Adding an installment loan -- the Share Secure technique

[Anonymous]

Does anyone know if Alliant processes and posts deposits over weekends or are they Monday-Friday only? I'm hoping to get my loan done before Alliant's next batch of CRA updates on the 30th, but my initial deposit is still pending.

Also, if the deposit doesn't post until Monday, should the funds be available Monday, or will it be Tuesday or Wednesday? (I noticed the initial $5.00 deposit still isn't listed as "available" funds, but I assume that's because there's a $5.00 minimum for the account and/or membership?) Thanks.

[Anonymous]

One more question: It seems to be accepted that Alliant always sends updates to the credit reporting agencies (CRA) on the 30th of each month. Has anyone successfully finalized one of these loans on the 28th, 29th, or even 30th and had the loan report that same month? I'm not desperate for a FICO bump; just curious if I do, in fact, still have time to get this reporting by early July. Thanks.

[Anonymous]

This link may answer your question about why electronic transfers almost never materialize between late Fri afternoon and Mon morning.

https://www.lrrcu.org/you-dont-receive-direct-deposit-on-weekends/

As far as whether Alliant will get your loan (and the paydown) in place before it reports on June 30, we have very little hard data on this thread on what happens when the loan documents are finalized close to the end of the month.  Here is what the guidance says (emphasis added):

Alliant reports all its loans for all consumers to the three credit bureaus on the last day of the month,  In theory if the LO finalizes your loan at least three business days before the end of the month, it would likely be reported at the end of the month.  That seems plausible anyway.  But it's also possible that they have to do some extra housekeeping before it reports the first time. 

So do us a favor.  Note the date and time that the loan is finalized, and the date/time that the loan is paid down.  (Log off, then log back on, and confirm that the loan balance really has gone down.)

Then revisit this with us in mid-July and let us know if the loan ended up reporting.

[Anonymous]

Thanks for the reply.

Is there a basis for the "at least three business days before the end of the month" or is that just conjecture? I understand that there could always be "extra housekeeping," but it's unclear what the "at least three business days before" is based upon.

Back around page 100, one or more people seemed to get the loan open within 24 hours of the $520 becoming an available balance, so it seems like I might be able to slip in before the bell.

Regardless, I'll definitely come back and let you know when the loan was finalized, paid down, and when it first reported. Thanks again.

[Anonymous]

By the way, when it's said that Alliant reports on the last day of the month, is it confirmed that they actually submit the updates on the last day of the month, or do they simply always update *through* the last day of the month's activity?

I assume a June 30 update would be very late on June 30, to include all of that day's activity, but maybe not. Thanks.

[Anonymous]

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@Anonymous wrote:

By the way, when it's said that Alliant reports on the last day of the month, is it confirmed that they actually submit the updates on the last day of the month, or do they simply always update *through* the last day of the month's activity?

I assume a June 30 update would be very late on June 30, to include all of that day's activity, but maybe not. Thanks.

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That's based on people pulling their credit reports and looking at the Date Reported field for the Alliant loan.  When people do this, the field always seems to have the date of the last day of the month.  For example, I looked at my printed reports from a few months ago just now (mid-March) and it lists "Feb 28" as the date reported.

I don't think anyone has found anything different from that.  I would be surprised if Alliant submitted those updates in the morning or early afternoon.  My guess is that they do it sometime after 6pm Pacific Time.  But of course I can't know for sure.

[Anonymous]

Okay, thanks.

If you get a minute, please take a look at comment #1164. After that, I should be done with questions. Thanks again.

[Anonymous]

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@Anonymous wrote:

Thanks for the reply.

Is there a basis for the "at least three business days before the end of the month" or is that just conjecture? I understand that there could always be "extra housekeeping," but it's unclear what the "at least three business days before" is based upon.

Back around page 100, one or more people seemed to get the loan open within 24 hours of the $520 becoming an available balance, so it seems like I might be able to slip in before the bell.

Regardless, I'll definitely come back and let you know when the loan was finalized, paid down, and when it first reported. Thanks again.

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Can you give me the post # you are thinking of?  The posts from Page 100 were made in very late April, so they won't be testimonies from people who are confirming that their loan did succeed in making it onto the reports.  Those would typically happen in the 2nd week of the month.

But you are right, the "three business days" language is conjecture.  That's why I say that it would "seem plausible" to imagine that three days would give you enough time.  But then I add further caution and suggest that the first reporting cycle might even need more lead time.

As I say, we have almost no hard data to answer this.  But hopefully your case will give us some.

[Anonymous]

Sorry, I guess I wasn't clear in the message to which you referred above.

Back around page 100, one or two people said they were able to open the loan very quickly, i.e., roughly 24 hours after their deposit showed as available funds. Since Monday will be June 26, I took that to mean there's at least a chance that I could still get this loan opened quickly enough for it to be reported on the 30th, if I was similarly able to get the loan opened within a day after the funds show as available. However, I didn't pay attention to the day of the month on which those people opened their loans, so it's still unclear just how far in advance of the 30th/31st that one needs to have the loan opened in order to have it report that same month.

I'm hoping to pull this off this week and will report back in early July. Thanks.

[Anonymous]

I opened my SSL on 6/21 and paid it down on 6/23, The first payment was set for 6/28.

I decided to walk through the instructions for deleting the auto payment next month. I went to the accounts tab and my share secured loan was there. I didn't see a delete button. I did see an options tab to the right. Clicked on it and there was a link for "Manage automatic payment". I clicked on the link and got the following message:

Your loan is currently setup for auto payment. If you wish to change or cancel auto payment, please call 800-328-1935 for assistance.

No Button.  Have things changed??????