OK…Here is my summarized experience with their process. I thought the following described experience may provide some useful information for other people who are thinking about applying for a loan with them.
What do I think?……I am very happy with their service. The app was quick, the follow-up fast and additional info required for approval was simple to provide. Funds were received that same day. GOOD LUCK!
Credit Score: Experian 640; TransUnion 662
The Borrowing Experience
I completed the initial online application and was instantly informed that I qualified (i.e., pre-approved) with their ‘Premier Lender’ and I was simultaneously directed to their “choose your loan package” webpage. This webpage indicated that I qualified for a loan and provided my several options to choose from, all in the ball park of what I applied for (exact amount, a little more and a little less), with 12 to 36 months payment periods (also a little more and less time than I requested) with interest rates ranging from 10.99% to 12.25%. After I initially structured my desired loan terms, their online review then proceeds to a ”preparing the contract” process….after about 10-15 seconds in this process, I was redirected back to the “choose your loan package” webpage showing final loan terms and steps I needed to do in order to finalize my loan. This included verifying my income and my identity. Verifying identity and income included scanning and emailing my pay stub and a copy of my driver’s license and one utility bill.
Once these extra steps were completed, 247lending’s online application review proceeded to the “finalizing the loan” process, where upon a written contract was presented for my review/approval/electronic signature (this process includes providing checking account “routing number” and “account number”).
After electronically signing the contract, I received an email from their premier lender thanking me for my application, advising me that if all the above described tasks (verifying income and identity) were completed, I should log-on to their website to ‘active my loan’.
Once I ‘activated my loan’ funds were electronically transferred into my account about three hours later.
Hope my input helps those on the ropes!