After reading the post by @ibmrad7 regarding their Lending Club experience, I encouraged DH to apply in order to pay off his debt.
He applied this past Tuesday (08-13-2013) evening and was approved with the soft pull for $8500. He confirmed his email address in the To Do List and within the hour, the loan was fully funded by investors. The next morning (08-14-2013), he sent in his 2 pay statements, W2, and copy of his license. Later that afternoon, the To Do List requested phone verification so he called in and verified.
On yesterday (08-15-2013) morning, he received the small deposits in his bank account and he then verified his bank account. That evening, his To Do List showed as complete.
He just emailed me a couple of minutes ago and said that he received an email saying that his loan has been funded and will appear in his bank account in 2-4 business days.
The process was so quick and painless and he is excited that I encouraged him to do it. His TU score was 676 and he said his interest rate is 19.56%.
Hopefully this information will help anyone else who is interested in LC.
I think the best thing about Lending Club is the SP in order to determine if you qualify or not, Congrats to DH!
CONGRATS on getting the loan, I tried myself but my DTI is too high right now, I have to wait until next yr to get some of the loans I have paid down.
Yeah...19.56 is a bit high but in comparison to the rate on the cards he is paying off (22.00 - 23.99) it's a little better.
Remember After 6 months of on time payments, you can take another LC loan (Assuming you pay off your current debt and your score goes up) to pay off the current 19% loan on a lower rate.