
Unfortunately, over the last few months, when I have been browsing notes on Lending Club, and I have limited my search by either of those fields, absolutely no notes return.
I might be able to explain away the fact that no notes have been approved by considering that perhaps Lending Club has been inundated with new notes and has therefore pushed back the approval process until after loans secure full funding, but I can't think of a single good reason why loans would not have verified income. While not all applicants had verified income previously, there were still a good number that did, and (to me, at least) it seemed very prudent to give those notes priority attention.
I did some tentative searching but was unable to come up with a reason for these searches coming up blank. One article from April of this year even suggested that we should start seeing more notes with verified incomes.
Fellow Lending Club users: did I miss an announcement of some kind? Why have already approved notes from loans with applicants with verified income disappeared from the Lending Club platform?
Photo by photosteve101
1 comment:
Hi - you're not alone. It's not that Lending Club is getting more sketchy. It's that there are more investors snatching up loans, so there's less time for the loans to be verified before they're completely subscribed.
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