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Established Contributor
shane82388
Posts: 969
Registered: ‎07-16-2010
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Lending Club - When Does Hard Inquiry Happen?

Not really sure where to put this one but I was just wondering if anyone had any experience with lending club and if they recall WHEN exactly they got the hard inquiry?

 

i know when you just check your rates and get loan offers its a soft inquiry but....Was it when they posted the loan for funding? Or was it after they got the loan totally funded and money in your bank account?

 

Thanks

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yellowcake
Posts: 139
Registered: ‎05-07-2011
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Re: Lending Club - When Does Hard Inquiry Happen?

When I did it, there was no hard inquiry, just a soft pull. The loan reported about 2 months later.
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shane82388
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Registered: ‎07-16-2010
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Re: Lending Club - When Does Hard Inquiry Happen?


yellowcake wrote:
When I did it, there was no hard inquiry, just a soft pull. The loan reported about 2 months later.

hmm...now thats very interesting...and confusing...lol

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Trigga
Posts: 246
Registered: ‎12-14-2011
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Re: Lending Club - When Does Hard Inquiry Happen?

 I was curious about this as well when is the HARD PULL made if there is one and also , do they report to the 3 credit breaus and if so what does it report as and how would it look to other creditors .......? 

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Creditaddict
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Re: Lending Club - When Does Hard Inquiry Happen?

details! what are you applying for? what rate and offer you get? scores and such?

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shane82388
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Re: Lending Club - When Does Hard Inquiry Happen?


Creditaddict wrote:

details! what are you applying for? what rate and offer you get? scores and such?


nothing concrete right now...i was just looking at possibly moving some credit card balances to a smallish installment loan since ive never had one and i know it would be good for my mixture of credit and also to free up credit card utilization.

 

rates are nothing special in the mid to high teens, probably due to my mid 600's scores and somewhat high balances, but thats more or less better than the crapital one card and orchard card im looking to not give any more interest to (high teens interest rates with annual and monthly fees).

 

I also just wanted to dip my toe in the waters there and see what the whole thing was like for potential future loans and what not...

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djc1puno
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Registered: ‎03-07-2013
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Re: Lending Club - When Does Hard Inquiry Happen?

Im curious as well...got an offer just a few days ago...never tried them so im curious how itll look to other creditors.


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Trigga
Posts: 246
Registered: ‎12-14-2011
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Re: Lending Club - When Does Hard Inquiry Happen?

Do they report to all 3 credit breaus

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masupo
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Re: Lending Club - When Does Hard Inquiry Happen?

I recently obtained a loan through Lending Club. I use EQ monitoring and haven't seen a HP come through so far. I asked to borrow 15k for debt consolidation and was offered 13,250 at 13.05% for 36 months, but true APR is 15.93%. There was a loan origination fee of 500 which they took out of the money borrowed, so I received 12,750. 

 

They let me know my TU score was 692. My loan was funded in two hours, I uploaded two paystubs & W2 and I received the funds 7 days later.  The only thing I don't like is that they take the payments out of your checking account automatically and you can only set up extra payments by emailing every time to request it.

 

If you guys want to know any more about the process I'll try to answer any questions :smileyhappy:

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shane82388
Posts: 969
Registered: ‎07-16-2010
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Re: Lending Club - When Does Hard Inquiry Happen?


masupo wrote:

I recently obtained a loan through Lending Club. I use EQ monitoring and haven't seen a HP come through so far. I asked to borrow 15k for debt consolidation and was offered 13,250 at 13.05% for 36 months, but true APR is 15.93%. There was a loan origination fee of 500 which they took out of the money borrowed, so I received 12,750. 

 

They let me know my TU score was 692. My loan was funded in two hours, I uploaded two paystubs & W2 and I received the funds 7 days later.  The only thing I don't like is that they take the payments out of your checking account automatically and you can only set up extra payments by emailing every time to request it.

 

If you guys want to know any more about the process I'll try to answer any questions :smileyhappy:


Are the paystubs and W2 required or is that kind of a random thing? Was it part of the process of listing the loan or did the ask you outside of that process?

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