topic Re: Lending Club Joke in General Credit Topics

Lending Club Joke

corymcd88 — Mon, 28 Jan 2013 19:14:52 GMT

I applied and was offered a rate at 19.99% apr with a 732 TU credit score. Is this a joke? They said because my credit score was very low. I was thinking I would get 10 to 12%.

Re: Lending Club Joke

dodgeball — Mon, 28 Jan 2013 19:26:46 GMT

Sounds like a subprime lender to me

Re: Lending Club Joke

SwiftTone — Mon, 28 Jan 2013 19:37:49 GMT

Who did you apply with? Most CCs now are 15-29% except for some CUs and few banks.

When I applied with Discover with a 709 EQ FICO, my APR is 19.99%. When I applied with AMEX with 712 EX FICO and 729 EQ FICO my APR is 22.24%. I'd be more upset but I don't carry a balance on a normal basis, maybe 1-2 months out of the year.

Re: Lending Club Joke

djrez4 — Mon, 28 Jan 2013 19:34:59 GMT

Lending Club is a service that allows people to make private loans to other individuals. It's not a credit card or bank.

Re: Lending Club Joke

QAMngrGirl — Mon, 28 Jan 2013 21:36:37 GMT

The site states "Rates from 6.78% to 27.99%* APR. Best APR is available to borrowers with excellent credit."

Guess their idea of excellent credit is higher? :(

Re: Lending Club Joke

Madman94044 — Tue, 29 Jan 2013 01:38:21 GMT

How much did you try to borrow?

Re: Lending Club Joke

JM-AM — Tue, 29 Jan 2013 02:45:20 GMT

Lets not make assumptions..BUT

The OP said TU score. He did not say a TU FICO score.

A TU score of 700's could very well be a 600 FICO score.

Re: Lending Club Joke

corymcd88 — Tue, 29 Jan 2013 14:18:26 GMT

Madman94044 wrote:
How much did you try to borrow?

$2,000.00

Re: Lending Club Joke

corymcd88 — Tue, 29 Jan 2013 14:18:59 GMT

JM-AM wrote:
Lets not make assumptions..BUT

The OP said TU score. He did not say a TU FICO score.

A TU score of 700's could very well be a 600 FICO score.

Walmart TU FICO 732.

Re: Lending Club Joke

llecs — Tue, 29 Jan 2013 15:43:32 GMT

I'm an investor and a borrower at LC. I think they still pull TU98 (same as on here). They would have also e-mailed the score they pulled.

The rate isn't reliant upon scores only. It also looks at DTI, income, recentness of baddies, total baddies, years on the job, residency, etc.

Re: Lending Club Joke

1768geme — Tue, 29 Jan 2013 16:41:44 GMT

i would try prosper