alanp
Member of DD Central
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Post by alanp on Dec 15, 2015 18:43:11 GMT
I bid on Loans and as my first forays onto this site and am now totally confused.
They are showing in My Bids but not in My Loans as yet despite being 100% funded.
What does this mean?
Is there a waiting period until the borrower accepts or something?
have I missed out and my loan part is not part of the final loan?
HELP!!!
Thanks
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ben
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Post by ben on Dec 15, 2015 19:07:34 GMT
which loan did you bid on?
if it was about 2 days ago it will take a few days to go live I bid on that one and is not showing as live yet
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alanp
Member of DD Central
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Post by alanp on Dec 15, 2015 19:37:21 GMT
35771 and 40742
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ben
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Post by ben on Dec 15, 2015 20:16:52 GMT
40742 shows same for me so would not worry about it yet, all that will mean is that it has been funded but loan paperwork not completed yet as for 35771 I have no idea but would guess similar
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alanp
Member of DD Central
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Post by alanp on Dec 15, 2015 20:50:36 GMT
Sounds like it then. Thanks Ben.
Would be nice if their FAQ explained how their process works once Bid Submitted & Loan 100% Funded.
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ben
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Post by ben on Dec 15, 2015 20:59:51 GMT
would not worry to much about it just takes a bit of time
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Post by emoney on Dec 17, 2015 10:01:47 GMT
Good morning alanp, sorry for the delay I've been away the last couple of days. Completion Stage 1.Once a loan is funded to 100% it becomes eligible for underwriting sign off, your bids will show in your dashboard as committed "Funds Bids" Completion Stage 2. An email is sent to the borrower to accept the offered loan terms, once these are accepted by the borrower, they login to the eMoneyUnion platform to set up their requested payment date and the loan agreement is then formed. Your "Funds Bids" then move to "Investments" and interest starts to be earned. I hope this answers your question?  |
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alanp
Member of DD Central
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Post by alanp on Dec 17, 2015 11:36:25 GMT
Thanks emoney. Does the borrower have a time limit to complete as I would prefer not to have funds tied up indefinitely? Thanks |
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Post by emoney on Dec 22, 2015 12:37:16 GMT
Hi Alan, if a loan is not 100% funded within 14 days, then it's withdrawn from the eMarketPlace. Once it's 100% funded, the borrower has 7 days to accept the terms and draw the loan down.
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