Second Loans Clause Samples

Second Loans. The following is a breakdown of additional criteria when applying for a second loan with P▇▇▇▇▇▇: 3.4.1 Credit score at the time the second loan is requested >= 600, currently using Experian Scorex Plus score 3.4.2 Underwriting and Eligibility requirements to request Second Loan Credit Score Range at time of 1st Loan Minimum # Mos Since Origination of 1st Loan # of Consecutive Months Without 15+ DPD on 1st Loan Credit Score Drop Allowed < 640 12 12 20 points* 640-719 9 9 40 points 720+ 6 6 40 points Loan request must be 100% funded prior to the expiration date. *- Historically, loans have been originated on Prosper’s platform where the Applicant’s credit score was less than 640. WebBank Credit Policy Page 4 Prefunding Verification Additional verification may be required based on variables such as Prosper Rating, Loan Amount, Income and Debt-to-Income Ratio. Verification may include: · Drivers’ License · Employment Verification · Proof of Address · Proof of Income · Phone Verification