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Valued Contributor
Posts: 2,829
Registered: ‎03-14-2012
0

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!)

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Senior Contributor
Posts: 4,000
Registered: ‎10-02-2012
0

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!


Banking with Citi Bank & HSBC, Age: 21
No Credit Cards(Filed current CCs), No Mortgage, No Auto Loan. Starting Fresh.
Filed & Signed Chapter 7 Bankruptcy 03/29/16, 341 Meeting 05/03/16, Discharged --/--/--
Starting scores as of 03/30/16 EX FICO 452, EQ FICO 442, TU FICO 449
Current scores as of 04/27/16 EX FICO 455, EQ FICO 450, TU FICO 441, Gardening Since 01/01/16
Mega Contributor
Posts: 15,446
Registered: ‎04-09-2011
0

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
Valued Contributor
Posts: 2,829
Registered: ‎03-14-2012
0

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!)

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Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Lending Club Success

Seems like it made financial sense. Glad it worked out for him.
Established Contributor
Posts: 953
Registered: ‎12-11-2010
0

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.

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