Got a pre-approval code, went online, did the rate check application and was denied. Was looking to consolidate my Best Egg 10k loan at 14% to a lower APR. 673 credit score with under 15% Credit/Usage ratio.
I had an awful experience with Earnest. I was attempting to refinance a Parent Plus Loan and was denied because part of the loan was to pay for my daughter, who never graduated college. They said they can't refinance a loan if the child does not graduate, which makes absolutely no sense. What does that have do do with the parent's ability to pay back the loan? Their explanation had no logic behind it and was basically "because we say so."
When you apply for a loan with them you have to give them access to your checking account. The only guarantee you have that someone in the company isn't going to clean you out is their "promise" that it won't happen. I can't wait to read the headlines five years from now about how Louis Beryl (their CEO) ran off to the United Arab Emirates to avoid the FBI. From what I can tell, these guys aren't interested in lending you money. They only want your personal information so they can rip you off later.
From time I applied to the time I had the fund in my account was 3 days. Very fast and responsive team. Loan officer I worked with was Ijaz and he was great. Even though I had some small issues trying to submit my docs due to some technical difficulties Ijaz still made it happen in a fast efficient manner. Would definitely recommend if you have good- excellent credit.
This company gave me an opportunity to refinance high interest debt when other companies would not due to my high debit to income ratio. All my bills are paid on time and my credit score is good but my debt to income ratio always seemed to be the deciding factor with other companies. Even the card companies where my debt was held wouldn't lower the current rate and they knew I regularly pay on time. Thankfully, So-Fi appears to put weight in a college degree and a steady employment record. I was concerned after reading other reviews but, in the end, this was an excellent experience. I submitted my application on a Friday night and the loan was approved and money in my account within less than two weeks. I only called once to follow up and the customer service rep I spoke to was very friendly. The interest rate was actually lower than what the website was telling me at time of application (I was originally told 7.675 but after approval it was 7.05 and with a 0.25% discount with auto-pay a 6.8% final rate - compared to one of my credit cards at 24.9%!!) No origination or application fees and all I had to upload were a couple paycheck stubs and the required documents to verify who I was. Thank you to SoFi, as now I can actually start to pay down some principal.
According to CreditKarma, my approval odds are 'Very Good'. Considering I was just DENIED, CreditKarma's claim is a flat out LIE. Do NOT risk the hard inquiry on your credit, folks. I suspect CreditKarma gets some form of compensation from Springleaf for every person that applies through this fraudulent scheme. I will be disputing any and all inquiries on my report due to this fraud! STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY! STAY AWAY! DO NOT APPLY!
I applied for a loan through their website and it said you are pre-qualified and proceeded to ask me to submit all my personal documents such as ID, bank information and other. The loan said congratulations and it is "Funded". I called to ask them about the status and they said they can not approve it because it has not passed the final review. so I asked them since you have not approved me please go ahed and delete those document and in response they told me: "sorry sir, we do not have a process called deletion !!!!". If you ever decide to work with them DO NOT SUBMIT YOUR DOCUMENTS TO THEM UNLESS YOU ARE SURE YOU HAVE PASSED THEIR FINAL REVIEW. Later I was approved through Lending Club and the process and customer service was MUCH BETTER.
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