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Valued Contributor
MsLadyRover
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
BearsAndTurtlesRtheBest
Posts: 3,642
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!


***$990/$1000*******$588/$600***
EX FICO 627, EQ FICO 609, TU FICO 617, No Delinquencies of any Sort, Gardening Since 11-01-14
Mega Contributor
LS2982
Posts: 15,434
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.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
MsLadyRover
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!)

Take the FICO Fitness Challenge
Moderator
09Lexie
Posts: 26,027
Registered: ‎09-13-2012
0

Re: Lending Club Success

Seems like it made financial sense. Glad it worked out for him.
Established Contributor
ibmrad7
Posts: 663
Registered: ‎12-11-2010
0

Re: Lending Club Success

Congrats :smileyhappy:

 

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.


Starting Score: 583
Current Score: 692
Goal Score: 750+


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