On one hand really annoying and unprofessional and cash draggy...on the other, inc ase they are actually reviewing or waiting for docs, much better than quickly funded and then defaulted:)
I agree but there is a third option: After day 13 (as per there documentation) you tell this borrower to go away and give me my money back! The borrower can always re-apply. The buyer is stuck.
Very much agree, LC has a long way to go on operational efficiency, customer service and technological savvy
They should only present loans when they're 100% ready to go, do all the paperwork on the front end and then open the money spigot as the last step.
LC optimizes for the borrower experience, not the lender experience. This makes sense from their point of view, because they have to expend considerable effort and money to source an ongoing stream of borrowers, whereas they have all the lenders they need.
Looks like it's showing as "removed" now. Took them long enough!
I committed to a note on Jan 5 (also funded on that day) and it's still being reviewed. I committed to a note yesterday, Jan 26, and it's being issued. I wish there was a way to back out of a note.
So after 24 days "In Review"' I emailed LC asking what's up. Within a couple of hours it was "Removed". No reply to the email yet though. Not sure if the email prompted it or what.
Have my first six notes. All of them "In Review" for several days already. What's a median ("typical") time recently, I wonder from everybody's experience? Is it longer for higher interest (riskier) notes?