TU on 8/5 and Equafax on 8/7. It has not reported yet on Experian...My first auto pay is 8/21. I will delete it on 8/23 and pay down to 44$. If it still is not reporting to Ex by 9/17 , I will contact Alliant CSR...but not until then...because I don't want to bother them...I'm sure it will report next month...I can wait...

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Same happened to me, SSL reported 7/31 ($44) and it appears on CCT just for TU and EQ on 8/7 but not EX, i will wait until Friday and then call Alliant.

By the way you don't need to wait for the autopay to happens (8/21), send an internal message to Alliant and they will stop it for you, i did that and in 2 days i was able to pay it down to just $44 but totally up to you.

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A quick update, i sent a secure message to Alliant about why my EX still has $80 balance and they basically don't know why, they reported to all CB last July 30, they mentioned that some times could take up to 5-8 days to shows up, well i guess i have to wait for the next report and see, my scores on EQ and TU are 742 and  744 but my EX is still sitting on 714.

Anyone in the same boat that me?, no EX report update from Alliant this month?.

Thanks in advance.

[Anonymous]

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@Anonymous wrote:

A quick update, i sent a secure message to Alliant about why my EX still has $80 balance and they basically don't know why, they reported to all CB last July 30, they mentioned that some times could take up to 5-8 days to shows up, well i guess i have to wait for the next report and see, my scores on EQ and TU are 742 and  744 but my EX is still sitting on 714.

Anyone in the same boat that me?, no EX report update from Alliant this month?.

Thanks in advance.

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Yep.  Contributor Sae2016 also had that same experience.  You and Sae2016 in fact had an exchnage about this very issue on August 17 on this thread. 

Did you mean "anybody but me and Sae2016"?

I would love it if you would raech out to Sae2016 by PM and see what his/her experience continues to be.

There was also a third person who had a weird EX-perience with his Alliant SS loan.  I think that person reached out to Alliant and induced them to do a mid-month report.  You'd have to scroll back through the comments -- it would have either been around Aug 5-17 or July 5-17.

But it sounds like you parked this on Alliant's radar and as you say it will probably be appearing by mid-Sept.  Do bear in mind that we have Labor Day in early Sept so expect that it will take a couple extra business days beyond the usual delay for anything to appear on reports. 

[Anonymous]

I was the third person... still waiting.