No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I'm sharing my story, as it may be helpful to someone seeking a small loan rather than a new cc, for consolidation purposes.
I applied for a $7,200 debt consolidation loan on Lending Club's website on 9/11, as my utilization was getting high due to unforeseen circumstances. The loan was approved on 9/16, and the funds were deposited into my account on 9/18. I received an interest rate of 9.9% for 36 months, which is lower than my cc interest rate. Also, there is was a $200 loan fee, which I'm okay with. There is no prepayment penalty. Overall, I'm happy.
The process was simple. I completed the short onlline application, and had to verify my email address, bank account and phone number. That's it. They did not request paystubs, W-2 forms or any additional documentation from me. My loan status was listed as "Under Review" until 9/16, when I received a phone call from a representative to verify my phone number. Shortly thereafter, my loan status changed to approved. Lending Club pulled TU and indicated a score of 684.
The same day I applied for the LC loan, I completed the "soft pull" inquiry on Prosper's website. I was pre-approved at a rate of 21%... so I kept it moving.
Hopefully my dealings with LC will continue to be pleasant and uneventful.
Plus you are putting the interest earned into regular peoples pockets, rather than just giving it to a big bank.
Dustink wrote:
"Plus you are putting the interest earned into regular peoples pockets, rather than just giving it to a big bank."
That made the option more attractive to me...
@youngandcreditwrthy wrote:
I'd rather find a 0% offer, but at least this is an installment line and the apr is way lower! It's also more managable long term than shifting balances on ccs.
What is your monthly payment going to be?
Monthly payment is $232.
Congrats! The $200 lending fee is probably still less than what you would pay in the difference between your new APR and your CC APR.
Good for you!
I had an similar experience with them too recently; just got a $4000 loan and thought it was unusual they never even called me to to verify anything. Also didn't have to send in proof of income or anything else. The only reason I think it was so easy is because I already have an account with Web Bank (Dell) and they are somehow involved with Lending Club so maybe they already had my information from the Dell account?