I just started borrowing with LC last summer. They are a decent way to get a loan, though rates are better elsewhere. When you apply, your TU is pulled along with your TU FICO (same version as on here) and based on your score and credit, they'll assign you a rating which determines your risk to other investors and your rate. If you accept it, then they'll publish your listing and others can invest into your loan. Along the way they'll ask you personal questions regarding the loan and why. They also have portions of your CR available to them and some of the questions, I'm certain, are to test your integrity in answering them. LC itself will also ask for your tax returns, paystubs, or other info so have that handy. Your have a finite number of days to get the loan funded, though you can accept less if less is funded. If funded completely sooner, then the money is released and put into your account. Monthly payments are drawn from the same account.
