Is it even possible to be approved for a personal loan?

[Volpes]

I have a confession...

I just applied at LendingClub, and I'm approved, well... sort of. The application is "under review", but I did get approved with a 36 month personla loan term. On there website, they say "We approve fewer than 10% of the loan applications" - and I at least made it past that stage!

Hopefully all goes well, the interest rate isn't great but its lower than my credit cards averaged out.

[webhopper]

That's good news Lending club is not a bad deal.. its personal investors who will fund your loan and decide the interest rate they will accept for the risk.

Good luck!~  I hope you get the best terms!

[Volpes]

-thanks

Ok, this is interesting and different.

Looking into this more. Apparently I approved their initial application (only 10% to 15% get past this), but I'm still "Under Review". Not intirely sure what they mean, but I read a review online and someone was denied because LC considered that they where requesting too much. Turns out they only look at credit cards on your report that are over 1 years old, and this person had a 5-month old $3,000 credit card (transfered money from one card to another), and LC didnt consider it for the application.

Luckly, my youngest car is 14 months and my loan request is actually $1,000 less than my total revolving debt.

As of right now I have 39 investors willing to lend me money. Pretty much EVERY P2P loan is being funded in the "Browser Notes".

I just hope they don't pull some type of crazy "Under Review" excuse to deny me... I have a feeling I'm setting myself for some bummer news , but so far so good.

Regardless, if I get denied then so be it... only two inquires on my credit report

Just a heads up if anyone reads this from searching LendingClub or simply browsing my thread.

[llecs]

I have a loan with them too and IIRC, they didn't pull any hard inquiry and only pulled a soft on TU. They use the same TU FICO version as on here (or at least they did). They also only report to TU and EX. When I went through the process they asked for copies of pay stubs and I may have had to provide my tax returns, but I can't remember. They also seem to be busy rying to approve the info, but as long as income and job is verified then you are good to go.

[Volpes]

Well... they approved me!

A slight pain to deal with, but overall worth it. Interest rate is much better than my credit cards. 

I wonder how much my FICO score will increase once I pay off the credit cards; going from 95% utilization to 9% or less? 

I would recommend theme, so long you fall within their criteria.

edit: I can earn $100 for each barrower I refer 

[llecs]

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@Volpes wrote:

Well... they approved me!

A slight pain to deal with, but overall worth it. Interest rate is much better than my credit cards. 

I wonder how much my FICO score will increase once I pay off the credit cards; going from 95% utilization to 9% or less? 

I would recommend theme, so long you fall within their criteria.

edit: I can earn $100 for each barrower I refer 

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Here's my play-by-play edited post showing the FICO score impact in going from 89% to 3% or 1% (depending on the CRA). 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Score-impact-of-going-from-89-util-to-lt-...

BTW, sorry, no referrals allowed in here.