#unsecured personal loan
As promised here are my loan results:
I researched out some of the new “Peer to Peer” or “Social Lending Network” companies out there, curious about their true value.
I opted to test out www.PertuityDirect.com. I set up a free account and then completed a loan application. I asked for $25,000 and was instantly approved (whole app and approval took maybe 3-4 minutes online).
They only checked Experian, which happened to be my lowest (765 at time of app). Once approved, they give you the option of using Auto Draft from checking to make payments (they discount APR if you do). I opted for it to get discount. In order to verify the checking account, they use the same method as PayPal. they send two small deposits to your account, which showed up 2 days later (I app’ed Sunday, verification deposits showed Tuesday mid-day).
Once I received the deposits, I logged back into the www.pertuitydirect.com and entered the amounts of the deposits where it requested. The site then generated a final “promissory note” which was only 2 pages, very simple and straight forward. I clicked acknowleged and accept on the “digital signature” portion and the site said, “Your loan funds are being transferred to your checking account. They should be availalbe in 1-2 business days.”
This morning the funds were in my account as promised, $25,000.
The loan specs were:
– Personal Unsecured Loan
– 10.9% APR (daily interest computed – NOT daily average)
– No orgination fee
– No application or sign up fee
– No prepayment penalties
– Payments can be made auto draft, online or by mail.
– Hard pull on Experian only
– My EX FICO was 765 with no inquires in past year but 7 inquiries 18 to 24 months old
– Stated income only (no verification was required for me. not sure if that is alwas the case)
It was simple, straight forward, painless and pretty fast all done online and electronically. I’m sure there are better interest rates available had I shopped more and possibly gone to Credit Union. But for $25,000 unsecured loan, generally the application processes in more involved, requires employment and income verification and takes much more time, unless you are dealing with one that you have a long standing relationship, accounts and history with.
If you are looking for a loan and have FICO above 680, then maybe this is an option for those who have need of this type of loan. The site claims they look for “PRIME” borrowers, so I think this means you probably won’t get it with much derog, but they say 680 score is the minimum.
There are “live people” telephone numbers and I did call after I made my app to ask a couple questions. They were friendly, helpful and answered right away. no long wait with elevator music.
Hope this is of help.
Message Edited by txjohn on 03-26-2009 11:18 AM