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Lending Club Success

Valued Contributor

Lending Club Success

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.

AWESOME!

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.



Starting Score: 639 (Walmart TU)
Current Score: TU 715 (Barclay) EX 685 (myFICO) EQ 697 (myFICO)
Goal Score: 700 Across the Board (Mortgage Goal Achieved 1/31/2012!)

Take the FICO Fitness Challenge
Message 1 of 6
5 REPLIES
Senior Contributor

Re: Lending Club Success

I think the best thing about Lending Club is the SP in order to determine if you qualify or not, Congrats to DH!

Discharged on 7/11/16
Gardening Since 12/01/2017
Message 2 of 6
Mega Contributor

Re: Lending Club Success

19.56% whew.....

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.



EQ FICO 548 3/3/16
Message 3 of 6
Valued Contributor

Re: Lending Club Success


LS2982 wrote:
19.56% whew.....

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.



Starting Score: 639 (Walmart TU)
Current Score: TU 715 (Barclay) EX 685 (myFICO) EQ 697 (myFICO)
Goal Score: 700 Across the Board (Mortgage Goal Achieved 1/31/2012!)

Take the FICO Fitness Challenge
Message 4 of 6
Moderator Emerita

Re: Lending Club Success

Seems like it made financial sense. Glad it worked out for him.
Message 5 of 6
Established Contributor

Re: Lending Club Success

Congrats Smiley Happy

 

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.

Message 6 of 6