Comments on: Get Your Lending Club Loan Documentation Early For a Few Days of Free Money http://www.rateladder.com/2008/02/04/get-your-lending-club-loan-documentation-early-for-a-few-days-of-free-money/ P2P Lending News, Information, Borrowing and Lending Strategy Fri, 16 Oct 2009 04:59:46 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: zcommodore http://www.rateladder.com/2008/02/04/get-your-lending-club-loan-documentation-early-for-a-few-days-of-free-money/comment-page-1/#comment-31508 zcommodore Mon, 04 Feb 2008 20:07:13 +0000 http://www.rateladder.com/2008/02/04/get-your-lending-club-loan-documentation-early-for-a-few-days-of-free-money/#comment-31508 I don't see anything in that response from LC saying the borrower gets free interest. All I see is that the borrower gets the loan a few days longer than the 3 year-ammortization of the loan. I haven't asked the question but it would seem to me the smart thing for LC to do would be to just charge interest from the date the borrower gets the funds and then the first payment has a bit more interest added than it normally would. I think a followup question might be in order. FYI, I made a comment about this in the lendingclub board at prospers.org. I had asked a question similar to yours and got a similar response. I never followed up regarding how much interest was actually paid. You might want to ask frugalcouple since I know they got their funds early. I don’t see anything in that response from LC saying the borrower gets free interest. All I see is that the borrower gets the loan a few days longer than the 3 year-ammortization of the loan. I haven’t asked the question but it would seem to me the smart thing for LC to do would be to just charge interest from the date the borrower gets the funds and then the first payment has a bit more interest added than it normally would. I think a followup question might be in order.

FYI, I made a comment about this in the lendingclub board at prospers.org. I had asked a question similar to yours and got a similar response. I never followed up regarding how much interest was actually paid. You might want to ask frugalcouple since I know they got their funds early.

]]> By: RateLadder http://www.rateladder.com/2008/02/04/get-your-lending-club-loan-documentation-early-for-a-few-days-of-free-money/comment-page-1/#comment-31335 RateLadder Mon, 04 Feb 2008 17:38:36 +0000 http://www.rateladder.com/2008/02/04/get-your-lending-club-loan-documentation-early-for-a-few-days-of-free-money/#comment-31335 @Chrisfs Yes, I believe this is true. If an auction closes without 100% funding the borrower has the option to take out a loan for the amount funded. @Chrisfs

Yes, I believe this is true. If an auction closes without 100% funding the borrower has the option to take out a loan for the amount funded.

]]> By: Chrisfs http://www.rateladder.com/2008/02/04/get-your-lending-club-loan-documentation-early-for-a-few-days-of-free-money/comment-page-1/#comment-31333 Chrisfs Mon, 04 Feb 2008 17:35:28 +0000 http://www.rateladder.com/2008/02/04/get-your-lending-club-loan-documentation-early-for-a-few-days-of-free-money/#comment-31333 "OR borrower accepts partial funding up to 3 days after listing expires without full funding." Borrowers at LC can get partial funding of their loans ? “OR borrower accepts partial funding up to 3 days after listing expires without full funding.”

Borrowers at LC can get partial funding of their loans ?

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