https://www.youtube.com/embed/Su9KilREXl4 Alright guys. So now this is how it
looks like on the Investor side right. So as you can see here right, the loan
requests exist to the Investors are in letters ok. Basically the
best loan is going to be an a right and the most or the riskiest loan is
going to be an E and here you can see what the interest rates average averages
are within each private rate or a class right if we wish to call them
Class A Class B Class E etc alright so I just wished to show you the way it looks
like on the financier side right so that way you can get a better understanding
or a concept as far as what your application might look
like as soon as it'' s presented to all the investors right another thing I desire you
to keep in mind is the real candidates credit score is not a lot an element as
You can see here in this case right this is thought about an a class loan
which is expected to be safer however as you can see here as far as their the FICO
rating of the candidate it'' s in fact lower than the much riskier type of loan
right it'' s in fact higher and the loan request quantity this individual is asking for
24,000 while this individual is asking for a lot more 40,000 right and it'' s still considered a less riskier candidate so just due to the fact that you have bad credit doesn ' t. always mean that'they ' re gon na classify you as a high danger candidate.
fine you might still come by here and apply and still be considered a somewhat.
safe candidate right so just since you have bad credit doesn'' t always make. you a dangerous candidate alright which is terrific so let'' s go into a little bit more.
detail of what it looks like once they click inside your application right so.
what they'' re visiting first off what the regular monthly payment of the loan is.
gon na be of this particular loan okay they'' re gon na see your task title they'' re. gon na see your area and remember what I recommended I if you reside in like.
let'' s state major cities where the cost of living is a little bit greater like New.
York and California they'' re gon na desire to see that your specific month-to-month.
earnings is a little bit greater right so once again like remember I advised you.
know a minimum of what I search for when I'' m gon na lend cash right when I '
m gon na. actually lend the money as you can see here this loan demand is almost moneyed.
right so it'' s considered as a risky loan however look it ' s currently ninety percent of.
the loan demand it is already funded right and this is the quantity of days.
that they give you to get it moneyed right it'' s not gon na always take. twenty 6 days for you to get moneyed but that ' s just how much time they provide the.
financiers to completely fund the loan alright makes sense.
all right so believe it or not these 2 get moneyed quick due to the fact that appearance just how much.
interest this financier or this loan provider is gon na earn on their money right and they.
can invest just $25 right simply to be a part of this loan.
fine so again it'' s not like just one financier has to invest the total. that you ' re asking for best Lending Tree pulls all the financiers together to.
go ahead and fund your loan that'' s why these loans tend to get moneyed really.
rapidly right so it can be as little as 3 to seven days and you can get all.
your cash funded so other things to take a look at in your.
application right whether the candidate is a property owner or they rent the length of time.
they'' ve been employed for so as you can see the important things that are identifying this.
to be dangerous right even though this individual had a greater credit rating than.
what the a type loan was as you can see here it'' s the amount of delinquencies. like for one they'' ve got a public record on file so whatever that record may.
be the investor doesn'' t really see what the particular public record is so. whether it be you understand let'' s say an eviction notification or you know possibly you'' ve. got a criminal misdemeanor on your record.
the investor doesn'' t really see what it is but when financing does their. background inspect it simply comes up as like one record it was found on file or.
possibly 2 or three or whatever it is best so the reason this is a little bit.
riskier is due to the fact that it'' s creating delinquencies right so here states like.
how numerous delinquencies did they discover as far as like you'' re not paying alone or.
you was late on the charge card payment these are thought about small delinquencies.
If you went, alright a significant delinquency is like.
bankrupt or you understand you stop working to pay your home mortgage and they foreclosed on you.
those are major they call a significant bad hits right on your record so.
as you can see here this individual has actually got to it they'' ve got a minor delinquency
. within thirty four months like what the last 2 years right would be twenty.
4 months right they'' ve got nothing but the last link would see has actually remained in.
the last thirty four months fine does that make good sense so what I try to find is.
mostly here within two years I put on'' t care if you ' ve got one however if you got. like'2 or 3 then that ' s gon na raise a warning for me as far as. wanting to invest in your loan request however that doesn ' t always imply that. the other'investors won ' t right as you can see here this loan request is. currently practically moneyed alright so once again the appeal about this is that investors want. more return for their cash so they'' re happy to take.
that risk and once again it'' s not a huge danger due to the fact that they can lend as little as$ 25.
simply to put their money in with all the other investors to totally money this loan.
and here the long-lasting is for 36 months when you see this checkmark it'' s that. they in fact confirm the earnings of this application which you would think that.
this would make it a less riskier loan however this one is thought about a greater threat.
due to the fact that one they'' ve got a great deal of revolving debt which is another thing.
that I don'' t truly mind right because if you didn ' t have high revolving financial obligation.
Most likely you wouldn'' t be here asking for a loan right ideal and and. the purpose of the loan is loan refinancing consolidation right so.
good sense you are gon na have some financial obligation however what does raise a warning is.
if I see that the loan request quantity is less than what you currently owe that.
Since that makes, raises a red flag for me as a private investor.
me think that you'' re simply gon na add on to your debt.
instead of taking the cash to settle the financial obligation so because this loan is.
requesting is higher than what you already owe then that makes sense fine.
that makes sense that implies that you'' re gon na utilize this cash to pay off your.
financial obligation alright but again the factor this is considered to be a riskier loan is.
due to the fact that you'' ve got significant bad hits not just that but the likewise finding.
public records and you'' ve got small delinquency likewise as far as like within.
the last thirty 4 months possibly you were late for a credit card payment fine.
that would be a minor a significant once again it'' s like if you got foreclosed on for a.
home mortgage or you'' ve got insolvency those are the major ones so when those start.
getting hits as far as your credit report that'' s gon na
make it a riskier. loan okay but once again just because you have bad credit history doesn'' t. necessarily suggest that your application is not gon na get authorized it'' s rather the.
contrary right because at the end of the day the investors desire better return for.
their money right so the higher the rates of interest the more willing they are.
to provide you cash this one this individual is requesting forty.
thousand right and it'' s still thought about less of a danger right it ' s thought about
an. a which resembles the very best kind of loans applicant okay so and look they'' re. saying they make $18,000 a month right and they'' ve been utilized for less than. a year and they did not validate their income right so this is for whatever. reason right Lending Club is not considering this a riskier loan than the.
other one I just revealed you for just twenty four thousand why is that this is.
why because when they pulled the credit this person had no delinquencies within.
the last 2 years but they did have a delinquency within the last thirty three.
months right so however you can see here they have no public records on file they.
have no collections as far as like medical expenditures and things like that.
and they have no significant bad offenses so no bankruptcies no.
foreclosures absolutely nothing major right and look and this individual already has financial obligation.
for forty 5 thousand dollars fine so as you can see here more weight is put.
on your credit report as far as I public records and significant derogatory hits.
Since you can, on your credit then whether or not you have a high credit score.
see here this applicant has a lower credit report range then this individual.
who'' s considered to be a higher risk right but they specified that they make.
$ 18,000 a month alright and their job title is regional residential or commercial property manager so keep in.
mind when you'' re stating what your task title is it'' s got ta reflect just how much.
money you'' re making all right you can ' t state you ' re making $ 18,000 a month and
then. your job title is waiter at an Applebee'' s or Chili ' s or something like.
that right not that there'' s anything wrong with that everyone'' s got to make. a living however'what I ' m attempting to get at is it ' s got to make good sense ideal cuz if
. you ' re coming in here making some outlandish claims as far as like what.
you make regular monthly but meanwhile you'' re only a waiter that'' s gon na raise a red. flag then you ' re gon na require Lending Club to.
validate your work and verify your earnings all right so that'' s why I ' m attempting to
. tell you these things so you can avoid being red flagged imposing Lending Club.
to verify your earnings this individual is stating that they'' ve been utilized for.
less than a year and it'' s still thought about among the very best applicants.
all right so be truthful in your applications I'' m. simply telling you what I try to find as far as you know if I would invest myself in.
this loan demand but it doesn'' t always mean that other financiers.
will not provide you cash or not funds your loan fine so at the end of the day.
be honest in your application and make it make good sense right so let'' s wrap up genuine.
quick on what I search for in an application and what you should do to.
avoid having your loan or your application getting red flag.
Originally posted 2020-02-01 23:54:54.