Pertuity Direct

Pertuity Direct is a unique place where people who are looking to consolidate debt can go. The company itself does not do the lending as this site is considered a Peer To Peer site. How a Peer to Peer site works is you put a listing up about yourself and your current situation and people put money into a pool equaling up to the amount you are looking for. Normal people put in money earning interest on the money you borrowed. This is a win win situation as you get the money and now everyday people can make some money and not a bank. 

What makes the Pertuity Direct process a little bit more unique than other Peer to Peer sites is that there is no bidding involved. Once the amount of money you are asking for has been reached your application goes in front of a underwriter who reviews it. Most applications take less than a couple hours to view and you will know something that day.

You can apply for a loan amount from $1,000 to $25,000. There are no points or prepayment penalties. Each loan will have different pay back periods and will be determined at the time of application.

The Details

Only loan applicants with a credit score of 660 or higher will be considered for approval and we do not offer any subprime loans. Pertuity Direct handles the individual credit bureau review, credit approval and setting the individual loan interest rate.

1. Approval
All borrowers must first be credit approved. During the credit screening process, a borrower’s credit history is reviewed. There are approval requirements that take into account risk factors such as:

• Credit score (minimum credit score of 660 required)
• Debt to income ratio
• Loan amount
• Delinquencies
• Number of recent credit inquiries
• Number of open credit lines
• Utilization of open credit lines
• Years of credit history
• Bankruptcies

2. Interest rate determination
Once approved, an interest rate will be calculated for each loan. To determine the appropriate interest rate, Pertuity Direct will review a borrower’s credit score and any additional risk factors (things like debt-to-income ratio, number of open credit lines and others listed above) to better assess a borrower’s risk. Those additional risk factors, combined with the credit score, allow their credit risk model to calculate the final interest rate for a loan.

Fees

They have a strict policy of showing you everything up front. There are no fees to create an account or apply for a loan. The only time fees apply are once a borrower has a funded loan.

Borrower Fees

• 1-2% closing fee (depending on credit score)
• $15 failed payment fee
• $15 late payment fee (on average, may be slightly lower/higher in some states)
• 1% Electronic Funds Transfer discount

Pertuity Direct does not specialize in debt settlement. It is a avenue for people to consolidate and get a low interest rate while helping out other people earn a rate of return on the money they lent you instead of a bank.

This entry was posted on Wednesday, March 18th, 2009 at 4:32 pm and is filed under Reviews. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.